Pacific Coast Commercial, as exclusive listing agent, is pleased to offer the property located at 444 3rd Avenue, Chula Vista, CA 91910 for sale. The property consists of a +/- 5,063 Sq. Ft. Freestanding retail bank building with drive-thru on a 0.51-acre parcel on the hard corner of Third Avenue and Roosevelt Street. It is currently leased by California Bank & Trust on a Net Lease that is scheduled to expire on December 31, 2024. The Tenant pays for maintenance of the property and building, and the Landlord pays for the Property Taxes and building insurance, subject to pass-thru of increases to those costs above a 2020 Base Year, which protects the buyer from increases in those operating expenses.
The property is located within the Urban Core District of Chula Vista with redevelopment potential for multi-family or mixed-use development. California Bank & Trust does not have any options to extend the lease beyond the current term. Investors can buy and hold the property and then renew the current tenant, convert the lease to a full NNN lease, re-tenant the building, or redevelop the project into a higher density residential/mixed-use project. An Owner-User could buy and hold the building and move-in following the expiration of the current lease term.
Please reach out to our team with any questions. A Due Diligence Vault with additional financials, lease and other information is available to prospective buyers that sign and return the Confidentiality Agreement attached to this package.
Address: 444 Third Avenue, Chula Vista, CA 91910
Property Type: Freestanding Bank / Retail
Building Size: ± 5,063 Sq. Ft.
Land Area: ± 0.51 Acres (22,216 Sq. Ft.)
Sale Price: $3,300,000
2022 NOI: $157,059
Cap Rate: 4.76%
Tenant: California Trust & Bank
Lease: Net Lease
Lease Expiration 12/31/2024
Zoning City of Chula Vista UC-2 (Urban Core District)
Abundant Onsite Parking - 28 Surface Spaces
Highly Visible Corner Location (15,477 VPD)
Very Walkable Location (Score of 87)
Easy Access to I-5 and I-805
Contact Agents for More Details (619) 469-3600
Associate Vice President
Senior Advisor-Sales & Leasing
The information contained herein has been given to us by the owner of the property or other sources we deem reliable, we have no reason to doubt its accuracy, but we do not guarantee it. All information including zoning and use should be verified prior to purchase or lease.
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