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    637 3rd Ave Chula Vista, CA 91910-5707

    • Retail space
    • 15,886 SF
    • 0.82 lot acres
    OFF-MARKET
    Last Sale
    Sep 30, 2024
    $5,350,000
    Value Estimations
    $5,240,000
    Show details
    Cap Rate Potential
    4.4%
    Retail space
    Location Intelligence
    Property ID
    US09-6799625
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Mariajose Vinas, Finance of America Mortgage LLC / Mortgage Lender
    • Car Crash Counselors, APC / Law Firm / Attorney
    • Finance of America Mortgage LLC / Mortgage Lender
    • Xewt / Television Station
    • Law Office of Edward Orendain / Attorney / Visa Consulting Service

    Property Details for 637 3rd Ave

    Year built
    1990
    Lot size
    0.82 lot acres
    Property size
    15,886 SF
    Zone code
    COMMERCIAL
    Property type
    Retail space
    APN
    573-170-28-00
    APU
    5731702800

    Description

    This exceptional 31,923-square-foot executive office building in Chula Vista, California, presents a compelling owner-user and investor opportunity. Located at 637 3rd Avenue, this two-story, 1989-built property sits on a 0.82-acre lot and boasts 11 office suites ranging from 937 to 2,472 square feet—ideal for the Chula Vista market. The building currently has 51% occupancy and offers a strong potential for increased rental income due to upcoming lease rollovers. Its prime location near downtown Chula Vista, Scripps & Sharp hospitals, and with easy access to the 5 and 805 freeways, ensures high visibility and tenant demand. The property's parking ratio is 4.25 spaces per 1,000 square feet. The asking price is $5,400,000, translating to $169.16 per square foot. This property is situated in a rapidly revitalizing area, poised to benefit significantly from the upcoming Bayfront project. The building's size and suite configurations make it an attractive option for both owner-users seeking to establish a significant presence and investors looking for a value-add opportunity with potential for substantial returns. The potential for 51% owner-user occupancy by the end of 2024 may qualify a buyer for an SBA loan. This is a rare chance to acquire a well-positioned asset in a thriving Southern California market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $5,350,000
      ML approach
      $5,350,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,900,000
      6.5%
      $3,600,000
      7%
      $3,340,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,845,000
      Market price range: $3.53M - $9.15M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Chula Vista
    County
    San Diego
    State
    California
    Longitude
    -117.075
    Latitude
    32.6297
    CBSA code
    41740
    CBSA name
    SAN DIEGO-CARLSBAD-SAN MARCOS, CA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $33,378
    $1,549,601
    $1,301,997
    $2,851,598
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $475,000
      5,580 SF

      402 Church Ave

      RETAIL STORES (PERSONAL SERVICES) • 5,580 SF
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      View Details
    • Value Estimation
      $475,000
      6,145 SF

      320 H St

      RETAIL STORES (PERSONAL SERVICES) • 6,145 SF
      320 H St, Chula Vista, CA 91910-7483
      View Details
    • Value Estimation
      $390,000
      7,008 SF

      646 H St

      RETAIL STORES (PERSONAL SERVICES) • 7,008 SF
      646 H St, Chula Vista, CA 91910-4221
      View Details
    • Value Estimation
      $1,040,000
      36,849 SF

      640 Ee St, Unit 82

      RETAIL STORES (PERSONAL SERVICES) • 36,849 SF
      640 Ee St, Chula Vista, CA 91910-2113
      View Details
    • Value Estimation
      $625,000
      14,754 SF

      651 3rd Ave, Unit 57

      RETAIL STORES (PERSONAL SERVICES) • 14,754 SF
      651 3rd Ave, Chula Vista, CA 91910-5720
      View Details
    • Value Estimation
      $495,000
      4,927 SF

      270 3rd Ave, Unit 76

      RETAIL STORES (PERSONAL SERVICES) • 4,927 SF
      270 3rd Ave, Chula Vista, CA 91910-2701
      View Details

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    Similar Nearby for Lease

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    637 3rd Ave
    Chula Vista, CA 91910-5707
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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