| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 85th | Best |
| Demographics | 77th | Best |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2371 Caringa Way, Carlsbad, CA, 92009, US |
| Region / Metro | Carlsbad |
| Year of Construction | 1991 |
| Units | 74 |
| Transaction Date | 1995-10-31 |
| Transaction Price | $1,804,000 |
| Buyer | VILLA PACIFIC APARTMENTS LP |
| Seller | SEA CREST LLC |
2371 Caringa Way, Carlsbad CA Multifamily Investment
Stabilized renter demand and high neighborhood occupancy support consistent cash flow potential, according to WDSuite’s CRE market data. With Carlsbad’s inner-suburban fundamentals and strong incomes, the asset’s positioning favors retention over frequent turnover.
Carlsbad’s inner-suburban setting offers family-friendly livability with strong schools and established housing stock. Neighborhood school quality sits in the top quartile nationally, reinforcing leasing appeal for larger floor plans and longer stays. While local café, grocery, and restaurant densities are limited within the immediate neighborhood, residents typically access retail corridors by car, a common pattern for suburban North County San Diego.
For investors, the key dynamic is occupancy: neighborhood occupancy is high and competitive versus national benchmarks, signaling demand resilience for comparable multifamily. Average construction vintage in the neighborhood is 1980; this 1991 asset is newer than the local average, which can help competitive positioning versus older stock while still warranting targeted system upgrades over time.
Home values in the area are elevated (high national percentile), and the value-to-income ratio ranks near the top of U.S. neighborhoods. In practice, this high-cost ownership market tends to sustain reliance on rental housing, supporting depth of the tenant base and aiding lease retention for professionally managed properties.
Within a 3-mile radius, demographics show recent population growth with very strong household incomes, which broadens the qualified renter pool. Forward-looking data indicates a potential shift toward smaller average household sizes alongside an increase in total households, a combination that can expand the renter pool and support occupancy stability even if total population softens. Median contract rents in the 3-mile radius are projected to rise, implying continued pricing power where unit quality and management are competitive, based on commercial real estate analysis from WDSuite.
Safety indicators for the neighborhood track around the national middle overall, per WDSuite’s data. Property offense levels compare slightly better than national norms and have improved meaningfully year over year, placing recent improvement in a strong national percentile. Violent offense metrics sit below national averages and have shown recent volatility; investors should underwrite prudent security and lighting standards and monitor submarket trends rather than relying on block-level assumptions.
Within the San Diego–Chula Vista–Carlsbad metro context (621 neighborhoods), the neighborhood’s crime positioning is not among the top performers but remains serviceable for suburban San Diego. As always, prudent underwriting incorporates property-level measures, insurance considerations, and operating practices that align with resident expectations.
Nearby employers span energy, biotech, and logistics, supporting a diversified white-collar and operations workforce that underpins renter demand and commute convenience for residents. Key nodes include NRG Energy, Gilead Sciences, Qualcomm, Celgene, and Sysco.
- NRG Energy — energy services (4.1 miles)
- Gilead Sciences — biotech/pharmaceuticals (8.2 miles)
- Qualcomm — corporate offices (14.0 miles) — HQ
- Celgene Corporation — biotech/pharmaceuticals (14.7 miles)
- Sysco — food distribution (16.0 miles)
The property’s 74 units, built in 1991, position it newer than the neighborhood’s average vintage, supporting competitiveness against older local stock while allowing for selective value-add and system modernization. High neighborhood occupancy and elevated ownership costs point to durable renter demand and steady leasing, with larger average unit sizes offering a retention advantage for households seeking space.
According to CRE market data from WDSuite, the neighborhood posts strong occupancy relative to national benchmarks and sits in a high national percentile for incomes, reinforcing the depth of the tenant base. Within a 3-mile radius, recent population growth and an expected increase in total households suggest a wider renter pool even as household sizes trend smaller, supporting occupancy stability and disciplined rent management over the hold.
- Newer-than-neighborhood vintage (1991) offers competitive positioning with targeted value-add potential
- High neighborhood occupancy supports stable leasing and cash flow potential
- Elevated ownership costs in Carlsbad sustain reliance on rental housing and deepen the tenant base
- Strong incomes and expanding household counts within 3 miles support rent growth and retention
- Risks: limited immediate amenity density and mixed safety trends warrant conservative underwriting and active asset management