311 Clementine St, Oceanside, CA 92054-3123

This exceptional Oceanside investment opportunity presents a rare chance to acquire a five-unit multifamily property situated on a substantial 7,447 square foot lot. The property comprises four apartment units and a detached single-family residence, all situated on a single parcel. Built in 1950, this two-story, two-building complex offers a mix of one- and two-bedroom units, providing a stable income stream. Currently boasting 100% occupancy with a monthly income of $10,295, the property generates a Net Operating Income (NOI) of $78,301, representing a 3.73% cap rate. However, a comprehensive market analysis reveals significant upside potential, with in-place rents estimated to be 20% below market value. This translates to a pro-forma NOI of $101,823 and a pro-forma cap rate of 4.85%. The asking price is $2,100,000, or $644 per square foot, and $420,000 per unit. The property's prime location, less than a mile from Oceanside City Beach and Pier, offers a Walk Score of 87, enhancing its appeal and rental potential. The total net rentable area is 3,263 square feet. This property is an ideal investment for those seeking strong cash flow and significant appreciation potential in a desirable coastal location.