318 Washington Ave Escondido, CA 92025

This exceptional six-unit apartment building presents a compelling investment opportunity in the thriving city of Escondido, California. Located at 318 E Washington Ave, this property boasts a desirable location near Escondido's historic downtown district and the convenient Escondido Transit Center. The building comprises six spacious two-bedroom, one-bathroom units, each averaging 720 square feet of living area and featuring expansive back patios. Residents enjoy ample parking, including ten covered carports and additional open spaces. The property's strategic location provides easy access to a wealth of amenities, including restaurants, cafes, museums, salons, spas, shopping, and entertainment options. The area is experiencing significant growth, fueled by Smart Growth initiatives, the Grand Avenue Vision Project (a $15 million community enhancement project), and substantial employment growth in surrounding areas like Rancho Bernardo, San Marcos, and Escondido itself. This includes major developments such as Apple's acquisition of 67 acres in Rancho Bernardo for chip manufacturing, a new Kaiser Permanente hospital in San Marcos, and the 1.5 million square foot North City mixed-use project in San Marcos. The property's strong performance is reflected in its 5.04% cap rate and a price per unit of $312,500. The total net rentable square footage is 4,320 square feet, with an asking price of $1,875,000. Built in 1979, this property offers significant potential for increased returns, with the possibility of developing two additional accessory dwelling units (ADUs). The property's APN is 229-220-10-00. This is a rare opportunity to acquire a well-located, income-producing asset in a rapidly growing market.