Investment Overview

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.