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5602 Dorothy Dr - 5602 & 5610 Dorothy Dr 4,611 SF Specialty Building Offered at $4,200,000 in San Diego, CA 92115
Investment Highlights
- Fully leased through 26/27 academic year at $23,200–$23,650/month — zero lease-up risk
- 7BR per unit drives premium rents and strong yield-per-SF in the SDSU corridor
- Two adjacent lots, 13,200 SF combined — a rare covered land assemblage
- RM-3-9 Zoning (1dwelling/600Sqft)
Executive Summary
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.
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.
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$283,800
|
$61.55
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$14,190
|
$3.08
|
| Effective Gross Income |
$269,610
|
$58.47
|
| Taxes |
$52,500
|
$11.39
|
| Operating Expenses |
$7,760
|
$1.68
|
| Total Expenses |
$60,260
|
$13.07
|
| Net Operating Income |
$209,350
|
$45.40
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $283,800 |
| Annual Per SF | $61.55 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $14,190 |
| Annual Per SF | $3.08 |
| Effective Gross Income | |
|---|---|
| Annual | $269,610 |
| Annual Per SF | $58.47 |
| Taxes | |
|---|---|
| Annual | $52,500 |
| Annual Per SF | $11.39 |
| Operating Expenses | |
|---|---|
| Annual | $7,760 |
| Annual Per SF | $1.68 |
| Total Expenses | |
|---|---|
| Annual | $60,260 |
| Annual Per SF | $13.07 |
| Net Operating Income | |
|---|---|
| Annual | $209,350 |
| Annual Per SF | $45.40 |
Property Facts
1 1
Fairly walkable
50/100
Exceptionally drivable
90/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Numbers | Total Assessment | $1,610,709 (2025) | |
| Land Assessment | $726,352 (2025) | Annual Taxes | $52,500 ($11.39/SF) |
| Improvements Assessment | $884,357 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Numbers
Land Assessment
$726,352 (2025)
Improvements Assessment
$884,357 (2025)
Total Assessment
$1,610,709 (2025)
Annual Taxes
$52,500 ($11.39/SF)
Tax Year
2026
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5602 Dorothy Dr - 5602 & 5610 Dorothy Dr
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