E3 APARTMENTS 55-Unit Multifamily Development Opportunity
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E3 APARTMENTS
55-Unit Multifamily Development Opportunity
KIDDER.COM
KIDDER.COM FOR SALE | 305 E STREET | CHULA VISTA, CA
CHULA VISTA BAYFRONT
(550 Acre Waterfront Site)
SAN DIEGO BAY
E STREET
TRANSIT CENTER
(Served by MTS
Trolley)
EET
E STR
SUBJECT
PROPERTY
MTS
BUS STOP
KIDDER MATHEWS OFFERING MEMORANDUM E3 CHULA VISTA 2
01
INVESTMENT SUMMARY
Investment Highlights
TABLE OF
Location Overview
02
CONTENTS PROPERTY DESCRIPTION
Property Summary
Amenity Deck Renderings
Floor Plans
Aerial
Proposed Project On Site
03
FINANCIALS
Pro Forma
Construction Budget
EXCLUSIVELY LISTED BY
04
ERIC COMER JIM NEIL MERRICK MATRICARDI COMPARABLES
858.369.3084 858.369.3083 858.369.3085
Rent Comparables
eric.comer@kidder.com jim.neil@kidder.com merrick.matricardi@kidder.com Land Sale Comparables
LIC N° 00842230 LIC N° 1352736 LIC N° 01348986 Multifamily Pipeline
05
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving
it from Kidder Mathews and should not be made available to any other person or entity without the written consent of Kidder Mathews. MARKET OVERVIEW
This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of
interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Kidder Mathews has not made
Chula Vista Overview
any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial
performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s
or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business
prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing
Brochure has been obtained from sources we believe to be reliable; however, Kidder Mathews has not verified, and will not verify, any of the information
contained herein, nor has Kidder Mathews conducted any investigation regarding these matters and makes no warranty or representation whatsoever
regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set
forth herein.
This information has been secured from sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the
accuracy of the information. References to square footage or age are approximate. Recipient of this report must verify the information and bears all risk for
any inaccuracies.
KIDDER MATHEWS OFFERING MEMORANDUM E3 CHULA VISTA 3
01
INVESTMENT
SUMMARY
THE OFFERING
INVESTMENT HIGHLIGHTS
LOCATION OVERVIEW
KIDDER MATHEWS OFFERING MEMORANDUM E3 CHULA VISTA 4
PROPERTY OVERVIEW
305 E Street
Address
Chula Vista, CA
Intersection E Street & 3rd Street
INVESTMENT
Price $2,450,000
Price/Land SF $116
SUMMARY
Price/Proposed Unit $44,545
Planned Residential 55 Apartment Units
Lot Size 21,057 SF / 0.48 Acres
APN 566-232-17-00
Kidder Mathews is pleased to Current Improvements Surface parking lot
offer for purchase a multifamily
V-3 West Village/
development project in the heart Zoning Current
Urban Core Specific Plan
of Chula Vista’s historic downtown.
THE OFFERING
The proposed project contains 55 The redevelopment of the Chula
apartment units, including three Vista Bayfront will continue to
live-work units. The property tranform the region. Projects are
features a developing lifestyle The site is improved as a surface set to begin construction in coming
location with a walk score of 87. parking lot and requires no months on the 550-acre Chula Vista
The property is walkable to shops, demolition expense. The property waterfront site, including Pacifica
restaurants, businesses, services has frontage along E Street to the Companies' Amara Bay, with up to
and the weekly farmers market. south, and Third Avenue to the 1,500 residential condos, a hotel,
Located at the intersection of 3rd east. The site is adjacent to existing offices and retail. A more detailed
Avenue and E Street, the corner commercial to the west and to a discussion of the proposed projects
lot totals 21,057 square feet (0.48 recently entitled Senior Apartment are including in this Offering
acres). Complex to the north. Memorandum
The project received Design The E3 development site represents Combined with the thoughtful
Review Approval from the Planning a shovel ready opportunity to build design of the project and strong
Commission. All drawings, planning a new residential development in rental market fundamentals, the
documents, and consultant’s reports a strong Chula Vista location with E3 development is poised to be
would be made available as part of proximity to the Bay Front, San a viable apartment community for
the purchase. Diego Trolley, and retail. years to come.
KIDDER MATHEWS OFFERING MEMORANDUM E3 CHULA VISTA 5
CHULA VISTA BAYFRONT
(550 Acre Waterfront Site)
SAN DIEGO BAY
T
EE
TR
ES
KIDDER.COM
SUBJECT
PROPERTY
The Bay Front Conceptional Rendering
INVESTMENT HIGHLIGHTS
CORNER LOT The project has access on Third Avenue and E
Street, which allows for more efficient parking and strong design
recognition.
SHOVEL READY and requires no demolition expense.
PROXIMITY TO THE BAYFRONT as The Chula Vista Bayfront Master
Plan will bring significant economic benefits to the South Bay. The
556-acre project will include hotels, attractions, condominium
housing and employment centers. In the project’s first 20 years,
it will create more than 2,200 permanent jobs, nearly 7,000
construction jobs and numerous indirect jobs.
GATEWAY LOCATIO N at the entrance of Chula Vista’s Third Avenue
Village, which is booming with new businesses and enhanced
maintenance and landscaping.
CLOSE TO RETAIL & SHOPPING within walking distance to several
restaurants and retail opportunities including the local grocer
Garden Farms, CVS, 24 Hour Fitness, Fuddruckers and Bank of
America to name a few. There are several local restaurants and
breweries along Third Avenue.
JUST 1 MILE NORTH of the 880,000-square foot, Chula Vista Center,
outdoor shopping mall featuring Burlington Coat Factory, Macy’s,
and Sears.
CON VENIENT PUBLIC TRANSIT Residents benefit from a bus stop
right on the corner of Third Avenue & E Street, serviced by Bus
Route 709 and providing ridership to Southwestern College and the
E Street Transit Center, which connects with the San Diego Trolley
Blue Line. The Trolley provides ridership to downtown San Diego
and soon to be stop locations at UC San Diego and University Town
Center (UTC).
RENTERS FROM NEARBY NAVY BASE with The Navy’s Southwest
San Diego region is the largest concentration of Navy personnel in
the world. Naval Base San Diego is just a few miles north and is a
workplace for approximately 26,000 military, civilian, and contract
personnel.
KIDDER MATHEWS
APARTMENT BUILDING OFFERING
OFFERINGMEMORANDUM
MEMORANDUM E3 CHULAMATHEWS
KIDDER VISTA 77
LOCATION OVERVIEW
CHULA VISTA BAYFRONT
MASTER PLAN (CVBMP)
One of California’s largest remaining coastal development
sites with 553 waterfront acres approved for a master
plan to include Gaylord’s 36.5 acre $1.1 Billion Resort
& Conference Center, 35 Acre Amara Bay development
of condominiums, hotel, office and retail, two public
waterfront parks, a 25 acre Harbor Park connecting to
the 51 acre Sweetwater Park, and additional planned
SUBJECT attractions.
PROPERTY
In the project’s first 20 years, it will generate approximately
$1.3 billion for the regional economy, including more than
$11.5 million in annual tax revenues. It will also create more
than 2,200 permanent jobs, nearly 7,000 construction
jobs and numerous indirect jobs.
More than 40 percent of the project area (230 acres) will
be dedicated to parks, open space and habitat restoration/
preservation; with 130 acres identified for parks and open
space that offer public access and use.
KIDDER MATHEWS OFFERING MEMORANDUM E3 CHULA VISTA 8
CHULA VISTA BAYFRONT PROJECTS
RV RESORT PARK
Sun Communities has an April 1, 2021 opening planned for
Costa Vista RV Resort Park, a $55 million project that includes
225 recreational-vehicle spaces, an on-site pool, entertainment
arcade and business center. Local officials said the RV park is
the first new commercial project completed on the Chula Vista
waterfront in nearly 40 years.
Rendering courtesy of Port of San Diego
AMARA BAY MIXED USE
A 1,500-unit condominiium complex is set to break
ground early next year (2022). The condo units are part
of Pacifica Companies’ 35-acre mixed-use Amara Bay
project, which is also planned to include a 250-room hotel
and 420,000 square feet of office and retail.
Rendering courtesy of Pacifica Companies
GAYLORD PACIFIC
The Gaylord Pacific Resort and Convention
Center, to be built by RIDA Chula Vista, LLC,
in partnership with the Port and City of Chula
Vista will be the centerpiece of and the catalyst
project for future development within the Chula
Vista bayfront. It will include up to 1,600 hotel
rooms, a convention center, public promenades
and associated retail and resort-level amenities
such as a pool with a lazy river, a spa, and more.
Rendering courtesy of Port of San Diego Early work is anticipated to begin in 2021.
Located at the
North end of
Third Avenue
Village, a vibrant,
E
AG
pedestrian-friendly
LL
VI
destination.
UE
EN
AV
D
IR
TH
KIDDER MATHEWS OFFERING MEMORANDUM E3 CHULA VISTA 10THIRD AVENUE VILLAGE
Third Avenue Village is the heart of Chula Vista’s
historic downtown. Shops, restaurants, businesses
and services are located along the avenue. Activities
along Third Avenue include a weekly Farmers Market
and signature events such as the Lemon Festival,
Village Street Fair, Holiday in the Village and the
Starlight Parade. Recently, Chula Vista's Third Avenue
Village has become a top dining destination in the
South Bay with an abundance of quality restaurants,
breweries and event venues,
Photo source:
https://www.facebook.com/ThirdAvenueVillageAssociation KIDDER MATHEWS OFFERING MEMORANDUM E3 CHULA VISTA 11NEIGHBORHOOD 2
AMENITIES SUBJECT
PROPERTY
EAT + DRINK
1 Agave Coffee & Cafe 4
2 Bar Sin Nombre
3 California Sushi 4
4 Chico’s Bakery
5 Chula Vista Brewery 7
6 Dock’s Cocktail Lounge 14 2
7 Don Pedro Taco Shop 22
10
8 El Comal 9
8
9 Grind House
10 Groundswell
11 Italianissimo
20
12 La Bella Café & Games
13 La Bella Pizza 5
14 Mangia Italiano On Third
15 Silver Dollar
5
16 Sunset By The PARK
6
17 Sunset Cafe 21
3
18 Talavera Azul 11
1
19 Teriyaki Grill
16
20 The Gentle Penguin 6 3
21 Third Ave Alehouse 15
22 Thr3e Punk Ales
17
COMMUNITY SERVICES
1 Chula Vista Civic Center
18
2 Bank of America
13
3 SD Metropolitan Credit Union
4 Garden Farm Market 12
5 Chula Vista Library
19
6 Chula Vista Police Station
KIDDER MATHEWS OFFERING MEMORANDUM E3 CHULA VISTA 1202
PROPERTY
DESCRIPTION
PROJECT SUMMARY
AMENITY DECK RENDERINGS
ELEVATION RENDERINGS
FLOOR PLANS
AERIAL
PROPOSED PROJECT
KIDDER MATHEWS OFFERING MEMORANDUM E3 CHULA VISTA 1372(OHYDWRU
2YHUUXQ
726WDLU
(QFORVXUH
NO WALL OPENINGS ALLOWED DUE TO
ZERO SETBACK AT INTERIOR 2 PROXIMITY TO PROPERTY LINE (CBC 705.8) 1
SIDE PROPERTY LINE FUTURE ENTITLED SURFACE PARKING LOT A2.1 EXISTING 12' WIDE SDGE EASEMENT CODE REQUIRED 2ND EXIT 522)
AND SENIOR APARTMENT BUILDING A3.1 RECORDED 8/16/57 BK. 6538 PG 419 FROM AMENITY DECK (CBC 1006.2.1) +$// '(&.
TRASH NOTES: 725RRI
TRANSFORMER
STAIR #3 1. TRASH PICKUP WILL OCCUR ON E STREET.
TRASH TRUCK ENCROACHMENT INTO BUS STOP
DURING PICKUP IS ACCEPTABLE TO MTS.
%5 (/(9 +$// %5
2. TRASH EMPLOYEES WILL CONVEY DUMPSTERS
LONG-TERM RESIDENTIAL 106 107 108 109 110 111 112 113 114 115 /HYHO))
18' - 0"
FROM TRASH ENCLOSURE TO E STREET R.O.W.
BIKE PARKING FOR PICKUP BY TRASH TRUCK.
7+(3,&725,$/$1'*5$3+,&(;35(66,216',63/$PROJECT
DESCRIPTION
BUILDING DESCRIPTION One 7 story building with 5 stories
UNIT MIX of residential apartments above a 2-story on-grade parking
structure.
No. of Pro Forma Pro Forma
Unit Type Units Avg SF Total SF Rent Rent / SF Total Rent
CONSTRUCTION TYPE Five stories of wood framed Type III-A
Jr Studio - Affordable 1 306 306 $800 $2.61 $800 construction over a post-tensioned concrete podium over a
two-story Type I-A concrete parking structure.
Studio -Affordable 2 381 762 $900 $2.36 $1,800
ARCHITECT Studio E Architects
Studio 5 404 2,020 $1,600 $3.96 $8,000
Studio 4 409 1,636 $1,600 $3.91 $6,400 CITY APPROVAL The project has Design Review Approval
from the Planning Commission. Discretionary phase has been
Studio 4 443 1,772 $1,650 $3.72 $6,600 approved. EIR/CEQA exempt with most studies completed
and approved (noise, traffic impact, hydrology, prelim sewer,
Studio 1 445 445 $1,650 $3.71 $1,650 prelim SWQMP, prelim grading and public improvements).
Remaining steps in the development process are as follows:
Studio plus 1 550 550 $1,800 $3.27 $1,800 building permits, grading permits, and any other necessary
Land Development Division permits.
1bd/1ba 5 564 2,820 $2,050 $3.63 $10,250
1bd/1ba 10 571 5,710 $2,200 $3.85 $22,000 BUILDING PERMITS Not started.
1bd/1ba 5 614 3,070 $2,300 $3.75 $11,500
PARKING The project is well parked with a total of 70 spaces
accommodating 1 space per bedroom plus 2 spaces for man-
1bd/1ba 4 619 2,476 $2,300 $3.72 $9,200
agement and 30 long term bike lockers.
2bd/1.5ba 10 861 8,610 $2,850 $3.31 $28,500
AFFORDABLE Required to provide 5% of the total dwelling
Live/Work 3 826 2,478 $2,500 $3.03 $7,500 units (3 units) affordable to VERY LOW-INCOME households
(incomes 50% and less of AMI) in exchange for development
Total/Avg 55 594 32,655 $2,109 $3.55 $116,000 incentives including but not limited to lower parking ratio.
KIDDER MATHEWS OFFERING MEMORANDUM E3 CHULA VISTA 15AMENITY DECK RENDERINGS - LEVEL 3 PROJECT AMENITIES
The project provides nearly 11,000 SF of
common area amenity space, including:
8,310 SF AMENITY DECK ON LEVEL 3
1,430 SF TERRACE ON LEVEL 3
730 SF OBSERVATION ROOFTOP DECK
KIDDER MATHEWS OFFERING MEMORANDUM E3 CHULA VISTA 16AERIAL VIEW - ELEVATION RENDERINGS
P
AERIAL VIEW FROM NW CORNER AERIAL VIEW FROM SE CORNER
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AERIAL VIEW FROM SW CORNER AERIAL VIEW FROM NE CORNER
$HULDO9LHZIURP6:&RUQHU $HULDO9LHZIURP1(&RUQHU KIDDER MATHEWS OFFERING MEMORANDUM E3 CHULA VISTA 17
EYE LEVEL VIEW - ELEVATION RENDERINGS
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EYE LEVEL PERSPECTIVE FROM THIRD AVE LOOKING SW EYE LEVEL PERSPECTIVE FROM THIRD AVE LOOKING WEST
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EYE LEVEL PERSPECTIVE FROM INTERSECTION LOOKING NW
KIDDER MATHEWS OFFERING MEMORANDUM E3 CHULA VISTA 18FLOOR PLANS
STUDIO JR STUDIO
No. of Pro Forma Pro Forma No. of Pro Forma Pro Forma
Unit Type Units Avg SF Total SF Rent Rent / SF Total Rent Unit Type Units Avg SF Total SF Rent Rent / SF Total Rent
Studio 1 550 550 $1,800 $3.27 $1,800 Studio 5 404 2,020 $1,600 $3.96 $8,000
KIDDER MATHEWS OFFERING MEMORANDUM E3 CHULA VISTA 19FLOOR PLANS CONTINUED
Bath
Kitchen
II
Bdrm.
1-BR
Living Rm
BALCONY
Balcony
ONE BEDROOM / ONE BATHROOM ONE BEDROOM / ONE BATHROOM PLUS
No. of Pro Forma Pro Forma No. of Pro Forma Pro Forma
Unit Type Units Avg SF Total SF Rent Rent / SF Total Rent Unit Type Units Avg SF Total SF Rent Rent / SF Total Rent
1Bd/1Ba 10 571 5,710 $2,200 $3.85 $22,000 1Bd/1Ba 4 619 2,476 $2,300 $3.72 $11,500
KIDDER MATHEWS OFFERING MEMORANDUM E3 CHULA VISTA 20FLOOR PLANS CONTINUED
TWO BEDROOMS / ONE AND ONE HALF BATHROOMS
No. of Pro Forma Pro Forma
Unit Type Units Avg SF Total SF Rent Rent / SF Total Rent
2Bd/1.5Ba 10 861 8.610 $2,850 $3.31 $28,500
KIDDER MATHEWS OFFERING MEMORANDUM E3 CHULA VISTA 2103
FINANCIALS
PROFORMA OF COMPLETED PROJECT
CONSTRUCTION BUDGET
KIDDER MATHEWS OFFERING MEMORANDUM E3 CHULA VISTA 22PROFORMA OF COMPLETED PROJECT FINANCIAL SUMMARY
Price $22,000,000
INCOME SUMMARY Proforma Price / Unit $400,000
# Units Unit Type Sq. Ft. Total SqFt $ Rent $/Sq.Ft. Total Rent $Rent Y2 Total Rent Y2 Price / SF $674
1 Jr Studio* 306 306 $800 $2.61 $800 $800 $800
2 Studio* 381 762 $900 $2.36 $1,800 $900 $1,800 Year 1 Cap Rate 4.0%
5 Studio 404 2,020 $1,600 $3.96 $8,000 $1,700 $8,500
4 Studio 409 1,636 $1,600 $3.91 $6,400 $1,700 $6,800
Year 1 GRM 15.8
4 Studio 443 1,772 $1,650 $3.72 $6,600 $1,750 $7,000
1 Studio 445 445 $1,650 $3.71 $1,650 $1,750 $1,750
1 Studio plus 550 550 $1,800 $3.27 $1,800 $1,900 $1,900
Year 2 Cap Rate 4.2%
5 1bd/1ba 564 2,820 $2,050 $3.63 $10,250 $2,150 $10,750
10 1bd/1ba 571 5,710 $2,200 $3.85 $22,000 $2,150 $21,500
Year 2 GRM 15.3
5 1bd/1ba 614 3,070 $2,300 $3.75 $11,500 $2,400 $12,000
4 1bd/1ba 619 2,476 $2,300 $3.72 $9,200 $2,400 $9,600
10 2bd/1.5ba 861 8,610 $2,850 $3.31 $28,500 $2,950 $29,500
3 Live/Work 826 2,478 $2,500 $3.03 $7,500 $2,600 $7,800
55 Total/Avg 594 32,655 $2,109 $3.55 $116,000 $2,176 $119,700
ANNUALIZED GROSS INCOME APTS $1,392,000 $1,436,400
Vacancy 4.00% ($55,680) ($57,456)
ADJUSTED GROSS INCOME APTS $1,336,320 $1,378,944
Parking $10,000 $10,000
RUBS $25,000 $25,000
Pet Fees $4,000 $4,000
Misc. $2,500 $2,500
EFFECTIVE GROSS INCOME $1,377,820 $1,420,444
Less Estimated Expenses: $/Unit $/YEAR
Prop taxes 1.137% $4,549.36 $250,215
Fixed Assesment $81 4,447
Operating Expenses $4,500 $247,500
Exp./unit: $9,130 ($502,162) ($502,162)
Exp/psf: $15.38
Exp. % of SGI: 36%
NET OPERATING INCOME $875,658 $918,282
Interest only debt costs
Rate 3.00%
Debt Service $12,100,000 $363,000 $363,000
CASH FLOW $512,658 $555,282.10
Returned on Equity 5.18% 5.61%
Notes:
* Affordable units restricted at 50% AMI
KIDDER MATHEWS OFFERING MEMORANDUM E3 CHULA VISTA 23CONSTRUCTION PROJECT SUMMARY
BUDGET
Yield (Units) 55
Net Rentable SF 32,655
Gross Building SF 49,555
Garage 11,000 SF
Avg Unit SF 594 SF
(\H/HYHO3HUVSHFWLYHIURP7KLUG$YH/RRNLQJ:HVW
COST ESTIMATE
Cost $/SqFt
Type I (concrete) $2,550,000 $85
Type IIIA $8,100,000 $225
Off-site Improvements $400,000
Site Work $1,052,850 $50
City Fees (DIF) $650,000
Sewer Hook up 200K, permit fees, etc. $500,000
Soft Costs (architecture, drawings & admin) $525,000
Total $13,777,850
( (\H/HYHO3HUVSHFWLYHIURP,QWHUVHFWLRQ/RRNLQJ1:
KIDDER MATHEWS OFFERING MEMORANDUM E3 CHULA VISTA 24
04
COMPARABLES
RENT COMPARABLES
LAND COMPARABLES
APARTMENT PIPELINE
KIDDER MATHEWS OFFERING MEMORANDUM E3 CHULA VISTA 25RENT COMPARABLES
01 01
02
01 DEL ORO ON 03 04 05 06
URBANA BROADWAY SERENO STONE CREEK THE KIMBALL PLAZA 1640
Address 393 H Street 986 Broadway 930 3rd Ave 3875 Main St 1110 E 8th St 1640 E Plaza Blvd
City Chul Vista Chula Vista Chula Vista Chula Vista National City National City
# of Units 135 79 120 97 47 77
Built 2020 2017 2018 2018 2019 2019
Studio Rent $1,575
Avg SF 558
Rent/SF $2.82
1bd/1ba $2,043 $2,295 $2,150 $1,770 $1,995 $1,840
Avg SF 681 725 690 743 581 700
Rent/SF $3.00 $3.17 $3.12 $2.38 $3.43 $2.63
2bd/2ba $2,781 $2,795 $2,399 $2,075-$2,395 $2,450 $2,245
Avg SF 927 1,020 972 741 -993 920 996
Rent/SF $3.00 $2.74 $2.47 $2.41 - $2.80 $2.66 $2.25
3bd/2ba $2,899 $2,895
Avg SF 1,227 1,256
Rent/SF $2.36 $2.30
Swimming Pool, Spa,
Lounge Areas with Firepits, Swimming Pool, Spa, Swimming Pool, Swimming Pool, Spa, BBQ
Fitness Center, Clubhouse Courtyard, Firepit, BBQ
Entertainment Room, Fitness Center, BBQ Area, Playground, Clubhouse Area, Fitness Center, Study
Community with Kitchen, Fire Pit, Area
Rooftop Deck, Clubhouse Dog Park, Resident Lounge with Kitchen, Internet Café Room, Sun Deck
Amenities Conference Room
Stackable Full Size Washer/ Stackable Full Size Washer/ Stackable Full Size Washer/
Full Size Washer/Dryers In-Unit Washer/Dryer In-Unit Washer/Dryer
Laundry Dryer Dryer Dryer
Surface and carport 1-car garages and surface Secured parking garage &
Secured parking garage Secured parking garage Surface Parking
Parking parking parking surface spaces
Offering $1m500 cash Offering $1,500 off at
- - - -
Notes
back with 13 month lease move-in
Survey Date: 4/5/2021
KIDDER MATHEWS OFFERING MEMORANDUM E3 CHULA VISTA 26RENT COMPARABLES MAP CITY HEIGHTS LEMON GROVE
SPRING VALLEY
LIBERTY STATION
LITTLE
ITALY
LA PRESA
ENCANTO
POINT LOMA
SAN DIEGO SKYLINE
LINCOLN PARK
CORONADO LOGAN HEIGHTS
5
6
PARADISE
HILLS
NATIONAL CITY
BONITA
SUBJECT
SUBJECT
PROPERTY
PROPERTY
P
A
RANCHO
1 DEL REY
C
CHULA VISTA
I F
3
2
OTAY RANCH
I C
4
O C
OTAY MESA
IMPERIAL BEACH WEST
E A N
LEGEND
1. Urbana
2. Del Oro on Broadway
3. Sereno
4. Stone Creek SAN YSIDRO
5. The Kimball
ER
6. Plaza 1640 IC O BO RD
U. S. / M EX
KIDDER MATHEWS OFFERING MEMORANDUM E3 CHULA VISTA 27LAND SALE COMPS
Sale Price / Price /
Project Name Address Buyer / Seller Acres Units Stories Sale Price Notes
Date Land SF Unit
Five stories of residential apartments
SUBJECT 305 E Street TBD For
0.48 55 7 $2,450,000 $116 $44,545 above a 2-story on-grade parking
E3 Chula Vista, CA Frontrunner Investment Sale
structure.
The land was approved for 58 senior
01 195 Third Ave Interfaith Development
Aug-18 0.91 58 3 $2,350,000 $59 $40,517 housing units at the time of sale. 3
195 Third Ave Chula Vista, CA Frontrunner Investment
story building with surface parking.
Off market transaction. Site that
was improved with three, vacant
02 4949 Baltimore Drive JPI Development commercial/automotive buildings
Jefferson La Dec-19 4.77 230 4 $12,000,000 $58 $52,174
La Mesa, CA 91942 Charles Kitzman at sale. Long escrow period while
Mesa buyer secured entitlements. Under
construction. Leasing Summer 2021.
Improved with a two-story office/
commercial building and a paved
03 502-516 10th Ave K-Elevate 10th Street
Aug-20 0.23 137 8 $8,400,000 $838 $61,314
parking lot. Proposed project is 8-story
10th & Island San Diego, CA 92101 Property LLC apartment building consisting of all
David Cardan studios and is permitted by right and
does not require entitlements.
1701-1707 Imperial
04 Ave
Zonevest, LLC
May-20 0.18 32 7 $1,704,991 $217 $53,281
Not entitled. Marketed with potential to
17th & Imperial Oakleaf Group, LLC build 32-72 multifamily units.
San Diego, CA 92101
05 Trammel Crow Residential
Off market transaction. Buyer was in
Boardwalk at 1660 Metro Ave Mar-16 9.43 309 3 $15,450,000 $38 $50,000 process of entitling project at close of
Stratford Land
Millenia Chula Vista, CA escrow.
AVERAGE 3.10 153 5 $7,980,998 $242 $51,457
KIDDER MATHEWS OFFERING MEMORANDUM E3 CHULA VISTA 28LAND SALE COMPS MAP
SERRA
MESA
LINDA EL CAJON
VISTA
GROSSMONT
2
MISSION
VALLEY NORMAL LA MESA
HEIGHTS
HILLCREST NORTH CITY
PARK HEIGHTS LEMON JAMACHA
GROVE
CITY
LITTLE HEIGHTS
ITALY
3
LA PRESA
4
BARRIO
CORONADO LOGAN
NATIONAL
CITY
SAN DIEGO
BAY
SUBJECT BONITA
PROPERTY
RANCHO
1 DEL REY
CHULA
VISTA
LEGEND
5
OTAY
RANCH 1. 195 Third Ave
2. Jefferson La Mesa
3. 10th & Island
4. 1701-1707 Imperial Ave
5. Boardwalk at Millenia
KIDDER MATHEWS OFFERING MEMORANDUM E3 CHULA VISTA 29APARTMENT PIPELINE
Completion
Project Name Address Year Built Developer Units Pipeline Stage Start Date Notes
Date
01 1660 Metro Ave
2019 Trammel Crow 309 Complete/Stabilized 7/1/2016 3/1/2019
Avg. Unit size 1,247;
Boardwalk at Millenia Chula Vista, CA 91915 Avg. asking rent $2,624 or $2.10/SF
02 944 3rd Ave
2018 Creekside Vista LLC 115 Complete/Stabilized 11/1/2016 6/1/2018
Avg. Unit size 989;
Sereno Apartments Chula Vista, CA 91911 Avg. asking rent $2,487 or $2.51/SF
03 3875 Main St
2018 LaTerra Development LLC 97 Complete/Stabilized 9/1/2016 3/1/2018
Avg. unit size 798;
Stone Creek Chula Vista, CA 91911 Avg. asking rent $2,024 or $2.54/SF
Occupancy is approx. 80%;
Avg. unit size 874; Avg. asking rent
04 393 H St
2019 PGS Partners LLC 135 Complete/Lease-Up 10/1/2017 7/1/2020 $2,703 or $3.21/SF
Urbana Chula Vista, CA 91910
Concessions are $1,500 off with 13
month lease.
Avg. unit size is 1,136
05 1902 Millenia Ave
2020 Trammell Crow Residential 253 Complete/Stabilized 3/1/2018 5/1/2020 Avg. asking rent $2,743 or $2.41/SF
Alexan Rivue Chula Vista, CA 91915
Concessions are 1/2 month off 1BR
or 1 month off 2 & 3 BR unit
06 1627 Santa Venetia St Under Construction/
Occupancy is approx. 28%.
Enclave at Otay 2021 Baldwin & Sons 297 12/1/2018 8/1/2020 Offering 1.5 month free rent with 14
Chula Vista, CA 91913 Lease-Up
Ranch II month lease
07 130 E 8th Street,
Proposed
Malick Infill/Protea
108 Under Construction 7/1/2019 Mid 2021
Mixed use building with retail on
8th & B National City 91950 Properties ground floor
08 288 Center St
2021 Alliance Development 43 Under Construction 10/1/2019 6/1/2021
Leasing started 04/01/21
C+C Chula Vista, CA 91910
09 201 Third Ave
2022
Redevelopment Agcy Of
23 Under Construction 5/1/2021 11/1/2022
Third & E Chula Vista, CA 91910 City of Chula Vista
10 Bonita Glen Dr & Vista Dr
2022 Silvergate Development 170 Under Construction 1/1/2021 8/1/2022
Consists of seven 3 and 4-story
Bonita Glen Chula Vista, CA 91910 buildings
11 2001 Centerpark Rd
Proposed Baldwin & Sons 237 Under Construction 8/1/2020 8/1/2022
Otay Ranch FC-2 Chula Vista, CA 91913
12 1350 Industrial Blvd
Proposed Muraoka Enterprises Inc 72 Pre-Planned - - Design review started in Spring 2019.
1350 Industrial Blvd Chula Vista, CA 91911
Source: Axiometrics; Survey Date: 4/5/2021
KIDDER MATHEWS OFFERING MEMORANDUM E3 CHULA VISTA 30APARTMENT PIPELINE MAP
NATIONAL RD
Sweetwater Summit
Regional Park
7 CITY LEGEND
R
TE
A
W RD
E ET EL
W I GU
NM
SA
S
ST 1. Alexan Millenia
6TH ST
E1 2. Sereno Apartments
8TH LA
VE MT MI
G UEL
E1
TRA 3.
R DStone Creek
CEN
CO 4. Urbana
5. Alexan Rivue
RA
6. 1627 Santa Venetia St
LC
R O C T O R VA L L E Y R D
7. 8th &PB
BONITA
A
RD
NY
HS
T TER ON
0T SWEETWA RD 8. C+C
E3
9. 201 Third Avenue
10. Bonita Glen
11. Otay Ranch FC-2
SUBJECT 12. 1350 Industrial Blvd
10 AKE
AY
L SR
PROPERTY OT D
9
San Diego Bay RD
T 8 ES
National Wildlife ES PK AK
TAY L
S RA
REY
OTAY
W
O
Refuge NC
Y
CHULA HO D
EL
4 RANCH
VISTA E HS
T
11
BR
TE D
LE
G R A P H C A N YO
NR 6
OA
2 1
DW
AY
ST
AR 5
OM
HIL
AL
EP
ST
LT O
SS
MO Y
W
PD
K
T P
SS T IC
PLE DS
R
NA FOR MP
OX O LY
ST
AR
OM
PA L
12
OR AN GE AV E
3
MAIN ST MAIN ST
HOLLIST ER ST
Otay Valley
Regional Park
IMPERIAL PALM AVE
BEACH
KIDDER MATHEWS OFFERING MEMORANDUM E3 CHULA VISTA 3105
MARKET
OVERVIEW
CHULA VISTA OVERVIEW
KIDDER MATHEWS OFFERING MEMORANDUM E3 CHULA VISTA 32CHULA VISTA/ IMPERIAL BEACH SURVEY RESULTS & FORECAST
Vacancy Asking Effective Absorption Under
Current Quarter Units Rate Rent Rent Units Construction
4 & 5 Star 4,370 8.4% $2,395 $2,372 (22) 213
3 Star 8,695 3.2% $1,945 $1,935 24 0
CHULA VISTA/ PIPELINE 1 & 2 Star 16,176 2.6% $1,446 $1,439 27 0
IMPERIAL BEACH This is one of the few submarkets in
Submarket 29,241 3.6% $1,773 $1,763 29 213
APARTMENT San Diego where developers have
been able to target several income Annual Trends 12 Month
Historical
Average
Forecast
Average Peak When Trough
MARKET levels, and not strictly build luxury Vacancy Change -2.1% 3.9% 3.1% 6.1% 2019 Q4 1.6%
apartments. Some of them are
Absorption Units 992 291 258 1,069 2013 Q3 (332)
built for high-income families, with
APARTMENT PERFORMANCE Effective Rent
Boardwalk at Millenia, Pulse Millenia, 3.2% 3.2% 4.5% 7.5% 2015 Q2 -1.6%
Growth
This was one of the few submarkets and Alexan Rivue among the
$92 M $148 M N/A 568.7 M 2015 Q2 $19M
in San Diego where rents held notable deliveries. They also build a Sales Volume
steady following the outbreak of more mid-tier product, with Salerno,
the coronavirus, and annual rent Stone Creek, and Contessa at Otay
growth ended 2020 at the top of Ranch among recent examples. The
the leaderboard for the region. That land here can cost less than $20/
was propelled by a surge in demand SF which helps builders construct
as residents have increasingly units for closer to $350,000/unit
looked here for not only more with rents roughly around $2.50/
affordable apartments but also SF. Most other new construction in
larger apartments. the region costs closer to $3/SF or
more, with construction costs often
After many office employees above $400,000/unit.
transitioned to telecommuting amid
the pandemic, many workers are no
longer tied to the location of their SALES
job. That has made the submarket
more appealing since it can take Communities rated 2 Star are the
considerable time behind the wheel most commonly traded asset on
to reach San Diego's employment average, and the majority of trading
hub in UTC or other work along the occurs west of the I-805, with value-
I-805 and I-15 freeway corridors to add projects often targeted. But
the north. And that played out in those value-add buyers are now
demand. Chula Vista recorded its contending with a rent cap that
strongest year for demand in 2020 went into effect in 2020. Pricing
in a decade, and it was not even historically tracks below the metro
close. And importantly, it was not average, and market cap rates have
supply induced. The submarket settled a bit higher than the San
added its fewest new units since Diego average.
2017 last year. SOURCE: COSTAR 1Q2021
KIDDER MATHEWS OFFERING MEMORANDUM E3 CHULA VISTA 33LOCATION OVERVIEW
Located just seven miles from
downtown San Diego and seven
miles from the Mexican Border,
Excellent planning has been Chula Vista’s hallmark.
With its six lane boulevards, north/south toll road, and 269,000 40.9%
both master planned and established communities,
the city is at the center of one of the City continues to provide the best in living choices
the richest economic and culturally
RENTER OCCUPIED
diverse zones in the United States. Source www.chulavistaca.gov POPULATION
HOUSING UNIT RATE
With a population of approximately
269,000, Chula Vista covers 50 EXCELLENT ACCESS TO TRANSPORTATION
square miles and is bordered by
the Pacific Ocean on the west and With a trolley system, an extensive roadway system,
mountains on the east. numerous trails and pathways, as well freeway
$492,700 $81,272
connections, there are plenty of travel choices in Chula
As the second largest city in Vista. The E Street Trolley Station is walkable to the
San Diego County, Chula Vista subject and is served by blue line of the San Diego MEDIAN MEDIAN
has quickly become a special Trolley, which connects San Diego's south county HOME VALUE HOUSEHOLD INCOME
destination for tourists. communities with the Downtown region.
KIDDER MATHEWS OFFERING MEMORANDUM E3 CHULA VISTA 34MARKET 15 MIN TO DOWNTOWN SAN DIEGO
OVERVIEW 16 MIN TO US / MEXICO BORDER
14 MIN TO CORONADO BEACHES
BUSINESS
Chula Vista maintains a business atmosphere that
12 MIN
ATTRACTIONS
encourages growth and development. In the city, TO MISSION VALLEY
the small business sector amounts for the majority of Chula Vista offers a wide array of
Chula Vista’s business populous. This small business attractions and activities to entertain
community is attributed to the city’s growth and serves visitors and residents year round.
The near-perfect Mediterranean
5 MIN
as a stable base for its economic engine.
climate lends itself to multiple TO WESTFIELD PLAZA BONITA
Chula Vista is seven miles from downtown San Diego outdoor recreational activities.
and Tijuana, the busiest land border crossing in the The City operates 50 public parks
United States. Chula Vista is at the epicenter of this with facilities ranging from passive
international mega-region and is served by Interstates
5 and 805, and State Routes 125 and 54.
walking trails to ball parks and
tennis courts to gymnasiums with 8 MIN TO CHULA VISTA BAY
full-service recreational programs.
A key strength includes the presence of a multi-national
residential base that includes today’s cross-border Chula Vista’s scenic harbor offers
business leaders, and raising the next generation of spectacular views and easy access Photo Courtesy: Cross Border Xpress
international innovators. to southern San Diego Bay.
Chula Vista provides cultural
QUALITY OF LIFE
facilities such as the Chula Vista
Chula Vista was ranked among the top 11 happiest Heritage Museum, Onstage
cities in the U.S. in 2017 by WalletHub, a personal Playhouse, the San Diego Junior
finance website. The rankings of the 150 most populous Theatre, the Chapman Performing
municipalities were based on a variety of data that Arts Center, and the award-winning
were summed up in the categories of emotional and Chula Vista Public Library system
physical well-being, income and employment, and that, in addition to providing library
community and environment. Chula Vista was 11th, services, coordinates numerous
with high marks in emotional and physical well-being, cultural activities and events in the
and community and environment. City.
KIDDER MATHEWS OFFERING MEMORANDUM E3 CHULA VISTA 35WESTFIELD PLAZA
BONITA
SUBJECT
EUCALYPTUS PARK
PROPERTY
THIRD STREET VILLAGE
CHULA VISTA LIBRARY
MEMORIAL PARK
CHULA VISTA CENTER
KIDDER MATHEWS OFFERING MEMORANDUM E3 CHULA VISTA 36CHULA VISTA BAYFRONT
(550 Acre Waterfront Site)
SUBJECT
PROPERTY
KIDDER MATHEWS OFFERING MEMORANDUM E3 CHULA VISTA 37EXCLUSIVELY
REPRESENTED BY
ERIC COMER
858.369.3084
eric.comer@kidder.com
LIC N° 00842230
JIM NEIL
858.369.3083
jim.neil@kidder.com
LIC N° 1352736
MERRICK MATRICARDI
858.369.3085
merrick.matricardi@kidder.com
LIC N° 01348986
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