For Sale
$1,449,000

340 Lansing CirEscondido, CA 92025

Four-unit apartment building, high potential.

Overview

Added:
Dec 11, 2024
Days on market:
113
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
340 Lansing Cir, Escondido, California

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
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.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
340 Lansing Cir
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message