| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 75th | Fair |
| Demographics | 23rd | Poor |
| Amenities | 48th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 115 S Midway Dr, Escondido, CA, 92027, US |
| Region / Metro | Escondido |
| Year of Construction | 1986 |
| Units | 32 |
| Transaction Date | 2010-12-06 |
| Transaction Price | $3,247,500 |
| Buyer | WOODSPEAR MIDWAY GARDENS LLC |
| Seller | THE VIRTU MIDWAY GARDENS ASSOCIATES LP |
115 S Midway Dr, Escondido Multifamily Investment
Neighborhood fundamentals point to durable renter demand and mid- to high-90s occupancy at the neighborhood level, according to WDSuite’s CRE market data. A relatively high renter concentration supports leasing stability, while investors should underwrite to local affordability and school quality dynamics rather than property-specific assumptions.
Livability supports workforce-oriented multifamily. The neighborhood sits within the San Diego-Chula Vista-Carlsbad metro and posts a neighborhood rating of C (ranked 479 of 621 metro neighborhoods). Occupancy in the neighborhood is 94.4% (ranked 355 of 621; 68th percentile nationally), which signals generally stable leasing conditions compared with national trends. The building’s 1986 vintage is slightly newer than the neighborhood average construction year of 1980 (ranked 320 of 621), which can aid competitive positioning versus older stock, though investors should plan for aging systems and selective modernization.
Daily needs access is a relative strength. Grocery store density ranks 28 of 621 locally and in the 99th percentile nationally, with restaurants also in the 96th percentile nationally. Childcare access is strong (rank 54 of 621; 96th percentile nationally). In contrast, cafes, parks, and pharmacies are sparse in this neighborhood cohort, so resident convenience skews toward essentials rather than lifestyle offerings. Average school ratings trend low (rank 305 of 621; 15th percentile nationally), which can influence unit mix strategy and marketing toward renters prioritizing proximity to work and services.
Tenure patterns favor multifamily demand. The share of housing units that are renter-occupied is high at the neighborhood level (rank 70 of 621; 96th percentile nationally), indicating a deep local tenant base that can support absorption and retention. Median contract rents in the neighborhood benchmark above national levels, and value-to-income metrics indicate a high-cost ownership market relative to incomes, which tends to sustain reliance on rental housing.
Demographic statistics are aggregated within a 3-mile radius. Over the last five years, household counts increased while population edged down modestly, indicating smaller household sizes and shifts in the renter pool. Looking forward, households are projected to grow notably into the forecast period, supporting a larger tenant base and cushioning occupancy. Median and mean household incomes are projected to rise, which may support rent growth potential, though operators should calibrate leasing to local affordability to manage turnover.
Safety metrics are mixed and should be underwritten conservatively. The neighborhood’s overall crime rank is 247 out of 621 metro neighborhoods, making it competitive among San Diego-Chula Vista-Carlsbad neighborhoods but below national safety medians (national crime percentile around the mid-30s). Property offenses have declined year over year (approximately a mid-teens decrease), a constructive trend that aligns with moderate improvement compared to peers.
Violent offense indicators track weaker than national norms (around the lower-teens national percentile), so prudent security measures, lighting, and partnership with local patrols can support resident experience and retention. Avoid block-level assumptions; underwrite using recent trend data and compare to submarket alternatives.
Proximity to regional employment anchors supports commuter demand and lease retention, with access to food distribution, life sciences, energy, and technology employers. The list below highlights key drivers within commuting range that can underpin renter demand.
- Sysco — food distribution (13.6 miles)
- Gilead Sciences — life sciences (15.1 miles)
- Nrg Energy — energy (15.4 miles)
- Qualcomm — telecommunications & semiconductor (18.4 miles) — HQ
- Celgene Corporation — life sciences (19.6 miles)
This 32-unit, 1986-vintage asset offers durable renter demand supported by a high neighborhood renter-occupied share and occupancy that trends above national averages. Based on CRE market data from WDSuite, essential retail access (notably groceries and childcare) is strong for this neighborhood, which supports day-to-day livability and lease retention even as school ratings and lifestyle amenities vary. The 1986 vintage is slightly newer than the neighborhood average, suggesting competitive positioning versus older stock, though investors should budget for system updates and targeted renovations to sustain performance.
Investor focus should balance demand depth with affordability and operating risk. Value-to-income ratios point to a high-cost ownership environment that reinforces reliance on rental housing, yet rent-to-income levels imply affordability pressure that calls for careful lease management and renewal strategies. Near-term safety metrics trail national norms, so prudent on-site measures and resident engagement can help support occupancy stability.
- High neighborhood renter concentration supports a deep tenant base and steady absorption
- Essential retail access (groceries, childcare) and commuter connectivity aid retention
- 1986 vintage offers modest competitive edge versus older stock with scope for upgrades
- Ownership costs favor renting, supporting demand, while rent-to-income levels warrant careful renewal strategy
- Risk: safety and school ratings trend below national norms; underwrite security and marketing accordingly