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615-617 Truly Terrace 3 Unit Apartment Building Offered at $1,643,652 CAD at a 4.15% Cap Rate Vista, CA 92084
Investment Highlights
- Tremendous Value Add Opportunity
- Zoned and Adequate Space for 4th ADU
- 3rd Unit/ADU has approved Permits and is ready for Construction
Executive Summary
PROPERTY IS TENANT OCCUPIED, PLEASE DO NOT DISTURB TENANTS.
Exceptional value-add opportunity in the heart of Vista with approved plans in place and significant upside potential. This unique property currently features two permitted units generating stable income, with an exciting opportunity to convert an existing structure into a third unit — a spacious 2-bedroom, 1-bath residence approximately 820 sq ft. With permits already approved, much of the heavy lifting has been done, allowing a buyer to step in and unlock immediate additional income and value. Projected rental income after completion of $97,980 with a Cap Rate of 6.7% and GRM of 12.3. This positions this property as a strong performer with increased cash flow and long-term appreciation potential. Beyond the current plans, the property is also zoned for an additional ADU, offering the rare opportunity to expand to a 4-unit configuration. The lot provides the space and flexibility to execute a multi-phase value-add strategy, making this an ideal investment for those looking to scale.
Whether you’re an investor seeking forced appreciation and long-term upside, or an owner-occupant looking to offset your mortgage with rental income, this property offers a compelling combination of current income, approved expansion, and future development potential. Located in a desirable North County setting with convenient access to shopping, dining, and major commuter routes, this is a rare chance to acquire a property with both immediate stability and scalable growth.
Exceptional value-add opportunity in the heart of Vista with approved plans in place and significant upside potential. This unique property currently features two permitted units generating stable income, with an exciting opportunity to convert an existing structure into a third unit — a spacious 2-bedroom, 1-bath residence approximately 820 sq ft. With permits already approved, much of the heavy lifting has been done, allowing a buyer to step in and unlock immediate additional income and value. Projected rental income after completion of $97,980 with a Cap Rate of 6.7% and GRM of 12.3. This positions this property as a strong performer with increased cash flow and long-term appreciation potential. Beyond the current plans, the property is also zoned for an additional ADU, offering the rare opportunity to expand to a 4-unit configuration. The lot provides the space and flexibility to execute a multi-phase value-add strategy, making this an ideal investment for those looking to scale.
Whether you’re an investor seeking forced appreciation and long-term upside, or an owner-occupant looking to offset your mortgage with rental income, this property offers a compelling combination of current income, approved expansion, and future development potential. Located in a desirable North County setting with convenient access to shopping, dining, and major commuter routes, this is a rare chance to acquire a property with both immediate stability and scalable growth.
Financial Summary (Pro Forma - 2026) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$134,204
|
$55.92
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$134,204
|
$55.92
|
| Taxes |
$19,724
|
$8.22
|
| Operating Expenses |
$3,890
|
$1.62
|
| Total Expenses |
$23,614
|
$9.84
|
| Net Operating Income |
$110,590
|
$46.08
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $134,204 |
| Annual Per SF | $55.92 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $134,204 |
| Annual Per SF | $55.92 |
| Taxes (CAD) | |
|---|---|
| Annual | $19,724 |
| Annual Per SF | $8.22 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $3,890 |
| Annual Per SF | $1.62 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $23,614 |
| Annual Per SF | $9.84 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $110,590 |
| Annual Per SF | $46.08 |
Property Facts
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+1 | 615 | $3,917 CAD | 845 |
| 2+1 | 617 | $3,465 CAD | 735 - 820 |
| 2+1 | 615 | $3,801 CAD | 820 |
Moderately walkable
60/100
Exceptionally drivable
90/100
Limited public transit
30/100
Somewhat bikeable
30/100
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615-617 Truly Terrace
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