1232 Division StOceanside, CA 92054

Property Details for 1232 Division St

Year built

1955

Lot size

0.20 AC

Property size (Sq ft)

3,564 SF

Zone code

R-3:RESTRICTED MULTIPLE

Property type

Apartment buildings

APN

150-141-09-00

APU

1501410900

Description

This exceptional mixed-use investment property, situated at 1232 Division Street in Oceanside, California, presents a compelling opportunity for discerning investors. The well-maintained complex comprises six individual units: one studio, two one-bedroom/one-bathroom units, two two-bedroom units, and one three-bedroom unit, totaling approximately 5,400 rentable square feet. Three single-car garages are included on the property. Each unit features individual electric meters, and water is on a single meter. A robust reserve account is in place. Oceanside's rental market is experiencing significant growth, with a 10.8% increase in rents over the past year and a remarkably low 2.0% vacancy rate. This strong market performance indicates substantial potential for rent increases through strategic renovations and capital improvements to both the interior and exterior of the building. The property benefits from its location in a thriving area, close to the revitalized downtown Oceanside district, which is experiencing a surge in new development, including luxury condominiums, hotels, and commercial spaces. The surrounding 78 Corridor is known for its robust and diverse economy, fueled by major employers such as ViaSat, Genentech, Ionis Pharmaceuticals, and Fisher Scientific, providing a stable and high-demand rental market. Furthermore, the proximity to Camp Pendleton, with its substantial population of 80,000 personnel, contributes to a consistently strong and inelastic demand for housing in the area.

• CAP approach

  CAP return

  Valuation

  6%

  $926,369

  6.5%

  $855,110

  7%

  $794,031

• Comparable approach

  Method

  Valuation

  Relative Method

  $894,057

  Geo Method

  $1,944,353

• Alternative Use

  Use

  Valuation

  Residential

  $855,110

  Hospitality

  $783,276

  Educational

  $651,676

  Medical

  $674,089

  Retail

  $1,013,719

Location Insight

City

Oceanside

County

San Diego

State

California

Latitude

33.1964

Longitude

-117.371

CBSA code

41740

CBSA name

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

Property Tax & Assessments

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