| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 83rd | Best |
| Demographics | 77th | Best |
| Amenities | 66th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3401 Calle Cancuna, Carlsbad, CA, 92009, US |
| Region / Metro | Carlsbad |
| Year of Construction | 1987 |
| Units | 80 |
| Transaction Date | 2025-04-04 |
| Transaction Price | $138,750,000 |
| Buyer | BMF V CA SANTA FE RANCH LLC |
| Seller | SANTA FE RANCH LLC |
3401 Calle Cancuna, Carlsbad CA Multifamily Investment
Neighborhood occupancy is elevated and supported by a high-cost ownership market, according to CRE market data from WDSuite, suggesting durable renter demand for well-managed assets in this Inner Suburb pocket of Carlsbad.
The property sits in an Inner Suburb area of Carlsbad with strong livability drivers for working households and families. Neighborhood schools average around 4.5 out of 5, and everyday amenities like restaurants, groceries, pharmacies, and childcare are available at densities that are competitive among San Diego neighborhoods. Limited dedicated park acreage within the neighborhood boundary may shift recreation to private or programmed facilities, which can influence on-site amenity strategies.
From an investor lens, neighborhood occupancy is high and above metro medians, pointing to stable leasing conditions. At the same time, the 3-mile area is predominantly owner-occupied, with a meaningful but not dominant share of renter-occupied housing units. This mix typically supports depth for quality multifamily while moderating excessive competitive supply at the immediate block level.
Home values in the neighborhood rank near the top nationally, creating a high-cost ownership market that tends to sustain reliance on rental housing and support pricing power for well-positioned assets. Median contract rents have increased over the last five years, and the rent-to-income ratio remains manageable for this income profile, which can aid lease retention and limit turnover risk.
Vintage considerations: the asset’s 1987 construction is slightly older than the neighborhood average (late 1980s), suggesting targeted modernization of interiors and building systems could unlock further competitiveness versus newer stock. Based on commercial real estate analysis trends in comparable San Diego submarkets, thoughtful value-add and curb-appeal improvements can resonate where renter demand is driven by schools, commute access, and overall neighborhood quality.
Safety indicators for the neighborhood are mixed compared to national benchmarks: overall safety sits below the national median, but recent data show a notable year-over-year decline in property offenses. Within the San Diego metro (621 neighborhoods), this area is competitive but not top quartile, so underwriting should assume standard security measures and thoughtful site lighting, along with resident engagement and partnerships as part of operating plans.
Trend-wise, the improvement in property crime aligns with broader suburban stabilization patterns. Investors may consider measures that protect parking areas and package management to maintain resident satisfaction and support retention.
Nearby employers span energy, life sciences, semiconductors, and food distribution, supporting a diverse white-collar and operations workforce that can underpin renter demand and leasing stability at this location. Listed below are representative anchors by proximity: NRG Energy, Gilead Sciences, Qualcomm, Celgene, and Sysco.
- NRG Energy — energy services (5.7 miles)
- Gilead Sciences — biotechnology (9.6 miles)
- Qualcomm — semiconductors (12.7 miles) — HQ
- Celgene Corporation — biopharma (13.4 miles)
- Sysco — food distribution (14.4 miles)
This 80-unit, 1987-vintage asset benefits from durable neighborhood fundamentals: high occupancy at the neighborhood level, strong school quality, and a high-cost ownership environment that helps sustain multifamily demand. Within a 3-mile radius, households and incomes have expanded over the past five years, and forecasts indicate a larger household base with smaller average household sizes — dynamics that can broaden the renter pool and support occupancy stability even as population growth moderates.
Positioning is suited to a light-to-moderate value-add plan. According to multifamily property research from WDSuite, rents in this area have trended upward while rent-to-income remains reasonable for the local income mix, suggesting room for targeted renovations and amenity upgrades to enhance competitiveness without overextending affordability. Risk management should account for mixed-but-improving safety indicators and prudent assumptions on future supply.
- Elevated neighborhood occupancy and strong schools support leasing stability.
- High-cost ownership market reinforces rental demand and pricing power for quality units.
- 1987 vintage offers targeted value-add potential in interiors and systems.
- Diversified employer base within 15 miles underpins a resilient renter pool.
- Risks: safety is below national median and park access is limited; plan for security and amenity programming.