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. The property has a camera security system and a secure gate around the pool area. There is a pool pump room and separate laundry facilities for the manager. This property is located blocks from the new Bayfront Development project.
Chula Vista is Spanish for “beautiful view’ due to its close proximity to the coast. It is the second largest city with a population of 274,295 in the San Diego Metropolitan area, seventh largest city in Southern California and the fourteenth largest city in the state of California. Located only 7.5 miles to Downtown San Diego and only 7.5 miles to the Mexican border, the city of Chula Vista is located right in the center of one of the richest economic and culturally diverse zones in the United States. At the center of Chula Vista lies a pedestrian friendly central business district referred to as Main Street. Main Street (3rd Avenue between H Street & E Street) is host to great restaurants, coffee shops, breweries, up and coming nightlife, live attractions, a weekly farmers market, and boutique small business shopping.
The Chula Vista Bayfront Project is a 535 acre large-scale waterfront development right in the heart of South Bay in Southern San Diego County. The project officially broke ground in September 2019 and will reshape the landscape with a master plan to include Retail, Office, Hospitality, Residential, Recreational, Pedestrian and Open Space components including Harbor and Sweetwater Parks.
The Bayfront Master Plan includes 100 acres of parks, 120 acres of open space, habitat replacement, ecological buffers and wetlands, as well as a shoreline promenade with walking and bicycle path trail networks. Construction will include 2,850 hotel rooms, 600,000 SF of retail, restaurant, and Marina support commercial as well as 220,000 SF of mixed-use recreation and marine related Office use. Complementing the commercial development will be a parking facility with up to 3,000 spaces, 1,500 residential units, and the Costa Vista RV Resort with 246 sites. Projected economic benefits include $1.3 billion for the regional economy, $11.5M in annual tax revenue, the creation of 2,200 permanent jobs, 7,000 construction jobs, and numerous indirect jobs.
DO NOT WALK ON THE PROPERTY OR DISTURB TENANTS. CONTACT LISTING AGENT FOR TOUR. Offers due 2/6/2020.
