511-533 Park Way, Chula Vista, CA 91910

$21,000,000
1
BD
List Price
$21,000,000

Property Description

The Royal Apartments consist of 129 units housed in 13 structures with pitched roofs built in 1962 with wood and stucco construction situated on one 104,979 sq ft parcel. The grounds feature spacious common grass areas and well-manicured trees and bushes giving the property the feel of a private community. The property features 120 parking spaces, a pool, and laundry facilities. The units are approximately 418 sq ft 1 Bedroom / 1 Bathroom units. Many of the tenants are long term and all tenants are month to month. There is 35%+ upside in the current rents. The units feature a mix of faux wood, vinyl plank, and carpeted flooring and some bathrooms have been remodeled with Espresso vanities. Routine maintenance has been performed during long term ownership but there is a great opportunity for value add for a new owner. The 129th unit is the front managers’ office and storage and has 2 bathrooms. There is a common laundry room with leased equipment consisting of 8 dryers and 8 washers as well as a soda machine.

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Calculator source: Real Geeks

Courtesy of South Coast Commercial, Inc., Benn Vogelsang.

Last Updated: Source: Sandicor Regional MLS

The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange(c) Program of SANDICOR Regional MLS. Real estate listings held by brokerage firms other than the listing office named includes the name of the listing brokers. Information is believed to be reliable, but not guaranteed.