| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 85th | Best |
| Demographics | 75th | Good |
| Amenities | 55th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2945 Unicornio St, Carlsbad, CA, 92009, US |
| Region / Metro | Carlsbad |
| Year of Construction | 1986 |
| Units | 24 |
| Transaction Date | 2017-09-28 |
| Transaction Price | $20,275,000 |
| Buyer | DAP IRONWOOD VILLAS LLC |
| Seller | UNICORNIO STREET APARTMENTS INVESTORS LL |
2945 Unicornio St, Carlsbad CA Multifamily Investment
Neighborhood occupancy is strong and renter demand is supported by high local incomes and ownership costs, according to WDSuite’s CRE market data. Note that occupancy reflects neighborhood conditions rather than the property itself.
Situated in Carlsbad within the San Diego-Chula Vista-Carlsbad metro, the neighborhood carries an A rating and ranks 70 of 621 neighborhoods — competitive among metro peers. Daily needs are well covered with grocery, restaurant, and cafe density ranking above the metro median, and schools score at the top of the metro and top percentile nationally, reinforcing family-oriented stability that benefits leasing.
For investors, neighborhood occupancy is elevated (80th percentile nationally), pointing to solid demand and fewer prolonged vacancies in typical cycles. Median asking rents in the area trend toward the high end nationally (95th percentile), but a favorable rent-to-income profile indicates limited affordability pressure, supporting retention and measured pricing power.
Renter-occupied housing represents roughly a quarter to a third of units locally (26.6% renter concentration at the neighborhood level), which signals an ownership-leaning submarket. That dynamic can translate to a smaller renter pool than urban cores, but it also aligns with a stable, higher-income tenant base that can sustain steady collections and longer tenures in well-managed assets.
Demographic indicators within a 3-mile radius show recent population growth alongside rising household counts, expanding the near-term tenant base. Looking forward, projections point to smaller household sizes and continued household growth even as total population is expected to soften, a combination that can still support multifamily absorption while warranting attention to product mix and unit size.
Relative to the San Diego-Chula Vista-Carlsbad metro, the neighborhood’s crime rank is 62 out of 621 neighborhoods, indicating it sits on the higher-crime side of metro comparisons. Nationally, overall safety metrics track close to the middle of the pack, with violent and property offense rates around average compared with neighborhoods nationwide.
Trend-wise, property offenses show meaningful improvement year over year, placing the area above the national median for reduction in property crime. Investors should weigh these mixed signals: metro-relative safety is a consideration, while recent downward trends in property incidents are constructive for long-term operations.
Proximity to major employers supports a diversified tenant base, with strong representation in energy, life sciences, technology, and distribution — a mix that underpins steady leasing and commute convenience for workforce renters.
- NRG Energy — energy (4.5 miles)
- Gilead Sciences — biopharma (7.5 miles)
- Qualcomm — semiconductors & wireless (14.9 miles) — HQ
- Celgene Corporation — biotech (15.6 miles)
- Sysco — food distribution (16.1 miles)
Built in 1986, the asset is older than the neighborhood’s average vintage, creating a straightforward value-add path through targeted renovations and systems updates to enhance competitiveness against newer stock. Strong neighborhood occupancy (above metro median and in the top quintile nationally) and high local incomes, per WDSuite, point to durable demand and stable collections, while elevated home values in this area reinforce reliance on rentals among households that prefer flexibility.
Within a 3-mile radius, recent population growth and rising household counts have expanded the renter pool, and forward-looking data suggests more, smaller households — conditions that can support absorption for well-positioned units. Risks include a lower renter-occupied share in the immediate neighborhood and projections of softer population levels alongside household growth, which call for careful unit mix, finish levels, and lease management. According to CRE market data from WDSuite, these dynamics collectively support an income-focused, renovation-oriented thesis with measured rent growth expectations.
- Strong neighborhood occupancy supports income stability
- 1986 vintage offers value-add through targeted interior and systems upgrades
- High incomes and elevated ownership costs reinforce rental demand and retention
- Watch risks: lower renter concentration, potential population softening, and metro-relative safety