19.06 Acres in San Marcos, CA - $3,250,000

Commercial equestrian center with two residences offers cash flow with upside potential. 3% return, as leased at 60% occupancy. Occupancy low due to bank failure. Stabilized return of 7.25% projected at 95% occupancy, with additional upside potential. Major use permit for up to 139 horses, set up for 110 horses with huge covered arena and feed store. New construction. Priced below cost. Includes APN 182-073-02-00, 182-073-05-00, 182- 270-21-00 fee simple and portion of 182-073-03-00, leased for total of 19 acres. Property improvements include tack and feed store, large covered arena, 24 stall main barn, 86 covered breezeway pipe corrals, regulation sized dressage arena, 3 additional arenas, large turnout, large round pen, trailer parking and room to expand.