402 Church Ave, Chula Vista, CA 91910

Property Description

Variance granted for the property class. PRIME MIXED-USE REDEVELOPMENT PROPERTY!! Multiple redevelopment scenarios may be possible from 49 AFFORDABLE UNITS + 8 ADU's; OR 10 Lots/INDIVIDUAL TOWNHOMES; OR 10 Units + 8 ADU's; or build 2 TOWNHOMES OR 6 ADDITIONAL UNITS to replace commercial Mechanics Shop. Keep the four residential units in place while entitling and building out back two buildings for income. Or Mechanic Owner/User with 4 Residential Income Units on Front 2-Story building. This property has a variety of options and potential for a future investor or developer from small projects to large affordable units. Bring your developers large or small as SB684 paves the way. All tenants on M-M with lower than market rents for value add. 10 % increases will bring this to approx. TO A 5.22% CAP. Both buildings insured separately connected by emergency exit exterior 2nd- floor wooden staircase attached to both buildings. Gated property, on corner of Church Ave. and G St- WITH LEGAL ADDRESSES OF 402 CHURCH FOR UNITS #2(2B/1B $1870/m) , #3(2B/1B $1980/m) & #4(2B/1B $2200/m) + each pay utilities, except water; Unit #282 G ST. (2B/2B $2300/m + utilities, except water) AND MECHANICS SHOP #286 G ST. ($2500/m + all utilities except water)one block off 3RD AVENUE PROMENADE- FAMOUS Walking Retail, Restaurant & Commercial District with Mass Transit. MECHANICS SHOP SEPARATELY METERED; TENANT PAYS G&E. ALL FOUR RESIDENTIAL UNITS SEPARATELY METERED FOR SDGE. LANDLORD PAYS WATER. 4 RESIDENTIAL UNITS. 2B/2B AT 282 G STREET HAS 2 POINT INGRESS/EGRESS AS WERE LEGALLY CONVERTED RESIDENTIAL UNITS ONCE OFFICES. TROPHY PROPERTY- 1ST TIME ON THE MARKET IN 25 YEARS! Over $500,000 in renovations since 2001. This property offers a ton of VALUE ADD with lower than market rents and/or redevelopment possibilities. Owner/User opportunity for Mechanics shop and possible SBA. All tenants are on M-M. The 3rd Avenue Promenade is a block off from property offering mass transit, restaurants, commercial district and retail. Seller pride of ownership shows in maintenance for property. Recent large capital improvements include roofing, plumbing sewer and jetting Fenced in Residential Units have quartz counter tops, vinyl flooring, vinyl windows with blinds, security screen doors, ceiling fans in well sized bedrooms, built-ins and all water heaters have been replaced in last 3-5 years. Property is well lit and has 8+/- exterior cameras and a gated courtyard. Garage has bathroom, 2 parking spaces, two roll-up doors, small office, upper storage, flat roof and alley access. Garage separately metered. Mechanics shop pays own utilities except water.