| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 86th | Best |
| Demographics | 73rd | Good |
| Amenities | 72nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2240 Avenida Magnifica, Carlsbad, CA, 92008, US |
| Region / Metro | Carlsbad |
| Year of Construction | 1986 |
| Units | 54 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2240 Avenida Magnifica, Carlsbad Multifamily Value-Add
Neighborhood occupancy is strong and renter demand is supported by a high-cost ownership market, according to WDSuite’s CRE market data. This submarket offers stable fundamentals with room for operational upside through targeted renovations.
Located in Carlsbad’s inner suburbs, the neighborhood scores an A and ranks 57th of 621 metro neighborhoods, placing it competitive among San Diego neighborhoods. Amenity access is a clear strength: cafés and restaurants rank in the top quartile among 621 metro neighborhoods, and park access also trends high, supporting day-to-day livability for tenants. Grocery options are adequate, though pharmacy access is limited within the neighborhood footprint.
Rents and occupancy in the neighborhood are resilient relative to the metro. Neighborhood occupancy is in the top quartile among 621 metro neighborhoods, indicating historically tight leasing conditions that support income stability and lower downtime for turns. Neighborhood-level NOI per unit and housing quality metrics rank near the top decile locally, suggesting a durable rent base and operational depth that investors can underwrite prudently.
Tenure patterns point to a solid renter base: an estimated 40% of housing units are renter-occupied in the neighborhood, providing a meaningful pool of prospective tenants while retaining balance with ownership housing. Within a 3-mile radius, demographics show a stable population with a projected increase in households over the next five years, implying a larger tenant base and support for occupancy stability even as average household size trends slightly lower.
Home values sit in a high-cost ownership market, ranking near the top nationally, which tends to reinforce renter reliance on multifamily housing and supports pricing power for well-positioned assets. At the same time, rent-to-income levels in the neighborhood remain manageable by national comparison, which can aid lease retention and reduce concession risk.
Safety indicators are mixed and should be evaluated in underwriting. The neighborhood’s crime rank is mid-pack locally (322 of 621 metro neighborhoods) and sits below average nationally by percentile, indicating conditions that are not among the metro’s top-performing areas on safety.
Property offense estimates improved year over year with a double-digit decline, a constructive trend for investors monitoring stability and retention. However, national percentiles for both property and violent offenses are below the midpoint, signaling the need for standard risk management measures such as lighting, access control, and resident engagement. Trend monitoring and insurer feedback are advisable during diligence.
Proximity to life sciences, energy, and technology employers supports a diverse white-collar and technical workforce, reinforcing renter demand and lease retention for workforce and professional households. Nearby anchors include Gilead Sciences, NRG Energy, Qualcomm, and Celgene.
- Gilead Sciences — biotechnology (3.0 miles)
- NRG Energy — energy (3.6 miles)
- Qualcomm — telecommunications & semiconductors (20.7 miles) — HQ
- Celgene — biotechnology (21.2 miles)
This 54-unit property, built in 1981, is slightly newer than the neighborhood’s average vintage, positioning it competitively versus older stock while still offering value-add potential through modernization of interiors and building systems. Neighborhood fundamentals are favorable: occupancy ranks in the top quartile among 621 metro neighborhoods and neighborhood-level NOI per unit is near the local top decile, indicating durable demand and rent capacity when assets are well-managed, based on CRE market data from WDSuite.
High home values and a high value-to-income environment in the neighborhood help sustain multifamily demand, while a renter-occupied share around 40% supports a steady tenant pipeline. Within a 3-mile radius, households are projected to grow, which expands the renter pool and can support occupancy stability and rent growth for well-located assets. Standard risks include mixed safety metrics and the capital planning typical of 1980s construction.
- Tight neighborhood occupancy and strong NOI per unit metrics support income stability.
- 1981 vintage offers value-add potential via targeted renovations and system upgrades.
- High-cost ownership market reinforces multifamily demand and pricing power.
- 3-mile household growth points to a larger tenant base and leasing durability.
- Risks: mixed safety indicators and capex needs typical of 1980s assets.