561 Park Way - Apartments FOR SALE


Chula Vista, CA 91910- Downtown Chula Vista
$8,950,000 USD
619-884-5456
561 Park Way, Chula Vista, CA for Sale
$8,950,000 USD
Apartments - FOR SALE
1/11
null | 4.5% Cap Rate

561 Park Way
Chula Vista, CA 91910
Downtown Chula Vista


HIGHLIGHTS

  • Desirable Unit Mix
  • Rent increase potential
  • Well maintainted asset
  • ADU Potential-Existing garages and carports
  • Value-add
  • Pool

OVERVIEW

The Parkway Palms is a desirable investment opportunity offering strong cash flow, desirable unit mix and close proximity to the Gaylord Pacific Resort and Convention Center. Parkway Palms is owned by the original developer and has provided stable cash flow performance through the years. Further, the family operated property was built to last and maintained with care. The property enjoys newer windows, concrete driveways, replaced roofs (approximately 2014) and some re-piped copper water supply lines. The property offers a mix of spacious one, two and three bedroom units each with a private balcony or patio area. Tenants enjoy gated on-site parking and a community pool. The property has stable in-place rents with substantial room to increase the rental rates to market. Further, the existing garages offer additional income possibilities through conversion to accessory dwelling units (ADUs).

FOR SALE DETAILS

PRICE

$8,950,000 USD

PRICE/SF

$257 USD /SF

# OF UNITS

34

PRICE/UNIT

$263,235

CAP RATE

4.5%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Parkway Palm Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1969

PARKING SPACES

-

LAND DETAILS

LAND ACRES

1.05 AC

LAND SF

45,738 SF

ZONING

3

APN/PARCEL ID

567-103-13

ASK ABOUT THIS PROPERTY

Ray AdamsKidder MathewsMore Info
619-884-5456

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Ray AdamsKidder MathewsMore Info
619-884-5456

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.