| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 81st | Good |
| Demographics | 45th | Fair |
| Amenities | 13th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 443 W El Norte Pkwy, Escondido, CA, 92026, US |
| Region / Metro | Escondido |
| Year of Construction | 1987 |
| Units | 109 |
| Transaction Date | 2016-12-19 |
| Transaction Price | $48,920,000 |
| Buyer | MORNINGVIEW TERRACE APARTMENTS CA LLC |
| Seller | MG MORNIGVIEW APARTMENTS LP |
443 W El Norte Pkwy, Escondido Multifamily Investment
Neighborhood occupancy is strong and has trended higher, supporting durable leasing in this Escondido submarket, according to WDSuite’s CRE market data. Investor focus centers on stable renter demand and a high share of renter-occupied units at the neighborhood level rather than property-specific performance.
Located in Escondido within the San Diego–Chula Vista–Carlsbad metro, the neighborhood shows solid multifamily fundamentals with high neighborhood occupancy and a deep renter base. The neighborhood’s occupancy ranks 104 out of 621 metro neighborhoods and sits in the 92nd percentile nationally, placing it in the top quartile nationally for occupied housing. This supports income stability for owners when paired with the neighborhood’s high renter-occupied share.
Renter concentration is elevated at the neighborhood level, with 73.1% of housing units renter-occupied. For investors, this signals a sizable tenant pool that can underpin leasing velocity and renewals. Median contract rents in the neighborhood are positioned high relative to many U.S. areas (89th percentile nationally), which suggests pricing power but also calls for attentive lease management.
Within a 3-mile radius, households have expanded over the last five years and are projected to increase further, indicating a growing tenant base. WDSuite’s CRE market data also shows a forecasted rise in household incomes alongside continued rent growth, which can support collections and reduce turnover risk. However, amenity density inside the immediate neighborhood is thin for daily needs (notably limited grocery, café, and park counts), so residents may rely on amenities elsewhere in North County; investors should weigh this when evaluating marketing and resident retention strategies. Restaurant density is a relative strength, benchmarking in the upper tiers nationally.
The property’s 1987 vintage is newer than the neighborhood’s average construction year (1979). That vintage can provide a competitive edge versus older stock, though investors should still plan for system updates and modernization to maintain positioning against newly renovated assets across the metro.
Neighborhood safety benchmarks below national averages, with violent and property crime percentiles indicating comparatively higher incident rates than many U.S. neighborhoods. Within the San Diego–Chula Vista–Carlsbad metro, the neighborhood’s crime rank sits in the lower half among 621 neighborhoods. Notably, WDSuite’s data indicates property offenses declined approximately 10% year over year, an encouraging directional trend investors can monitor for continued improvement.
For underwriting, this context argues for proactive security measures, lighting, and community engagement to support retention and limit non-operating costs. Comparing trends to nearby Escondido submarkets can further refine expectations for leasing velocity and operating expenses.
The surrounding employment base spans life sciences, energy, food distribution, and technology, supporting renter demand through diverse job nodes and commute options. The list below highlights nearby employers that can contribute to leasing stability and resident retention.
- Gilead Sciences — biopharma (12.3 miles)
- Nrg Energy — energy (12.6 miles)
- Sysco — food distribution (14.4 miles)
- Qualcomm — technology (17.4 miles)
- Qualcomm — technology (17.8 miles) — HQ
443 W El Norte Pkwy offers exposure to a neighborhood with strong occupied-housing dynamics and a sizable renter pool. High neighborhood occupancy and a renter-occupied share above typical U.S. levels indicate resilient demand and potential for steady collections. According to CRE market data from WDSuite, median neighborhood rents sit high relative to national benchmarks, supporting revenue potential when balanced against resident affordability and retention considerations.
Built in 1987, the asset is newer than the area’s average vintage, which can enhance competitive positioning versus older stock while still warranting targeted capital planning for aging systems and selective renovations. Within a 3-mile radius, households and incomes have been rising and are projected to continue growing, expanding the renter pool and reinforcing absorption prospects. Offsetting factors include limited immediate amenity density, below-average safety benchmarks, and elevated rent-to-income metrics at the neighborhood level that call for careful lease and renewal management.
- Strong neighborhood occupancy and high renter-occupied share support income stability
- 1987 vintage provides competitive positioning with value-add potential through modernization
- 3-mile household and income growth point to a larger tenant base and sustained demand
- Pricing power indicated by high relative rents, balanced by active retention strategies
- Risks: below-average safety benchmarks, limited immediate amenities, and higher rent-to-income ratios