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Value-Add, 7.9% Proforma CAP 467-475 N Melrose Dr 4 Unit Apartment Building $1,636,803 CAD ($409,201 CAD/Unit) 5.51% Cap Rate Vista, CA 92083
Investment Highlights
- Prime Vista Location on N Melrose Across from Vista Focus Academy
- 4 Units (+1 Nonconforming 5th Unit)
- Large, Fully Gated 11,507sf Lot
- Great Unit Mix: Three (3) 1Bed / 1Bath + Two (2) 2Bed / 1Bath
- Value Add Opportunity: Approx. 37% Upside in Rents
- Plenty of Off Street Parking: Eight (8) Spaces
Executive Summary
Located in one of San Diego’s strongest rental markets, this value-add property consists of three (3) 1Bedroom / 1Bathroom units and two (2) 2Bedroom / 1Bathroom Units, which sits on a large 11,507sf parcel with eight (8) off-street parking spots. With 37% upside in rental income, this asset is primed for a new owner to take this property to the next level.
With tenants paying all utility expenses, this is a high income / low expense opportunity located across the street from Vista Focus Academy and less than 1 mile to both Vista Village and CA-78.
With tenants paying all utility expenses, this is a high income / low expense opportunity located across the street from Vista Focus Academy and less than 1 mile to both Vista Village and CA-78.
Financial Summary (Actual - 2024) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$131,903
|
$36.32
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$3,957
|
$1.09
|
| Effective Gross Income |
$127,946
|
$35.23
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$37,693
|
$10.38
|
| Net Operating Income |
$90,253
|
$24.85
|
Financial Summary (Actual - 2024)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $131,903 |
| Annual Per SF | $36.32 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $3,957 |
| Annual Per SF | $1.09 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $127,946 |
| Annual Per SF | $35.23 |
| Taxes (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses (CAD) | |
|---|---|
| Annual | $37,693 |
| Annual Per SF | $10.38 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $90,253 |
| Annual Per SF | $24.85 |
Property Facts
Amenities
Unit Amenities
- Kitchen
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Walking/Biking Trails
- Storage Space
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 3 | $2,020 CAD | 700 |
| 2+1 | 2 | $2,465 CAD | 900 |
1 1
Fairly walkable
50/100
Exceptionally drivable
100/100
Some public transit
40/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 163-470-11 | Improvements Assessment | $408,659 CAD (2025) |
| Land Assessment | $408,659 CAD (2025) | Total Assessment | $817,318 CAD (2025) |
Property Taxes
Parcel Number
163-470-11
Land Assessment
$408,659 CAD (2025)
Improvements Assessment
$408,659 CAD (2025)
Total Assessment
$817,318 CAD (2025)
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Value-Add, 7.9% Proforma CAP | 467-475 N Melrose Dr
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