Drive-Through Retail Investment
For Sale
$1,599,000
46-48 Broadway, Chula Vista, CA 91010
Retail property with drive-through, redevelopment potential, and high ceilings.
Property Size5,316 SF
Price / SF$300.79
Days on Market260
Property Features for 46-48 Broadway
General Information
Standard status
Active
Size
5,316 SF
Total Parking Spaces
8
Property subtype
Retail
Zoning
C-3
Net Operating Income
$66,012
Building Details
Building Size
5,316 SF
Year Built
1938
Stories
1
Listing Agency:
Coldwell Banker Commercial NRT
(760) 672-4450
Listed By:
Mie Kim
(760) 672-4450
Source:
Cbcworldwide
Added: Dec 3, 2025
Changed: Aug 8
Last Checked: Apr 9 at 9:00PM
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 Coldwell Banker Commercial NRT
Investment Insights
Based on property information with market context.
This retail property features a drive-through and offers a variety of potential uses, including automotive, restaurant, dental office, and dry cleaners. The property is currently operating at a 4.4% cap rate under the sales price and its new property tax rate with the current low rent. The current tenant's lease ends on 10/31/2027, with options for renewal at the market rent price. The current market rent price is significantly higher than the in-place rent. The current tenant has shown possible interest in vacating early. The interior features an open floorplan with extra high ceilings. The property offers great upside potential for an owner-user or investment once the current tenant renews with a new lease or vacates on 10/31/2027. The property is zoned C-3 per Chula Vista for a redevelopment plan. It is located in close proximity to San Diego International Airport (11 Miles). The property size is 5316 square feet on 0.31 acres.
Key Highlights
- Drive‑through retail property with diverse use potential.
- Significant upside potential for owner‑user or investor due to below‑market current rent.
- C‑3 Zoning in Chula Vista suitable for redevelopment.
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
$96,032
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
6.01%
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%
$1,920,640
$1.9M
Cap Rate 7%
$1,371,886
$1.4M
Cap Rate 9%
$1,067,022
$1.1M
Market Conditions
NOI Build-Up for 5,316 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
$132.7K $24.96/SF
− Vacancy
−$4.6K −$0.87/SF
EGI
$128.0K $24.09/SF
− OpEx
−$32.0K −$6.02/SF
NOI
$96.0K $18.06/SF
Area
Chula Vista, CA
Vacancy
3.50%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
25.00%
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%
$1,920,640
Cap Rate 7%
$1,371,886
Cap Rate 9%
$1,067,022
Alternative Uses
Best Use
Specialty Retail
$1.37M
$1.20M – $1.60M
NOI $96,032 @ 7.0% cap · market cap 6.01%
Second Best
Retail
$1.12M
$978.5K – $1.30M
NOI $78,277 @ 7.0% cap · market cap 4.90%
Theoretical Best
Office A
$1.70M
$1.48M – $1.98M
NOI $118,682 @ 7.0% cap · market cap 7.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
932
Businesses Nearby
227k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 63%
Electronics 28%
Shops & Services 5%
Dining 3%
Walmart
Superstores
142,964 visits/mo
0.5 miles
Best Buy
Electronics
63,309 visits/mo
0.4 miles
Circle K
Shops & Services
10,116 visits/mo
0.1 miles
SUBWAY
Dining
7,836 visits/mo
0.3 miles
The UPS Store
Shops & Services
1,463 visits/mo
0.4 miles
Demographics for 91010, CA
26,730
Population
8,900
Households
3
Avg Household Size
43
Median Age
31%
College-Educated
83%
High-School Grad
6.4 sq mi
ZIP Area
4,177
Density / Sq Mi
$98,189
Median Household Income
$42,257
Median Earnings
$2,035
Median Rent
$691,600
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Retail property with drive-through, redevelopment potential, and high ceilings.
Where is this retail space located?
The property is located at 46-48 Broadway Chula Vista, CA.
What is the asking price?
The asking price for this property is $1,599,000.
What are key features of this property?
This property features: Drive‑through retail property with diverse use potential.; Significant upside potential for owner‑user or investor due to below‑market current rent.; C‑3 Zoning in Chula Vista suitable for redevelopment.
