| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 71st | Poor |
| Demographics | 81st | Best |
| Amenities | 94th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2603 Jefferson St, Carlsbad, CA, 92008, US |
| Region / Metro | Carlsbad |
| Year of Construction | 1986 |
| Units | 44 |
| Transaction Date | 2018-12-10 |
| Transaction Price | $17,650,000 |
| Buyer | PARK PLACE CARLSBAD APARTMENT HOMES LP |
| Seller | PARK PLACE CARLSBAD APARTMENTS LLC |
2603 Jefferson St Carlsbad Multifamily Investment
This 44-unit property built in 1986 operates in a neighborhood ranking 25th of 621 San Diego metro areas, with elevated home values supporting rental demand according to WDSuite's CRE market data.
The Jefferson Street corridor ranks in the top 5% among San Diego metro neighborhoods, driven by exceptional amenity access and strong demographics within a 3-mile radius. The neighborhood achieves a 93rd national percentile for amenities, with nearly 10 grocery stores per square mile and extensive restaurant density. With 68.9% of housing units renter-occupied—placing it in the 97th national percentile—the area demonstrates substantial multifamily demand depth.
Demographic fundamentals support long-term rental stability, with 32.6% of residents holding bachelor's degrees and median household income of $88,944 within the neighborhood. The 3-mile radius shows stronger income trends, with median household income of $93,076 projected to reach $124,816 by 2028—a 34% increase that could strengthen tenant retention and pricing power. Population growth of 11% is forecast through 2028, expanding the renter pool from approximately 69,100 to 76,700 residents.
Constructed in 1986, the property aligns with the neighborhood's average construction year of 1985, indicating consistent building stock that may present value-add renovation opportunities. Home values averaging $1.25 million place ownership well beyond reach for most renters, with a value-to-income ratio ranking in the 99th national percentile. This elevated ownership cost structure reinforces reliance on rental housing and supports tenant retention.
Neighborhood-level occupancy of 86.9% reflects softer performance relative to metro trends, though rent-to-income ratios at 0.29 suggest affordability pressures that require careful lease management. The area's urban core designation and proximity to coastal amenities provide tenant appeal, while projected rent growth of 38% through 2028 indicates potential for revenue optimization.
Safety metrics present mixed signals requiring investor consideration. The neighborhood ranks 221st of 621 San Diego metro areas for overall crime, placing it in the 36th national percentile. Property crime rates show improvement with a 25.5% year-over-year decline, though absolute levels remain elevated at approximately 1,823 incidents per 100,000 residents.
Violent crime trends indicate ongoing challenges, with rates ranking in the lower 9th national percentile compared to neighborhoods nationwide. However, recent data shows a modest 3.2% improvement in violent crime rates, suggesting stabilization. Investors should factor these safety considerations into tenant screening, security measures, and long-term positioning strategies.
The property benefits from proximity to major corporate employers that support workforce housing demand, with energy, biotechnology, and technology companies providing employment stability for potential tenants.
- Nrg Energy — energy services (3.4 miles)
- Gilead Sciences — biotechnology (4.2 miles)
- Qualcomm — telecommunications technology (20.6 miles) — HQ
- Celgene Corporation — biopharmaceuticals (21.0 miles)
- Sempra Energy — utilities (32.7 miles) — HQ
This Carlsbad multifamily asset offers exposure to a top-tier San Diego submarket with exceptional demographic fundamentals and limited ownership alternatives. The neighborhood's 97th percentile renter concentration, combined with projected 34% income growth through 2028, positions the property for sustained tenant demand. Based on CRE market data from WDSuite, the area's amenity density and proximity to major employers create competitive advantages for lease-up and retention.
The 1986 construction year presents value-add renovation potential to capture projected 38% rent growth, while elevated home values exceeding $1.2 million maintain a substantial ownership barrier that reinforces rental demand dynamics.
- Top 5% neighborhood ranking among 621 San Diego metro areas with 68.9% renter-occupied units
- Strong demographic growth with 11% population increase and 34% income growth projected through 2028
- Value-add opportunity with 1986 construction positioned for renovation upside
- Proximity to major employers including Qualcomm headquarters and biotechnology companies
- Risk consideration: neighborhood-level occupancy at 86.9% and safety metrics requiring management attention