Poway Apartments 13112 Carriage Rd 17 Unit Apartment Building $5,650,000 ($332,353/Unit) 4.14% Cap Rate Poway, CA 92064

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Carriage House Apartments presents a rare opportunity to acquire a well-located, 17-unit garden-style apartment community in the highly desirable city of Poway, an upscale northern San Diego County suburb. Situated just steps from Poway Road’s primary commercial corridor, the property offers residents convenient access to shopping, dining, and essential services, while being within walking distance of Community Park’s recreational amenities, including sports fields, courts, and an Olympic-sized pool.
The property consists of spacious one-, two-, and three-bedroom units, with five units recently renovated to include modern kitchens, updated baths, and dual-pane windows. Additional enhancements include a new roof installed in 2025 and attractive exterior features such as a central courtyard, covered parking, and storage lockers. With 22 carport spaces and a common laundry facility, the property is designed for long-term operational efficiency.
Carriage House Apartments offers significant upside potential through continued interior renovations, with projected rent growth of over 25% across the unit mix. The property’s strong fundamentals are supported by Poway’s exceptional demographics, including a median household income exceeding $125,000 within a three-mile radius and a reputation for top-tier schools. Its proximity to major employment hubs, including the Scripps-Poway Parkway industrial district and the University of California, San Diego, further enhances its investment appeal.
This is an ideal value-add opportunity in a supply-constrained market, offering investors stable in-place income with the ability to capture additional returns through strategic upgrades.