340 Lansing CirEscondido, CA 92025

Property Details for 340 Lansing Cir

Year built

1964

Property size (Sq ft)

3,592 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

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.

Location Insight

City

Escondido

County

San Diego

State

California

Latitude

33.1268

Longitude

-117.078

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