| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 81st | Good |
| Demographics | 87th | Best |
| Amenities | 80th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 117 Rosebay Dr, Encinitas, CA, 92024, US |
| Region / Metro | Encinitas |
| Year of Construction | 1978 |
| Units | 48 |
| Transaction Date | 2004-07-01 |
| Transaction Price | $7,600,000 |
| Buyer | 619-221-6825 Mark Gosselin Trust |
| Seller | Carolyn Kutzke (et al) |
117 Rosebay Dr, Encinitas Multifamily Investment
Situated in an A+–rated Encinitas neighborhood, this 48-unit asset benefits from high-income renter demand and a deep amenity base, according to WDSuite’s CRE market data. Neighborhood occupancy is steady and ownership costs are elevated, supporting multifamily leasing and retention.
Encinitas’ Inner Suburb location scores well for investors tracking livability and demand drivers. The neighborhood ranks 20th out of 621 in the San Diego–Chula Vista–Carlsbad metro, placing it well above the metro median. Strong household incomes and a highly educated resident base (national percentile near the top for bachelor’s degree attainment) underpin stable renter profiles and renewal prospects.
Daily-needs access is a clear strength: grocery and pharmacy density is in the mid- to high-90s nationally, and restaurants are similarly abundant, reinforcing convenience for residents and supporting leasing velocity. Cafe density is comparatively limited within the immediate neighborhood, but broader coastal North County options remain accessible.
For multifamily fundamentals, neighborhood occupancy is healthy and renter-occupied housing represents a meaningful share of units (around two-fifths), indicating an established tenant base rather than a transient renter pocket. Within a 3-mile radius, median contract rents have trended upward in recent years and are projected to continue rising, while elevated home values relative to incomes (high national percentile) signal a high-cost ownership market that can sustain renter reliance on multifamily housing.
Demographic patterns within a 3-mile radius show recent population softness alongside higher incomes, with forecasts pointing to a modest population increase and a notable rise in household counts over the next five years. Smaller projected household sizes suggest more households per capita, which typically expands the prospective renter pool and supports occupancy stability. Construction vintage in the neighborhood skews around the early 1980s; the subject’s 1978 vintage is slightly older, presenting potential value-add and capital planning opportunities to enhance competitiveness against newer stock.
Safety indicators for the immediate neighborhood trail both metro and national comparables. The area’s overall crime rank sits in the lower tier (495 out of 621 metro neighborhoods), translating to weaker relative safety standing. Nationally, the neighborhood falls into lower percentiles for both violent and property offenses, signaling a risk factor investors should underwrite.
That said, recent data show a modest year-over-year decline in estimated property offense rates, which is a constructive directional trend. Investors should focus on property-level security measures, resident screening, and insurance assumptions, while monitoring whether broader metro dynamics and local enforcement continue to improve conditions over time.
The employment base combines energy, biotech, and technology nodes within commutable distance, supporting renter demand and retention through professional wage floors. Nearby anchors include NRG Energy, Gilead Sciences, Qualcomm offices (including HQ), and Celgene.
- NRG Energy — energy (5.9 miles)
- Gilead Sciences — biotech (11.0 miles)
- Qualcomm — wireless technology offices (11.1 miles)
- Qualcomm — wireless technology (11.4 miles) — HQ
- Celgene Corporation — biotech (11.8 miles)
This 48-unit, 1978-vintage asset aligns with Encinitas’ high-income renter profile and deep amenity access. Elevated ownership costs and a sizable share of renter-occupied housing units in the neighborhood support leasing durability and renewal potential. Within a 3-mile radius, forecasts point to rising household counts and smaller household sizes, dynamics that typically broaden the tenant base and help sustain occupancy. According to CRE market data from WDSuite, the neighborhood’s overall standing is well above the metro median, while rent levels and home values remain consistent with a high-cost coastal market that can reinforce multifamily demand.
Vintage creates both risk and opportunity: 1970s construction may require systems upgrades and interior modernization, but it also offers a clear value-add path to compete against newer stock. Safety metrics are comparatively weaker than metro peers, so underwriting should reflect security investments and insurance considerations. Proximity to energy, biotech, and tech employers supports retention and leasing, particularly for professional tenants seeking coastal North County access.
- High-cost ownership market reinforces renter reliance and pricing power
- Household growth and smaller sizes (3-mile radius) expand the tenant base
- Amenity-rich setting with strong grocery, pharmacy, and dining access
- 1978 vintage provides actionable value-add and capital planning angles
- Risk: safety ranks below metro average; assume security/insurance needs in underwriting