Parkway Palm Apartments 561 Park Way
34 Unit Block of Flats £6,903,224 (£203,036/Unit) 4.50% Net Initial Yield Chula Vista, CA 91910
INVESTMENT HIGHLIGHTS
- Desirable Unit Mix
- Well maintainted asset
- Value-add
- Rent increase potential
- ADU Potential-Existing garages and carports
- Pool
EXECUTIVE SUMMARY
The Parkway Palms is a desirable investment opportunity offering strong cash flow, desirable unit mix and close proximity to the Gaylord Pacific Resort and Convention Center. Parkway Palms is owned by the original developer and has provided stable cash flow performance through the years. Further, the family operated property was built to last and maintained with care. The property enjoys newer windows, concrete driveways, replaced roofs (approximately 2014) and some re-piped copper water supply lines. The property offers a mix of spacious one, two and three bedroom units each with a private balcony or patio area. Tenants enjoy gated on-site parking and a community pool.
The property has stable in-place rents with substantial room to increase the rental rates to market. Further, the existing garages offer additional income possibilities through conversion to accessory dwelling units (ADUs).
The property has stable in-place rents with substantial room to increase the rental rates to market. Further, the existing garages offer additional income possibilities through conversion to accessory dwelling units (ADUs).
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
PROPERTY FACTS
| Price | £6,903,224 |
| Price Per Unit | £203,036 |
| Sale Type | Investment |
| Net Initial Yield | 4.50% |
| Gross Rent Multiplier | 13 |
| No. Units | 34 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.05 AC |
| Building Size | 34,884 SF |
| Number of Floors | 2 |
| Year Built | 1969 |
UNIT AMENITIES
- Heating
- Kitchen
- Tub/Shower
SITE AMENITIES
- Pool
- Gated
- Recycling
- Storage Space
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 20 | - | 638 |
| 2+1.5 | 11 | - | 900 |
| 3+2 | 2 | - | 1,330 |
| 3+1.5 | 1 | - | 1,276 |
1 of 1
Walk Score®
Very Walkable (88)
PROPERTY TAXES
| Parcel Number | 567-103-13 | Total Assessment | £804,781 (2024) |
| Land Assessment | £185,347 (2024) | Annual Taxes | -£1 (£0.00/sf) |
| Improvements Assessment | £619,434 (2024) | Tax Year | 2025 |
ZONING
| Zoning Code | 3 |
