318 E Washington Ave
This feature is unavailable at the moment.
We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.
Please check back in a few minutes. We apologize for the inconvenience.
- LoopNet Team
thank you
Your email has been sent!
318 E Washington Ave
6 Unit Apartment Building $1,875,000 ($312,500/Unit) 5.04% Cap Rate Escondido, CA 92025
Investment Highlights
- Highly desirable unit mix comprised of spacious two-bedroom units
- Ample on-site parking including ten (10) covered carports
- Spacious units featuring expansive back patios
- Proximate to historic downtown Escondido, Felicita Town Center, and Escondido Transit Center
- Potential to increase returns by developing two additional ADUs
Executive Summary
Zorbas, Huffman, & Partners of Marcus & Millichap are pleased to present 318 E Washington Ave., a 6-unit multifamily asset located in Escondido, California, near Escondido’s historic downtown district and Escondido Transit Center.
The property is comprised of (6) two-bedroom / one-bathroom floorplans averaging 720 square feet of living area. The property features ample parking with a mix of carports and open spaces. The site orientation is ideal, residents enjoy quick access to countless restaurants, cafes, museums, salons, spas, entertainment, shopping, and neighborhood amenities.
With proximity to the Escondido Transit Center, the downtown district and Grand Avenue corridor are centered around Smart Growth initiatives by SANDAG and the City of Escondido, intended to enhance the area by encouraging transit-oriented land uses and future developments. The Grand Avenue Vision Project is a $15 million community-driven objective underway to enhance the corridor with widened sidewalks, improved parking, expanded outdoor dining space, new lighting, and a new Charity Arch over Grand Avenue that befittingly showcases the vibrant neighborhood and transit gateway.
With an upward trajectory of activity in the submarket, along the 78 Corridor & North I-15, demand for multifamily is increasing. The submarket boasts a strong employment base that continues to diversify, bringing new residents and attractive rents. Notably, Apple purchased 67-acres in Rancho Bernardo that will likely be used for chip manufacturing. In San Marcos, there are 5,500 employed in education, and the city is set to receive another 1,000 full-time jobs at the new Kaiser Permanente hospital. The 1.5 million SF North City mixed-use project in San Marcos is another catalyst for demand. In Escondido, the Palomar Medical Center and Smart Growth initiatives continue to drive demand
The property is comprised of (6) two-bedroom / one-bathroom floorplans averaging 720 square feet of living area. The property features ample parking with a mix of carports and open spaces. The site orientation is ideal, residents enjoy quick access to countless restaurants, cafes, museums, salons, spas, entertainment, shopping, and neighborhood amenities.
With proximity to the Escondido Transit Center, the downtown district and Grand Avenue corridor are centered around Smart Growth initiatives by SANDAG and the City of Escondido, intended to enhance the area by encouraging transit-oriented land uses and future developments. The Grand Avenue Vision Project is a $15 million community-driven objective underway to enhance the corridor with widened sidewalks, improved parking, expanded outdoor dining space, new lighting, and a new Charity Arch over Grand Avenue that befittingly showcases the vibrant neighborhood and transit gateway.
With an upward trajectory of activity in the submarket, along the 78 Corridor & North I-15, demand for multifamily is increasing. The submarket boasts a strong employment base that continues to diversify, bringing new residents and attractive rents. Notably, Apple purchased 67-acres in Rancho Bernardo that will likely be used for chip manufacturing. In San Marcos, there are 5,500 employed in education, and the city is set to receive another 1,000 full-time jobs at the new Kaiser Permanente hospital. The 1.5 million SF North City mixed-use project in San Marcos is another catalyst for demand. In Escondido, the Palomar Medical Center and Smart Growth initiatives continue to drive demand
Property Facts
| Price | $1,875,000 | Building Class | C |
| Price Per Unit | $312,500 | Lot Size | 0.28 AC |
| Sale Type | Investment | Building Size | 4,320 SF |
| Cap Rate | 5.04% | Average Occupancy | 100% |
| Gross Rent Multiplier | 12.21 | No. Stories | 2 |
| No. Units | 6 | Year Built/Renovated | 1979/2017 |
| Property Type | Multifamily | Parking Ratio | 2.31/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low Rise |
| Price | $1,875,000 |
| Price Per Unit | $312,500 |
| Sale Type | Investment |
| Cap Rate | 5.04% |
| Gross Rent Multiplier | 12.21 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.28 AC |
| Building Size | 4,320 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1979/2017 |
| Parking Ratio | 2.31/1,000 SF |
| Opportunity Zone |
Yes |
Unit Amenities
- Kitchen
- Tub/Shower
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 6 | $2,150 | 720 |
1 of 1
Walk Score ®
Walker's Paradise (90)
PROPERTY TAXES
| Parcel Number | 229-220-10 | Improvements Assessment | $482,490 |
| Land Assessment | $1,072,201 | Total Assessment | $1,554,691 |
PROPERTY TAXES
Parcel Number
229-220-10
Land Assessment
$1,072,201
Improvements Assessment
$482,490
Total Assessment
$1,554,691
zoning
| Zoning Code | R-3 |
| R-3 |
1 of 13
VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
1 of 1
Presented by
318 E Washington Ave
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.