355 Lansing Cir Escondido, CA 92025

This exceptional value-add opportunity presents a four-unit apartment building located at 355 Lansing Cir, Escondido, CA 92025. The property, built in 1964 and renovated in 2022, boasts a total of 3,504 square feet on an 8,313 square foot lot. Each of the four units offers a spacious 875 square feet, featuring two bedrooms and one bathroom. Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $47,577, with a pro-forma NOI projected at $71,323, reflecting significant rental upside potential. The asking price is $1,399,000, translating to $349,750 per unit and $399.26 per square foot. The property includes four single-car garages, presenting a compelling opportunity for the conversion of one or more into Accessory Dwelling Units (ADUs), a trend already underway in the neighborhood. Further enhancing the property's appeal is its inclusion in an Opportunity Zone and the presence of an on-site laundry room with coin-operated machines, plus additional storage for the owner. The HOA covers common area landscaping, trash removal, and an on-site manager. This property is situated within a quiet, unique HOA community of sixteen 4-plexes in a rapidly gentrifying area. The seller is willing to cooperate with 1031 exchange transactions. The property can be purchased individually or in conjunction with another 4-plex at 340 Lansing Circle. The property is fee simple ownership, with no ground lease. The APN is 229-311-09-00.