| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 81st | Good |
| Demographics | 78th | Best |
| Amenities | 28th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2045 Village Park Way, Encinitas, CA, 92024, US |
| Region / Metro | Encinitas |
| Year of Construction | 1985 |
| Units | 115 |
| Transaction Date | --- |
| Transaction Price | $1,524,000 |
| Buyer | OWNERSHIP NAME INFORMATION |
| Seller | --- |
2045 Village Park Way Encinitas Multifamily Investment
This 115-unit property built in 1985 benefits from neighborhood occupancy rates of 98.2%, well above national averages, according to CRE market data from WDSuite.
The property sits in an inner suburb neighborhood that ranks in the top quartile nationally for demographics, with a B rating among 621 San Diego metro neighborhoods. Median household income reaches $141,791, placing the area in the 92nd national percentile, while home values averaging $1.54 million create strong rental demand by keeping ownership costs elevated relative to renting.
Neighborhood-level occupancy of 98.2% significantly outperforms typical multifamily markets, ranking in the 90th national percentile. Contract rents average $2,402 with 22% growth over five years, though the rent-to-income ratio of 20% suggests manageable affordability for the high-income tenant base. The area maintains 24% rental housing stock, providing a stable renter pool in this owner-dominated market.
Demographics within a 3-mile radius show a mature, affluent population with median household income of $164,044 and 71% homeownership. The 1985 construction year aligns with neighborhood averages, indicating consistent building stock that may present value-add renovation opportunities as the property approaches its fourth decade. School ratings average 4.0 out of 5, ranking in the 84th national percentile, supporting family tenant retention.
Property crime rates in the neighborhood rank 238th among 621 San Diego metro neighborhoods, placing it near the middle of the distribution. The estimated property crime rate of 1,120 incidents per 100,000 residents has declined 4.2% over the past year, indicating improving conditions.
Violent crime remains relatively low with 83 incidents per 100,000 residents, ranking 61st among metro neighborhoods. More notably, violent crime has decreased substantially by 30% year-over-year, ranking in the 75th national percentile for improvement trends. These crime metrics support tenant retention and leasing stability in this established suburban location.
Major corporate employers within commuting distance support workforce housing demand, led by technology and energy companies.
- NRG Energy — energy services (6.4 miles)
- Qualcomm — telecommunications technology (10.8 miles)
- Gilead Sciences — biotechnology (11.0 miles)
- Qualcomm — telecommunications technology (11.2 miles) — HQ
- Celgene Corporation — biotechnology (11.9 miles)
The property benefits from exceptional neighborhood occupancy fundamentals, with 98.2% occupancy ranking in the 90th national percentile and supporting stable cash flows. The high-income tenant base, with median household income in the 92nd national percentile, provides pricing power and renewal stability. Home values exceeding $1.5 million reinforce rental demand by maintaining elevated ownership costs relative to renting.
The 1985 construction year presents value-add renovation potential to capture higher rents while the property approaches its fourth decade. Commercial real estate analysis from WDSuite indicates the neighborhood's B rating and strong demographic profile support long-term rental demand. Projected household growth of 28.5% over five years within the 3-mile radius expands the potential tenant base.
- Neighborhood occupancy of 98.2% ranks in 90th national percentile
- High-income tenant base with $141,791 median household income
- Value-add potential from 1985 construction vintage
- Projected 28.5% household growth supports expanding tenant demand
- Risk: Capital expenditure needs may be elevated for aging building systems