| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 88th | Best |
| Demographics | 43rd | Poor |
| Amenities | 80th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 23842 Alicia Pkwy, Mission Viejo, CA, 92691, US |
| Region / Metro | Mission Viejo |
| Year of Construction | 1986 |
| Units | 120 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
23842 Alicia Parkway Mission Viejo Multifamily Investment
This 120-unit property from 1986 sits in a neighborhood with perfect occupancy rates and strong rental demand fundamentals. Commercial real estate analysis from WDSuite shows the area ranks in the top 20% nationally for net operating income per unit and housing metrics.
This Mission Viejo inner suburb location demonstrates strong multifamily fundamentals with neighborhood-level occupancy at 100%, ranking first among 516 metro neighborhoods. The area maintains a median contract rent of $2,391, placing it in the 96th percentile nationally, while demographics within a 3-mile radius show a mature, stable population of approximately 139,000 residents with a median household income of $135,720.
Built in 1986, this property aligns with the neighborhood's average construction year of 1987, indicating consistent building stock that may present value-add renovation opportunities for investors seeking to modernize units and capture higher rents. The area's rental share of 45.4% ranks in the 85th percentile nationally, demonstrating solid rental housing demand in this predominantly owner-occupied market.
The neighborhood ranks in the top quartile nationally for amenities, with strong density of essential services including 3.85 grocery stores per square mile (93rd percentile nationally) and 5.14 childcare facilities per square mile (99th percentile nationally). However, investors should note the area ranks in the bottom 15th percentile for school ratings, which may influence family tenant preferences and lease renewal patterns.
Demographic projections through 2028 indicate household growth of 31% within the 3-mile radius, expanding from approximately 48,200 to 63,160 households, which supports multifamily demand. Median household income is forecast to increase 15.7% to $157,008, while median contract rents are projected to rise 27% to $3,362, suggesting continued pricing power for well-positioned rental properties.
Safety metrics present a mixed profile for this Mission Viejo location. The neighborhood ranks 223rd out of 516 metro neighborhoods for overall crime, placing it near the metro median with a 53rd percentile nationally. Property offense rates show improvement trends, with a notable 51.8% decrease over the past year, ranking in the 89th percentile nationally for crime reduction.
Violent crime rates remain relatively contained at 86.7 incidents per 100,000 residents, though this places the area in the 33rd percentile nationally. The positive trend shows a 37.5% reduction in violent offenses year-over-year, ranking in the 80th percentile nationally for improvement. Investors should monitor these trends as part of ongoing tenant retention and property management considerations.
The surrounding employment base includes significant corporate offices that support workforce housing demand, with major employers spanning construction, technology, and financial services within a reasonable commuting distance.
- Lennar Homes — residential construction (4.0 miles)
- Western Digital — technology manufacturing (10.5 miles) — HQ
- Microsoft Technology Center — technology services (10.6 miles)
- Prudential — financial services (10.7 miles)
- Pacific Life — insurance services (12.1 miles) — HQ
This 120-unit Mission Viejo property offers stable multifamily fundamentals in a market with exceptional occupancy performance and growing rental demand. The neighborhood's perfect occupancy rate and top-quartile national ranking for net operating income per unit of $12,292 demonstrate strong operational performance. According to CRE market data from WDSuite, the area maintains high rental demand with 45.4% of housing units renter-occupied, well above typical suburban markets.
The 1986 construction year presents value-add renovation potential to capture higher rents in a market where median contract rents rank in the 96th percentile nationally. Demographic growth projections show household expansion of 31% through 2028 within the 3-mile radius, supporting continued rental demand, while forecast rent growth of 27% indicates strong pricing power for upgraded units.
- Perfect neighborhood occupancy ranking first among 516 metro areas
- Strong NOI per unit performance at $12,292, ranking in 89th percentile nationally
- Household growth of 31% projected through 2028 supporting rental demand
- Value-add renovation opportunity with 1986 vintage in high-rent market
- Risk consideration: Below-average school ratings may impact family tenant retention