| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 81st | Good |
| Demographics | 77th | Best |
| Amenities | 92nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 620 Melba Rd, Encinitas, CA, 92024, US |
| Region / Metro | Encinitas |
| Year of Construction | 1973 |
| Units | 30 |
| Transaction Date | --- |
| Transaction Price | $1,150,000 |
| Buyer | OWNERSHIP NAME INFORMATION |
| Seller | --- |
620 Melba Rd, Encinitas CA — Multifamily Value-Add Thesis
Neighborhood occupancy remains resilient and elevated home values support sustained renter demand, according to WDSuite’s CRE market data. For investors, the combination points to stable leasing with pricing supported by a high-cost ownership market.
Encinitas’ inner-suburb location combines coastal lifestyle appeal with daily convenience that translates into durable renter demand. The neighborhood rates in the top quartile among 621 metro neighborhoods overall, with grocery, restaurant, park, and pharmacy access scoring well above national norms. School quality is also above most peers, supporting family-oriented renter profiles and longer average tenures.
From an income and housing context, elevated home values relative to income are among the highest nationally, which tends to reinforce reliance on multifamily housing and supports lease retention. Neighborhood rent-to-income metrics suggest manageable affordability pressure compared to similarly priced coastal submarkets, a constructive signal for renewal outcomes and rent collections.
For investors focused on occupancy stability, neighborhood occupancy is reported at 93.6%, with the share of renter-occupied units above the metro median. At the same time, 3-mile demographic statistics indicate modest recent population softness but projections point to population growth and an increase in households, implying a larger tenant base as average household size trends down. This backdrop aligns with multifamily property research that prioritizes depth of demand and renewal potential.
Amenities skew toward daily-needs convenience over café density, with strong grocery and childcare availability offering practical support for workforce and family renters. Given these dynamics and Encinitas’ A-rated neighborhood standing, the area remains competitive among coastal San Diego submarkets for stabilized multifamily.
Safety metrics for the immediate neighborhood track below national averages, with the area ranking in the lower half among 621 San Diego metro neighborhoods. Property offense rates have improved year over year, while violent offense measures have moved higher, underscoring mixed short-term signals. For investors, this warrants prudent operational planning (lighting, access controls, and resident engagement) rather than deterrence, and should be evaluated alongside the area’s strong amenity and school scores.
Framing this comparatively, the neighborhood’s safety profile is weaker than many San Diego peers but not atypical for dense coastal corridors. Trend monitoring and partnership with professional management can help sustain leasing performance as broader regional conditions evolve.
Proximity to diversified employers underpins renter demand through convenient commutes, including energy, wireless technology, and life sciences nodes reflected below.
- Nrg Energy — energy (6.3 miles)
- Qualcomm — wireless technology (11.0 miles) — HQ
- Celgene Corporation — biotech/pharma (11.4 miles)
- Gilead Sciences — biotech/pharma (11.6 miles)
- Sysco — food distribution (15.0 miles)
This 30-unit property built in 1973 presents a straightforward value-add and capital planning thesis in an A-rated Encinitas neighborhood. The asset competes against a largely older housing stock, with neighborhood occupancy at 93.6% and income levels that support rent positioning while maintaining retention. Elevated ownership costs locally tend to sustain renter reliance on multifamily housing, and, based on CRE market data from WDSuite, neighborhood rents align with incomes in a way that supports collections and renewal strategies.
Within a 3-mile radius, recent softness in population is expected to turn toward growth with an increase in households and smaller average household sizes, expanding the potential renter pool over time. Given the 1973 vintage, targeted renovations and system upgrades can enhance competitive standing versus nearby stock from the late 1970s, with upside through modernization while budgeting appropriately for aging components.
- A-rated neighborhood with strong daily-needs amenities and above-median renter-occupied share supports leasing stability.
- High home values versus income reinforce multifamily demand and pricing power for renovated units.
- 1973 vintage offers clear value-add path via interior upgrades and building system improvements.
- 3-mile projections indicate population and household growth, enlarging the tenant base and supporting occupancy.
- Risk: safety metrics trail metro leaders; proactive property management and security investments are advisable.