| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 80th | Good |
| Demographics | 76th | Best |
| Amenities | 63rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 673 Magnolia Ave, Carlsbad, CA, 92008, US |
| Region / Metro | Carlsbad |
| Year of Construction | 1973 |
| Units | 26 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
673 Magnolia Ave, Carlsbad Multifamily Investment
In a high-cost ownership pocket of Carlsbad, this 26-unit asset benefits from steady renter demand and value-add potential, according to WDSuite’s CRE market data. Older vintage and improving neighborhood fundamentals frame a pragmatic path for yield through renovation and disciplined operations.
Located in Carlsbad’s Urban Core, the surrounding neighborhood is rated A and ranks 92 out of 621 metro neighborhoods—placing it in the top quartile among San Diego neighborhoods for overall fundamentals. Amenities are a local strength: parks density tracks at the highest national tier, with dining and grocery options performing well above national norms, supporting day-to-day convenience and leasing appeal.
The asset’s 1973 construction predates the area’s average 1988 vintage, suggesting capital planning for systems and interiors alongside clear renovation upside. Neighborhood renter concentration is 54.3% of housing units—high versus the nation—signaling a deep tenant base for multifamily. Median contract rents in the neighborhood sit at the high end nationally, which supports revenue potential but warrants careful affordability and retention management.
Within a 3-mile radius, population and household counts have grown in recent years and are projected to expand further by 2028, pointing to a larger tenant base and support for occupancy stability. Household incomes in the 3-mile area are rising, which can underpin demand for renovated units while still requiring price discipline to manage rent-to-income dynamics.
Home values in the neighborhood rank near the top nationally and the value-to-income ratio is elevated, reflecting a high-cost ownership market. For investors, this typically sustains reliance on multifamily housing, reinforcing depth of demand and potential lease retention, particularly for well-located, upgraded units.
Safety indicators are mixed and should be monitored alongside property-level controls. The neighborhood’s crime rank is 186 out of 621 metro neighborhoods, indicating comparatively higher crime within the metro. Nationally, safety metrics are below average; however, recent data shows a meaningful one-year decline in estimated property offenses, an improving trend that is favorable if it persists.
For underwriting, the takeaway is to incorporate prudent security measures, emphasize well-lit common areas, and budget for ongoing monitoring. Framing performance relative to nearby San Diego neighborhoods and recent trend improvement can help set realistic assumptions without relying on block-level precision.
Proximity to established employers supports a steady renter pipeline and commute convenience, particularly for energy, biopharma, wireless technology, and utility sector workers listed below.
- Nrg Energy — energy (2.4 miles)
- Gilead Sciences — biopharma (4.6 miles)
- Qualcomm — wireless technology (19.6 miles) — HQ
- Celgene Corporation — biopharma (19.9 miles)
- Sempra Energy — utilities (31.6 miles) — HQ
673 Magnolia Ave offers a coastal North County location where elevated ownership costs reinforce multifamily demand, while the property’s 1973 vintage presents tangible value-add potential through interior modernization and system upgrades. Neighborhood renter concentration is high and amenity access is strong, supporting lease-up and retention for well-managed units. Based on CRE market data from WDSuite, neighborhood occupancy has improved over the past five years even if levels trail national norms, suggesting room to capture upside with targeted renovations and disciplined revenue management.
Investor focus should balance strong location fundamentals and a growing 3-mile renter pool with affordability pressure (given high area rents) and prudent capex planning tied to vintage. With thoughtful sequencing of renovations and active lease management, the asset can compete effectively against newer stock while maintaining pricing power appropriate for the submarket.
- High-cost ownership market sustains renter reliance and depth of demand
- 1973 vintage supports a clear value-add plan with targeted renovations
- Amenity-rich Urban Core location aids leasing velocity and retention
- Improving neighborhood occupancy trends offer operational upside
- Risks: affordability pressure, safety perceptions, and capex execution