Renovated Chula Vista Apartment
For Sale
Contact for pricing
Pending
274 Madrona Street, Chula Vista, CA 91910
Extensively renovated 8-unit apartment building near 3rd Avenue retail.
Property Size6,000 SF
Lot Size0.28 Acres
Days on Market233
Property Features for 274 Madrona Street
General Information
Standard status
Pending
Size
6,000 SF
Total Parking Spaces
16
Lot size
0.28 Acres
Property subtype
Multifamily
Zoning
V-1
Building Details
Buildings
1
Stories
2
Units
8
Listing Agency:
Zakkout Real Estate Services
Listed By:
Aziz Zakkout · License #CA 02246839
(858) 859-9737
Source:
Crexi
Added: Jan 18
Changed: Sep 8
Last Checked: Sep 8 at 6:32AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Zakkout Real Estate Services
Investment Insights
Based on property information with market context.
This property features an extensively renovated apartment building with eight units, located in Chula Vista, California. The units and building underwent extensive renovations in 2023. Upgrades include new appliances, individual HVAC systems, electrical panels, lighting fixtures, electrical receptacles, flooring, windows, interior and exterior paint, kitchens, and bathrooms. The unit mix comprises four 2-bedroom, 1-bath units and four 1-bedroom, 1-bath units. The property is situated on a 12,000 square foot lot and includes two on-site parking spaces per unit. The location offers close proximity to the 3rd Avenue retail corridor, providing access to retail and dining options. The lot size and zoning offer the potential for building additional units.
Key Highlights
- Extensively renovated in 2023 with new appliances, HVAC, electrical, flooring, windows, kitchens, and bathrooms.
- Eight apartment units: Four 2 bed/1 bath and Four 1 bed/1 bath.
- Two on‑site parking spaces per unit.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$95,980
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.00%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,919,600
$1.9M
Cap Rate 7%
$1,371,143
$1.4M
Cap Rate 9%
$1,066,444
$1.1M
Market Conditions
NOI Build-Up for 6,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$182.2K $30.36/SF
− Vacancy
−$7.7K −$1.28/SF
EGI
$174.5K $29.08/SF
− OpEx
−$78.5K −$13.09/SF
NOI
$96.0K $16.00/SF
Area
Chula Vista, CA
Vacancy
4.20%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,919,600
Cap Rate 7%
$1,371,143
Cap Rate 9%
$1,066,444
Alternative Uses
Best Use
Apartment 5plus
$1.37M
$1.20M – $1.60M
NOI $95,980 @ 7.0% cap · market cap 3.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.91M
$1.67M – $2.23M
NOI $133,953 @ 7.0% cap · market cap 4.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,880
Businesses Nearby
Explore this area
Business Placement
Demographics for 91910, CA
79,613
Population
28,432
Households
2.8
Avg Household Size
38
Median Age
29%
College-Educated
84%
High-School Grad
12.6 sq mi
ZIP Area
6,318
Density / Sq Mi
$87,705
Median Household Income
$45,476
Median Earnings
$1,930
Median Rent
$676,700
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Extensively renovated 8-unit apartment building near 3rd Avenue retail.
Where is this apartment building located?
The property is located at 274 Madrona Street Chula Vista, CA.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: Extensively renovated in 2023 with new appliances, HVAC, electrical, flooring, windows, kitchens, and bathrooms.; Eight apartment units: Four 2 bed/1 bath and Four 1 bed/1 bath.; Two on‑site parking spaces per unit.
