318 Washington AveEscondido, CA 92025

Property Details for 318 Washington Ave

Year built

1979

Lot size

0.28 AC

Property size (Sq ft)

4,320 SF

Zone code

R-3:RESTRICTED MULTIPLE

Property type

Apartment buildings

APN

229-220-10-00

APU

2292201000

Description

This exceptional investment opportunity presents a six-unit multifamily property ideally situated at 318 Washington Avenue in Escondido, California. The property is conveniently located near Escondido's historic downtown district and the Escondido Transit Center, providing residents with easy access to a vibrant array of amenities. Each of the six units offers a comfortable two-bedroom, one-bathroom floorplan, averaging 720 square feet of living space. Ample parking is available, featuring a combination of carports and open spaces. The property benefits from its excellent location, placing residents within walking distance of numerous restaurants, cafes, museums, salons, spas, shopping, and entertainment venues. This prime location is further enhanced by its proximity to the Escondido Transit Center, placing it at the heart of the city's Smart Growth initiatives, including the Grand Avenue Vision Project. This $15 million project is focused on improving the area with upgraded sidewalks, improved parking, expanded outdoor dining areas, enhanced lighting, and a new Charity Arch. The surrounding submarket, along the 78 Corridor and North I-15, is experiencing a surge in demand for multifamily housing, driven by a strong and diversifying employment base, including a significant recent land acquisition by Apple in nearby Rancho Bernardo. This positive trend indicates a promising future for rental income and property appreciation. The property's location and the ongoing development in the area make this a compelling investment opportunity.

• CAP approach

  CAP return

  Valuation

  6%

  $1,192,566

  6.5%

  $1,100,830

  7%

  $1,022,199

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,102,692

  Geo Method

  $2,356,791

• Alternative Use

  Use

  Valuation

  Residential

  $1,100,830

  Hospitality

  $1,008,354

  Educational

  $838,939

  Medical

  $867,791

  Retail

  $1,305,016

Location Insight

City

Escondido

County

San Diego

State

California

Latitude

33.1281

Longitude

-117.081

CBSA code

41740

CBSA name

SAN DIEGO-CARLSBAD-SAN MARCOS, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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