799 Ada St #NA, Chula Vista, CA 91911

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Kobe Zimmerman

kobezimmerman@bhhscal.com +1(858) 753-3353

$1,595,000

Est. payment - /mo

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Key Details

Property Type Vacant Land

Sub Type Lots/Land

Listing Status Active

Purchase Type For Sale

Subdivision Chula Vista

MLS Listing ID 250036131

Property Sub-Type Lots/Land

Property Description

Welcome to an extraordinary development opportunity in the highly desirable Chula Vista — now offered with a price reduction of over $100,000. This expansive 15,185 sq ft (0.37 acres) lot is zoned in an Opportunity Zone and situated within the Palomar Gateway Specific Plan District. A rare find, the property comes with Design Review Approval from the City of Chula Vista for an 18-unit high-density residential project. The project is considered entitled, and the architect and civil engineer involved are prepared to release the existing drawings to facilitate the next steps toward completion. With architectural plans readily available, this opportunity offers investors a significant advantage in streamlining the development process. Proposed Development Includes: (6) 2-Bedroom / 2-Bathroom Units (1,076 sq ft each) (12) 3-Bedroom / 2-Bathroom Units (1,222 sq ft each) Currently, the property features a 2-bedroom, 1-bathroom single-family residence, offering the possibility of generating rental income or serving as a transitional space during development. Once complete, this project is projected to deliver a stabilized Return on Cost of approximately 6.81%

Location

State CA

County San Diego

Area South Bay

Zoning RH

Interior

Fireplace No

Exterior

Fence N/K, Other/Remarks

Utilities Available N/K, Other/Remarks

View Y/N No

Water Access Desc N/K,Other/Remarks

Building

Water N/K, Other/Remarks

Others

Tax ID 622-071-04-00

Special Listing Condition N/K, Other/Remarks

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Listed by Jason J Lee Nara Advisors, Inc.

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799 Ada St #NA Chula Vista, CA 91911