Investment Overview

Zorbas, Huffman, & Partners of Marcus & Millichap are pleased to present 331 E Washington Avenue, a 10-unit multifamily asset centrally located in Escondido, California, near Escondido’s historic downtown district and Escondido Transit Center. The two-story asset is comprised entirely of two-bedroom/one-bathroom floorplans averaging 792 square feet of living area. The property also has one (1) non-conforming studio unit and onsite laundry facilities. The property features twenty (20) off-street parking spaces and select units feature balconies. The property recently underwent an extensive rehab program. The units have been upgraded with vinyl plank floors, laminate countertops, stainless steel kitchen sinks, kitchen cabinets, ceiling fans, vanities and tubs, doors and hardware, and cordless blinds. The property exteriors have also been significantly enhanced with new stucco repairs, upgraded roof, paint, gates, and windows. The Grand Avenue corridor, historic downtown district, and Escondido Transit Center are all within 1-mile. 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