| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 85th | Best |
| Demographics | 77th | Best |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2385 Caringa Way, Carlsbad, CA, 92009, US |
| Region / Metro | Carlsbad |
| Year of Construction | 1990 |
| Units | 74 |
| Transaction Date | 2011-07-01 |
| Transaction Price | $16,000,000 |
| Buyer | Seacrest, LLC |
| Seller | MG Property |
2385 Caringa Way Carlsbad Multifamily Investment
This 74-unit property benefits from strong neighborhood occupancy rates at 98.7%, well above typical metro performance. CRE market data from WDSuite indicates stable rental demand in this affluent San Diego County submarket.
Located in Carlsbad's inner suburban environment, this neighborhood ranks in the top quartile nationally for demographics, with 93% of residents holding bachelor's degrees within a 3-mile radius. The area's median household income of $124,125 places it in the 87th percentile nationwide, supporting strong rental demand fundamentals.
Built in 1990, this property aligns with the neighborhood's average construction vintage of 1980, suggesting consistent building stock without immediate capital expenditure pressures. The neighborhood maintains a 98.7% occupancy rate, ranking in the 93rd percentile nationally among the 621 neighborhoods in the San Diego metro area.
Demographic projections within the 3-mile radius show household growth of 28.6% through 2028, with renter-occupied units expected to increase by 33.5%. This expansion of the renter pool supports long-term occupancy stability and lease retention potential. Current median contract rents of $2,786 reflect the area's positioning in premium San Diego County submarkets.
The neighborhood's 42% rental occupancy share indicates a substantial renter base, while high home values at a median of $862,531 reinforce rental demand by maintaining elevated ownership costs. School ratings average 4.0 out of 5, ranking in the 84th percentile nationally, supporting family tenant retention.
Property crime rates in the neighborhood show a 63.1% year-over-year decline, ranking in the 93rd percentile nationally for improvement trends among the 621 San Diego metro neighborhoods. Current property offense rates of 206.7 per 100,000 residents place the area near the metro median for property crime.
Violent crime rates remain relatively low at 61.4 per 100,000 residents, though recent increases warrant monitoring. The neighborhood's overall crime profile supports tenant retention in this affluent suburban environment, with improving property crime trends reinforcing the area's appeal to quality renters.
The property benefits from proximity to major corporate employers in San Diego's technology and energy sectors, providing workforce housing for well-compensated professionals within reasonable commuting distance.
- Nrg Energy — energy services (4.1 miles)
- Gilead Sciences — biotechnology (8.2 miles)
- Qualcomm — technology & telecommunications (13.7 miles)
- Qualcomm — technology headquarters (14.0 miles) — HQ
- Celgene Corporation — biotechnology (14.7 miles)
This 74-unit Carlsbad property presents stable cash flow potential with neighborhood-level occupancy at 98.7%, significantly outperforming typical multifamily markets. The 1990 construction year aligns with area norms, minimizing near-term capital expenditure requirements while positioning for selective value-add improvements. According to commercial real estate analysis from WDSuite, the submarket's high-income demographics and projected household growth of 28.6% through 2028 support sustained rental demand.
The property benefits from Carlsbad's position in premium San Diego County, where median home values of $862,531 reinforce rental demand by maintaining elevated ownership barriers. Proximity to major technology and biotechnology employers, including Qualcomm headquarters within 14 miles, provides a stable professional tenant base. Average unit size of 1,039 square feet appeals to the area's educated workforce, with 93% of nearby residents holding bachelor's degrees.
- Neighborhood occupancy of 98.7% ranks in 93rd percentile nationally
- Projected 28.6% household growth supports expanding renter pool through 2028
- High-income demographics with median household income of $124,125
- Risk consideration: Recent violent crime increases require monitoring for tenant retention impact