331 Washington AveEscondido, CA 92025

Property Details for 331 Washington Ave

Year built

1988

Lot size

0.34 AC

Property size (Sq ft)

8,199 SF

Zone code

R-3:RESTRICTED MULTIPLE

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

229-310-75-00

APU

2293107500

Description

This exceptional 10-unit apartment building presents a turnkey investment opportunity in Escondido, CA. Built in 1988, the property boasts 7,920 square feet of net rentable space, with each unit averaging 792 square feet. All units are spacious two-bedroom, one-bathroom floorplans, with one non-conforming studio unit also included. Recent extensive renovations include new vinyl plank flooring, laminate countertops, stainless steel sinks, updated cabinets, ceiling fans, vanities, tubs, doors, hardware, and cordless blinds. Exterior improvements encompass stucco repairs, a new roof, fresh paint, upgraded gates, and new windows. The property offers ample off-street parking with 20 spaces available for tenants. Select units feature private balconies. Conveniently located near Escondido's historic downtown, the Grand Avenue corridor, and the Escondido Transit Center, this property benefits from a walk score of 90. The asking price is $3,850,000, representing a price per unit of $385,000 and a 6.56% cap rate. The property's proximity to major employment centers, ongoing Smart Growth initiatives, and planned developments in the surrounding area ensures strong rental demand and future appreciation potential. This is a stabilized asset with in-place market rents, making it an ideal addition to any investment portfolio. The property's APN is 2293107500.

• CAP approach

  CAP return

  Valuation

  6%

  $2,263,369

  6.5%

  $2,089,264

  7%

  $1,940,030

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,092,811

  Geo Method

  $4,472,993

• Alternative Use

  Use

  Valuation

  Residential

  $2,089,264

  Hospitality

  $1,913,754

  Educational

  $1,592,221

  Medical

  $1,646,980

  Retail

  $2,476,788

Location Insight

City

Escondido

County

San Diego

State

California

Latitude

33.1276

Longitude

-117.081

CBSA code

41740

CBSA name

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

Property Tax & Assessments

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