| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 80th | Good |
| Demographics | 31st | Poor |
| Amenities | 94th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 345 E Park Ave, Escondido, CA, 92025, US |
| Region / Metro | Escondido |
| Year of Construction | 1977 |
| Units | 37 |
| Transaction Date | 2019-09-20 |
| Transaction Price | $8,325,000 |
| Buyer | MR NORTH PLACE LLC |
| Seller | PARK AVE COMPANY LLC |
345 E Park Ave Escondido Multifamily Investment
This 37-unit property positions investors in a high-rental-share neighborhood where 89.7% of housing units are renter-occupied, supporting consistent tenant demand according to CRE market data from WDSuite.
This Escondido neighborhood demonstrates strong fundamentals for multifamily investors, ranking in the top quartile among 621 San Diego metro neighborhoods for amenity access and housing metrics. The area maintains a 94.6% occupancy rate with median contract rents of $1,612, reflecting stable tenant retention in a market where rental housing dominates at 89.7% of all units.
Built in 1977, this property aligns with the neighborhood's average construction year of 1973, positioning it for potential value-add renovations while maintaining competitive standing among area assets. Demographics within a 3-mile radius show a population of approximately 132,000 with household growth of 12.7% over five years, expanding the potential tenant base.
The neighborhood excels in daily conveniences that support tenant satisfaction, ranking 2nd metro-wide for grocery store density and 5th for restaurant access. These amenities, combined with strong park and pharmacy availability, create a livable environment that can enhance lease renewal rates. Projected household income growth of 40.2% through 2028 suggests improving tenant quality and rent-paying capacity.
Home values averaging $600,000 with significant appreciation over five years maintain a substantial gap between ownership and rental costs, keeping households in the rental market longer. The neighborhood's Urban Core designation and high rental concentration create natural barriers to ownership conversion, supporting long-term rental demand stability.
Safety metrics present a mixed profile that requires investor attention. The neighborhood ranks 529th of 621 San Diego metro neighborhoods for overall crime, placing it in the lower portion of the metro area. Property crime rates are notably elevated, though violent crime trends showed a 2% decline year-over-year, suggesting some stabilization.
While crime statistics indicate challenges, the neighborhood's strong amenity density and high occupancy rates suggest residents find the location viable despite security concerns. Investors should factor enhanced security measures and tenant screening into operational planning, as safety improvements could unlock additional rent growth potential in this otherwise well-amenitized area.
The property benefits from proximity to major San Diego County employers, providing workforce housing opportunities for employees commuting to corporate centers and headquarters in the region.
- Sysco — food distribution services (13.4 miles)
- Gilead Sciences — biotechnology (13.6 miles)
- Nrg Energy — energy services (13.6 miles)
- Qualcomm — technology & telecommunications (17.3 miles) — HQ
- Sempra Energy — utilities (28.7 miles) — HQ
This Escondido property offers investors exposure to a rental-dominant neighborhood where 89.7% of housing units serve renters, creating natural demand stability. The area's strong amenity profile—ranking 2nd metro-wide for grocery access and top 10% nationally for restaurant density—supports tenant retention in a market with 94.6% occupancy rates. Projected household growth of nearly 30% through 2028 expands the potential tenant base, while significant home value appreciation maintains rental affordability advantages.
The 1977 construction vintage aligns with neighborhood norms, positioning the asset for targeted capital improvements that could capture rent growth as area incomes rise. According to multifamily property research from WDSuite, the combination of high rental share, strong occupancy trends, and projected demographic growth creates a foundation for stable cash flows, though investors should account for elevated crime metrics and potential security enhancement costs.
- High rental concentration (89.7%) limits ownership conversion risk
- Strong occupancy fundamentals at 94.6% neighborhood-wide
- Projected 30% household growth through 2028 expands tenant base
- Value-add potential from 1977 vintage and renovation opportunities
- Risk factor: Elevated crime metrics may require enhanced security investments