Five-Unit Apartment
For Sale
$1,300,000
678 Jefferson Ave, Chula Vista, CA 91910
Five-unit multifamily property built in 1955 with studio units, a detached two-bedroom home, and separate gas/electric metering.
Property Size2,464 SF
Lot Size0.19 Acres
Price / SF$527.60
Days on Market69
Property Features for 678 Jefferson Ave
General Information
Standard status
Active
Size
2,464 SF
Total Parking Spaces
8
Lot size
0.19 Acres
Property subtype
Residential Income
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
5
Amenities
separate gas and electric metering
Building Details
Year Built
1955
Tenancy
Multi
Listing Agency:
Lee & Associates
(760) 929-7846
Listed By:
Eric von Bluecher · License #01926201
(760) 929-7846
Source:
Exprealty
Added: Jun 16
Changed: Aug 23
Last Checked: Aug 21 at 8:18AM
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 Lee & Associates
Investment Insights
Based on property information with market context.
Jefferson Apartments is a five-unit apartment building constructed in 1955, offering a unique unit mix of one detached two-bedroom, one-bath home and four studio units. The property is supported by separate gas and electric metering. On-site amenities include eight parking spaces: one garage, one carport, and six surface spaces, and tenants are responsible for dumpster service. Recent ownership improvements include a roof repair completed in April 2025.
Located in Chula Vista, the property is described as having convenient access to major employment centers, retail, restaurants, schools, and public transportation. It is positioned near Interstate 5, Interstate 805, Downtown Chula Vista, the Chula Vista Bayfront redevelopment, and the new Gaylord Pacific Reso.
Located in Chula Vista, the property is described as having convenient access to major employment centers, retail, restaurants, schools, and public transportation. It is positioned near Interstate 5, Interstate 805, Downtown Chula Vista, the Chula Vista Bayfront redevelopment, and the new Gaylord Pacific Reso.
Key Highlights
- 5‑unit multifamily at 678 Jefferson Avenue, Chula Vista, CA, built in 1955
- Unit mix includes one detached 2 bed/1 bath home plus four studio units, totaling approx. 2,464 SF
- Located on an approx. 8,285 SF lot with eight on‑site parking spaces: 1 garage, 1 carport, and 6 surface spaces
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
$39,416
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
3.03%
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%
$788,320
$788.3K
Cap Rate 7%
$563,086
$563.1K
Cap Rate 9%
$437,956
$438.0K
Market Conditions
NOI Build-Up for 2,464 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
$74.8K $30.36/SF
− Vacancy
−$3.1K −$1.28/SF
EGI
$71.7K $29.08/SF
− OpEx
−$32.2K −$13.09/SF
NOI
$39.4K $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%
$788,320
Cap Rate 7%
$563,086
Cap Rate 9%
$437,956
Alternative Uses
Best Use
Apartment 5plus
$563.1K
$492.7K – $656.9K
NOI $39,416 @ 7.0% cap · market cap 3.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$785.9K
$687.6K – $916.8K
NOI $55,010 @ 7.0% cap · market cap 4.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,045
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 - Five-unit multifamily property built in 1955 with studio units, a detached two-bedroom home, and separate gas/electric metering.
Where is this apartment building located?
The property is located at 678 Jefferson Ave Chula Vista, CA.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: 5‑unit multifamily at 678 Jefferson Avenue, Chula Vista, CA, built in 1955; Unit mix includes one detached 2 bed/1 bath home plus four studio units, totaling approx. 2,464 SF; Located on an approx. 8,285 SF lot with eight on‑site parking spaces: 1 garage, 1 carport, and 6 surface spaces
