For Sale
$3,850,000

331 Washington AveEscondido, CA 92025

10-Unit Apartment Building, Prime Location

Overview

Added:
Dec 11, 2024
Days on market:
113
This exceptional 10-unit apartment building presents a turnkey investment opportunity in Escondido, CA. Built in 1988, the property boasts 7,920 square feet of net rentable space, with each unit averaging 792 square feet. All units are spacious two-bedroom, one-bathroom floorplans, with one non-conforming studio unit also included. Recent extensive renovations include new vinyl plank flooring, laminate countertops, stainless steel sinks, updated cabinets, ceiling fans, vanities, tubs, doors, hardware, and cordless blinds. Exterior improvements encompass stucco repairs, a new roof, fresh paint, upgraded gates, and new windows. The property offers ample off-street parking with 20 spaces available for tenants. Select units feature private balconies. Conveniently located near Escondido's historic downtown, the Grand Avenue corridor, and the Escondido Transit Center, this property benefits from a walk score of 90. The asking price is $3,850,000, representing a price per unit of $385,000 and a 6.56% cap rate. The property's proximity to major employment centers, ongoing Smart Growth initiatives, and planned developments in the surrounding area ensures strong rental demand and future appreciation potential. This is a stabilized asset with in-place market rents, making it an ideal addition to any investment portfolio. The property's APN is 2293107500.

Highlights

  • Turnkey 10-unit apartment building investment opportunity in Escondido, CA.
  • Built in 1988, offering 7,920 square feet of net rentable space.
  • Features nine spacious two-bedroom/one-bathroom units and one non-conforming studio.
  • Recently renovated with new flooring, countertops, cabinets, and fixtures. Exterior improvements include a new roof, paint, and gates.
  • Provides 20 off-street parking spaces for tenants, with select units offering private balconies.
  • Excellent location near downtown Escondido, Grand Avenue, and the Transit Center, boasting a Walk Score of 90.

Property Details for 331 Washington Ave

Property type
Apartment buildings
Year Built
1988
Units
10

Location Insight

City
Escondido
County
San Diego
State
California
Latitude
33.12789997329
Longitude
-117.08071183293
331 Washington Ave, Escondido, California

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331 Washington Ave
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