| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 80th | Good |
| Demographics | 88th | Best |
| Amenities | 79th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 904 Melaleuca Ave, Carlsbad, CA, 92011, US |
| Region / Metro | Carlsbad |
| Year of Construction | 1987 |
| Units | 60 |
| Transaction Date | 1993-12-30 |
| Transaction Price | $300,000 |
| Buyer | SEASCAPE APARTMENTS INC |
| Seller | CHICAGO TITLE COMPANY |
904 Melaleuca Ave Carlsbad Multifamily Investment
Positioned in an A+ rated Inner Suburb of the San Diego metro, the asset benefits from strong household incomes and a high-cost ownership market that sustains rental demand, according to WDSuite’s CRE market data. Steady neighborhood occupancy and top-tier schools support durable leasing fundamentals.
The property sits in an A+ rated neighborhood (ranked 19 among 621 San Diego metro neighborhoods), signaling strong overall fundamentals for renters and investors. Amenities test well, with neighborhood access to parks, pharmacies, cafes, and grocery options trending in the upper national percentiles, which typically supports retention and day-to-day livability.
Schools are a standout: the neighborhood’s average school rating is at the top of the metro (1 out of 621) and in the top percentile nationally. For multifamily, this combination often supports family-oriented renter demand and reduces turnover for larger floor plans.
Renter-occupied housing constitutes a meaningful share of neighborhood units (occupancy renter share 42.6%), indicating depth in the tenant base. Neighborhood multifamily occupancy has been stable near the national middle, suggesting manageable leasing risk and room for asset-level differentiation through renovations or operations.
Within a 3-mile radius, demographics show high incomes and a modest recent dip in population alongside rising household incomes; forward-looking estimates point to an increase in total households, which expands the prospective renter pool and can support occupancy stability. Elevated home values relative to incomes characterize a high-cost ownership market, which tends to reinforce reliance on rental options and supports pricing power for well-positioned properties.
Vintage context: built in 1987, the asset is slightly newer than the neighborhood’s average construction year. That positioning can be competitive versus older stock, while investors should still plan for aging systems and targeted modernization as part of a value-add or capital planning strategy.
Neighborhood safety indicators are mixed versus broader benchmarks. Overall crime levels sit below the national median, while recent trend data shows material improvement in property offenses year over year. Violent crime rates remain a closer watch compared to national norms, so underwriting should incorporate prudent security and operating assumptions at the asset level.
Compared with San Diego metro peers (621 neighborhoods), the area’s recent decline in property crime is a constructive signal for day-to-day livability and leasing stability. Conditions can vary by block and time of day; investors commonly validate trends with recent police reports and property-level incident logs during due diligence.
Nearby corporate nodes in energy, biotech, and technology provide a diversified employment base that supports renter demand and commute convenience for residents. The immediate area is influenced by NRG Energy, Gilead Sciences, Qualcomm, Celgene Corporation, and Sysco.
- NRG Energy — energy (1.2 miles)
- Gilead Sciences — biotech (6.8 miles)
- Qualcomm — technology HQ and R&D (16.0 miles) — HQ
- Celgene Corporation — biotech/pharma (16.4 miles)
- Sysco — foodservice distribution (19.0 miles)
904 Melaleuca Ave offers exposure to an A+ rated Inner Suburb with strong household incomes, high-cost ownership dynamics, and stable neighborhood occupancy. Based on CRE market data from WDSuite, rents and home values in the surrounding area sit well above national norms, supporting durable renter demand for quality multifamily product. The 1987 vintage is slightly newer than the neighborhood average, creating a platform for targeted upgrades that can enhance competitiveness versus older stock.
Within a 3-mile radius, recent data indicates high-income households and a projected increase in total households over the next five years, expanding the tenant base and supporting occupancy stability. Top-of-metro school quality and convenient amenities further bolster retention potential, while investors should underwrite prudent operating reserves given mixed safety readings and the premium nature of the market.
- A+ neighborhood with top-ranked schools and strong amenities supporting renter retention
- High-cost ownership market reinforces reliance on rentals, sustaining demand and pricing power
- 1987 construction offers value-add and modernization pathways versus older local stock
- 3-mile demographics show high incomes and household growth, enlarging the tenant base
- Risks: mixed safety indicators and premium rent levels warrant conservative underwriting