209-215 N Date St 209 N Date St 3 Unit Apartment Building $1,250,000 ($416,667/Unit) 5.60% Cap Rate Escondido, CA 92025
INVESTMENT HIGHLIGHTS
- Rapidly developing neighborhood of Central Escondido
- Proximity to the major employment hubs of Palomar Health and Stone Brewing
- Rental increases scheduled for 5/1, 6/1 and 7/1. Additional upside through garage conversions.
EXECUTIVE SUMMARY
This property features a favorable unit mix, including two 3BD/2BA units and one 2BD/1BA unit. The asset offers immediate cash flow with additional upside potential through garage conversions and strategic renovations. Roof was replaced in 2020 and sellers have made recent upgrades to plumbing throughout.
All units have scheduled increases of 8% in the coming months. 209 (to $2,800 as of 5/1) 860 Ohio (to $2,350 as of 6/1) 215 (to $2,900 as of 7/1).
Positioned in central Escondido, a rapidly developing neighborhood, 209-15 N Date St benefits from strong tenant demand, proximity to key employment hubs like Palomar Health and Stone Brewing, and a walkable environment with nearby public spaces and amenities such as Grape Day Park and the California Center for the Arts.
All units have scheduled increases of 8% in the coming months. 209 (to $2,800 as of 5/1) 860 Ohio (to $2,350 as of 6/1) 215 (to $2,900 as of 7/1).
Positioned in central Escondido, a rapidly developing neighborhood, 209-15 N Date St benefits from strong tenant demand, proximity to key employment hubs like Palomar Health and Stone Brewing, and a walkable environment with nearby public spaces and amenities such as Grape Day Park and the California Center for the Arts.
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$96,960
|
$31.58
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$96,960
|
$31.58
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$31,453
|
$10.25
|
| Net Operating Income |
$65,507
|
$21.34
|
PROPERTY FACTS
| Price | $1,250,000 |
| Price Per Unit | $416,667 |
| Sale Type | Investment |
| Cap Rate | 5.60% |
| Gross Rent Multiplier | 12.9 |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 3,070 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1957 |
| Parking Ratio | 0.98/1,000 SF |
| Zoning | H-P |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 3+2 | 2 | $3,025 | 1,200 |
| 2+1 | 1 | $2,440 | 670 |
1 of 1
Walk Score®
Very Walkable (86)
PROPERTY TAXES
| Parcel Number | 230-171-14 | Improvements Assessment | $330,763 (2024) |
| Land Assessment | $290,145 (2024) | Total Assessment | $620,908 (2024) |
