For Sale
$1,449,000

340 Lansing Cir Escondido, CA 92025

Four-unit apartment building, high potential.

Overview

Added:
Dec 11, 2024
Days on market:
134
This exceptional value-add opportunity presents a four-unit apartment building located at 340 Lansing Cir, Escondido, CA 92025. The property boasts 3,592 square feet of net rentable space, spread across four large 2-bedroom, 1-bathroom units, each approximately 875 square feet. Built in 1964 and renovated in 2022, the building sits on an expansive 11,777 square foot lot, offering significant potential for expansion. Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $48,786, with a pro-forma NOI projected at $71,740, reflecting a substantial upside in rental income. The property includes three parking spaces and a shared laundry room with coin-operated appliances. The low-maintenance exterior is enhanced by an HOA that covers common area landscaping, trash removal, and an on-site manager. The large, unused portion of the lot (over 6,000 sq ft) presents a compelling opportunity to develop additional dwelling units (ADUs). Situated in a rapidly gentrifying neighborhood within an Opportunity Zone, this property offers a unique blend of immediate income and long-term growth potential. The asking price is $1,449,000 ($362,500 per unit), representing a current cap rate of 3.40% and a pro-forma cap rate of 5.00%. This property is fee simple ownership and can be purchased individually or in conjunction with a neighboring four-plex.

Highlights

  • Spacious 875 sq ft, 2-bedroom, 1-bathroom units.
  • Strong rental income growth potential.
  • Includes a 6,000 sq ft additional lot.
  • Potential for Accessory Dwelling Unit (ADU) development.
  • High demand for apartment rentals in this area.
  • Situated in a designated Opportunity Zone.

Property Details for 340 Lansing Cir

Property type
Apartment buildings
Square Feet
3,592 SF
Year Built/Renovated
1964/2022
Buildings
1
Stories
2
Units
4

Location Insight

City
Escondido
County
San Diego
State
California
Latitude
33.12679317242
Longitude
-117.07827906045

FAQs

What type of property is this?
Apartment building - Four-unit apartment building, high potential.
Where is the apartment building located?
The property is located at 340 Lansing Cir Escondido, CA.
What is the asking price?
The asking price for this property is $1,449,000.
What are key features of this property?
This property features: Spacious 875 sq ft, 2-bedroom, 1-bathroom units.; Strong rental income growth potential.; Includes a 6,000 sq ft additional lot.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
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340 Lansing Cir
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