220 South Citrus Avenue presents a unique opportunity to acquire a development project with the ability to build single-family homes and cash-flowing rentals. It has an approved Tentative Tract Map for 8 single-family lots on a 2.87-acre parcel. The average lot size is 11,175 square feet with a 10,000 square foot minimum lot size. There is an existing ±1,832 square foot home on one of the 8 mapped lots. The flat topography of the site can readily accommodate single-family ranch style homes, with the potential to add 8 detached Accessory Dwelling Units (ADU) and 7 attached Junior Accessory Dwelling Units (JADU).
The Property is conveniently located in close proximity to California State University San Marcos, Palomar Community College, Daley Ranch/Dixon Lake, and retail amenities within the City of Escondido. Interstate 15 provides easy access to San Diego and Riverside counties.
With San Diego County’s rents increasing 13% in the last 12 months and market vacancy at sub 2% levels, a development of this nature should find ready absorption with added owner revenue from ADU’s/JADU’s at attractive rental rates.
On the SFR development side, Escondido, like the rest of the County, has a dearth of for-sale product and even less new or recently developed product for sale. Most actively selling communities offer attached product. A small-scale infill project of this nature may well see attractive sales prices per square foot, and have a quick sell-through
