Listed by Landmark Multifamily and Development
$4,200,000
College Area
Details
APN 466-171-11-00 & 10-0
Property Type Multifamily
Sub Type Apartment Building
Square Footage 4,611
Units 4
Cap Rate 4.90%
Year Built 1984
Buildings 2
Zoning RM-3-9
Multifamily | 4.90% CAP | 4 Units
Marketing description
Two adjacent parcels totaling 13,200 SF with 4 units total, zoned RM-3-9 within the College Area Community Plan Update — a designated Transit Priority Area (TPA) and Sustainable Development Area (SDA). Base zoning supports 23+ units by right at 1 unit per 600 SF, with additional density available through state and local bonus programs. TPA eliminates parking minimums and unlocks density bonus eligibility; SDA supports higher-intensity infill. Currently operating as student rentals — each property (SFR + attached ADU) is master-leased as a single unit. 5602 Dorothy Dr (7BR/3BA, 2,111 SF) leases at $11,600/month through 25/26, stepping up to $11,800/month for 26/27. 5610 Dorothy Dr (7BR/4BA, 2,500 SF) leases at $11,600/month through 25/26, stepping up to $11,850/month for 26/27 — totaling $23,200/month currently, escalating to $23,650/month with no lease-up risk.
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Listed by Landmark Multifamily and Development
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