Multifamily Apartment
For Sale
Contact for pricing
Pending
376-378 Park Way, Chula Vista, CA 91910
Four-unit building with owned laundry and upgraded interiors, plus garage space that may support future ADU income.
Property Size3,099 SF
Days on Market56
Property Features for 376-378 Park Way
General Information
Standard status
Pending
Size
3,099 SF
Total Parking Spaces
5
Property subtype
Multifamily
Additional Details
Multifamily Units
5
Building Details
Year Renovated
2013
Buildings
1
Stories
2
Units
5
Listing Agency:
Apartment Consultants Inc
Listed By:
Terry Moore · License #CA #00918512
Source:
Crexi
Added: Jun 30
Changed: Aug 8
Last Checked: Jul 24 at 6:04PM
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 Apartment Consultants Inc
Investment Insights
Based on property information with market context.
This multifamily apartment building features four residential units: two 1-bedroom/1-bath homes and two 2-bedroom/1-bath homes, with the 2-bedroom unit currently vacant. Substantial improvements have been completed since 2013, including re-roofing in 2014 with low-profile attic vents and attic insulation, installation of dual-pane windows, upgrades to west upstairs walkways, and stronger stair railing supports. Additional work includes upgraded electrical boxes and GFCIs, replacement of gas lines, kitchen and bathroom remodels with new appliances, cabinetry, countertops, fixtures, flooring, heaters, sinks, toilets, and vanities. The property also includes owned laundry for tenant convenience and additional owner revenue.
Memorial Park is directly across the street, offering a swimming pool, amphitheater, municipal gymnasium, and open green space. Three garage doors and metal-framed exterior doors are in place, and garages are currently included in the unit rent.
For tenants or buyers, the mix of 1- and 2-bedroom units supports flexible household needs within one ownership. For operators, the existing three-garage configuration may provide a path to additional rental income through potential ADU use, subject to applicable requirements.
Memorial Park is directly across the street, offering a swimming pool, amphitheater, municipal gymnasium, and open green space. Three garage doors and metal-framed exterior doors are in place, and garages are currently included in the unit rent.
For tenants or buyers, the mix of 1- and 2-bedroom units supports flexible household needs within one ownership. For operators, the existing three-garage configuration may provide a path to additional rental income through potential ADU use, subject to applicable requirements.
Key Highlights
- Four‑unit property with 4 units: 4x 1‑bed/1‑bath and 1x 2‑bed/1‑bath (2‑bed unit is currently vacant).
- Vacant 2‑bed/1‑bath unit listed at $2,395.
- Over $100,000 in capital improvements since 2013, including re‑roof in 2014, dual pane windows, and upgraded electrical boxes/GFCIs.
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
$49,574
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
3.20%
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%
$991,480
$991.5K
Cap Rate 7%
$708,200
$708.2K
Cap Rate 9%
$550,822
$550.8K
Market Conditions
NOI Build-Up for 3,099 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
$94.1K $30.36/SF
− Vacancy
−$4.0K −$1.28/SF
EGI
$90.1K $29.08/SF
− OpEx
−$40.6K −$13.09/SF
NOI
$49.6K $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%
$991,480
Cap Rate 7%
$708,200
Cap Rate 9%
$550,822
Alternative Uses
Best Use
Apartment 5plus
$708.2K
$619.7K – $826.2K
NOI $49,574 @ 7.0% cap · market cap 3.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$988.4K
$864.8K – $1.15M
NOI $69,187 @ 7.0% cap · market cap 4.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
3,149
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Four-unit building with owned laundry and upgraded interiors, plus garage space that may support future ADU income.
Where is this apartment building located?
The property is located at 376-378 Park Way Chula Vista, CA.
What is the asking price?
The asking price for this property is $1,549,000.
What are key features of this property?
This property features: Four‑unit property with 4 units: 4x 1‑bed/1‑bath and 1x 2‑bed/1‑bath (2‑bed unit is currently vacant).; Vacant 2‑bed/1‑bath unit listed at $2,395.; Over $100,000 in capital improvements since 2013, including re‑roof in 2014, dual pane windows, and upgraded electrical boxes/GFCIs.
