355 Lansing CirEscondido, CA 92025

Property Details for 355 Lansing Cir

Year built

1964

Property size (Sq ft)

3,504 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

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.

Location Insight

City

Escondido

County

San Diego

State

California

Latitude

33.1266

Longitude

-117.079

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