| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 75th | Fair |
| Demographics | 23rd | Poor |
| Amenities | 48th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 260 N Midway Dr, Escondido, CA, 92027, US |
| Region / Metro | Escondido |
| Year of Construction | 1978 |
| Units | 78 |
| Transaction Date | 2015-08-19 |
| Transaction Price | $22,200,000 |
| Buyer | CYPRESS COVE HOUSING ASSOCIATES LP |
| Seller | BEAR VALLEY ROUSING ASSOCIATES LP |
260 N Midway Dr Escondido Multifamily Investment
This 78-unit property built in 1978 sits in a neighborhood with 94.4% occupancy and strong rental demand, supported by a 67.6% rental share that ranks in the top quartile nationally.
The neighborhood surrounding 260 N Midway Dr demonstrates solid fundamentals for multifamily investors. With 94.4% occupancy, the area maintains stable rental performance above many metro neighborhoods. The 67.6% rental share ranks in the 96th percentile nationally among 621 San Diego metro neighborhoods, indicating strong renter demand and limited ownership competition.
Demographics within a 3-mile radius show a population of approximately 103,000 with median household income of $79,000. Forecasted growth projects household income rising to $115,000 by 2028, suggesting improving tenant quality and rent growth potential. The area's median rent of $1,864 reflects current market positioning, with 53.1% of housing units occupied by renters.
Built in 1978, this property aligns with the neighborhood's average construction year of 1980, suggesting consistent building stock without significant vintage disadvantages. The area offers strong grocery access with 9.11 stores per square mile ranking in the 99th percentile nationally, plus substantial restaurant density at 18.22 per square mile. However, investors should note limited park access and cafe availability, which may affect tenant amenity expectations.
Rent-to-income ratios at 0.32 indicate manageable affordability for current tenants, though elevated home values averaging $320,650 help sustain rental demand by making ownership less accessible for many households. The neighborhood's overall C rating reflects mixed fundamentals that require careful underwriting of individual assets.
Safety metrics for this Escondido neighborhood present a mixed profile that requires investor attention. Property crime rates of 810 incidents per 100,000 residents rank 146th among 621 San Diego metro neighborhoods, placing the area in a concerning position relative to the broader market. However, property crime has declined 13.8% year-over-year, suggesting improving trends.
Violent crime rates of 332 incidents per 100,000 residents rank 394th among metro neighborhoods, indicating below-average performance in this category. The 9.7% increase in violent crime over the past year warrants monitoring, as safety perceptions can influence tenant retention and leasing velocity. Investors should factor these dynamics into marketing strategies and consider security enhancements as potential value-add opportunities.
The San Diego North County employment corridor provides diverse corporate anchors within commuting distance, supporting workforce housing demand for the property.
- Sysco — food distribution services (13.7 miles)
- Gilead Sciences — biotechnology (15.0 miles)
- NRG Energy — energy services (15.4 miles)
- Qualcomm — telecommunications technology (18.1 miles) — HQ
- Celgene Corporation — biotechnology (19.7 miles)
This 78-unit Escondido property presents a value-add opportunity in a neighborhood with strong rental fundamentals. The 94.4% occupancy rate and 67.6% rental share that ranks in the 96th percentile nationally demonstrate sustained renter demand. According to CRE market data from WDSuite, household income growth projections of 46% over five years to $115,000 by 2028 suggest improving tenant quality and rent growth potential.
Built in 1978, the property offers renovation upside typical of vintage assets while benefiting from neighborhood rental demand dynamics. The area's elevated home values help maintain rental pool stability, while strong grocery and restaurant access supports tenant satisfaction. However, investors must carefully evaluate safety trends and factor security improvements into renovation budgets.
- Neighborhood occupancy at 94.4% with top-quartile rental share nationally
- Projected 46% household income growth supporting rent increases
- 1978 vintage offers value-add renovation potential
- Strong amenity access with 99th percentile grocery density
- Risk consideration: Safety metrics require monitoring and potential security investments