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5067 Alumni Place presents a rare opportunity to acquire a fully gut-remodeled 2-unit property with SUBMITTED plans to add two additional units with STREET ACCESS from both sides, offering both high rental income (BY SDSU) and clear development upside. The existing improvements consist of two spacious units, each featuring 4 bedrooms and 2 bathrooms at approximately 1,500 square feet per unit (Total 8B/4B). Both units have been completely renovated, providing modern layouts, updated systems, and strong rental appeal. Expected rental income for the existing two units is 6K each unit (12K total). Bank just appraised it for 1.7M! Submitted plans call for the construction of a new two-story building featuring two additional units with a patio deck: a 4-bedroom, 2-bath unit of approximately 1,200 square feet and a 2-bedroom, 1-bath unit of approximately 600 square feet, with one unit on each level (Total 6B/3B). This configuration is well suited for maximizing rental income in a high-demand market. Strategically located in the College Area, directly adjacent to San Diego State University, the property sits in one of San Diego's strongest and most consistent rental corridors. Proximity to campus, transit, and neighborhood amenities makes this an ideal asset for investors seeking stable cash flow today with the ability to significantly increase density and long-term value. This property offers rare both front and back street access to both levels and the proposed new 2 unit. Parking is abundant on Reservoir Dr and does not require a permit. The top unit has been rented out for 5K/month on a 6 month lease to help carrying cost until summer rental season. This property offers more value compared to recent listings or sold comps in the area.
Property Type(s):
Residential Income
| Last Updated | 1/22/2026 | Year Built | 1978 |
|---|---|---|---|
| Community | 92115 - San Diego | County | San Diego |
Additional Details
| AIR | Central Air |
|---|---|
| AIR CONDITIONING | Yes |
| APPLIANCES | Gas Water Heater |
| AREA | 92115 - San Diego |
| HEAT | Forced Air, Natural Gas |
| LOT | 0 |
| STORIES | 2 |
Location
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Listed with ROA California Inc
The information being provided by Conejo Simi Moorpark Association of REALTORS® (“CSMAR”) is for the visitor's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. Any information relating to a property referenced on this web site comes from the Internet Data Exchange (“IDX”) program of CSMAR. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. Any information relating to a property, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by CSMAR and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
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