| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 81st | Good |
| Demographics | 45th | Fair |
| Amenities | 13th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 451 W El Norte Pkwy, Escondido, CA, 92026, US |
| Region / Metro | Escondido |
| Year of Construction | 1987 |
| Units | 73 |
| Transaction Date | --- |
| Transaction Price | $442,700 |
| Buyer | MORNINGVIEW TERRACE APARTMENTS CA LLC |
| Seller | MG MORNIGVIEW APARTMENTS LP |
451 W El Norte Pkwy Escondido Multifamily Investment
The neighborhood demonstrates strong occupancy metrics at 98.6% with substantial rental market share, according to WDSuite's CRE market data.
This 73-unit property sits within an Urban Core neighborhood in Escondido where 73.1% of housing units are renter-occupied, ranking in the top 2% nationally for rental market share. The neighborhood's occupancy rate of 98.6% places it in the 92nd percentile among 621 metro neighborhoods, indicating strong absorption and lease retention dynamics.
Built in 1987, the property aligns with the neighborhood's average construction year of 1979, suggesting potential value-add opportunities through strategic renovations and unit upgrades. The area's median contract rent of $1,835 has grown 41% over five years, though rent-to-income ratios at 0.50 rank in the bottom percentile nationally, requiring careful lease management and renewal strategies.
Demographics within a 3-mile radius show a stable population base of approximately 116,500 residents with household growth of 13.3% over five years. The area maintains a balanced age distribution with 24.8% of residents aged 18-34 and 37.9% aged 35-64, supporting consistent rental demand. Projections indicate continued household formation with a 30.9% increase forecast through 2028, expanding the potential tenant pool.
Home values averaging $318,483 with 77% appreciation over five years reinforce rental demand as elevated ownership costs sustain renter reliance on multifamily housing. The neighborhood ranks in the 81st percentile nationally for housing metrics, though amenity density remains limited with minimal retail and service establishments per square mile.
Property crime rates in the neighborhood are estimated at 1,257 incidents per 100,000 residents, placing it in the 18th percentile nationally among neighborhoods. Recent trends show a 10% decrease in property crime over the past year, indicating improving conditions. Violent crime rates of 290 incidents per 100,000 residents rank in the 15th percentile nationally, though this metric increased 7.6% year-over-year.
The neighborhood's overall crime ranking of 294 out of 621 metro neighborhoods places it above the metro median. Investors should consider these safety metrics when evaluating tenant retention, insurance costs, and property management strategies, while monitoring ongoing trends that may affect long-term occupancy stability.
The Escondido area benefits from proximity to major San Diego County employers, with several Fortune 500 companies and established corporate offices within reasonable commuting distance supporting workforce housing demand.
- Gilead Sciences — biotechnology (12.3 miles)
- NRG Energy — energy services (12.6 miles)
- Sysco — food service distribution (14.3 miles)
- Qualcomm — telecommunications technology (17.7 miles) — HQ
- Sempra Energy — utilities (29.3 miles) — HQ
The property presents a value-add opportunity in a neighborhood demonstrating exceptional occupancy stability and rental market fundamentals. Built in 1987, the asset offers potential for strategic improvements while benefiting from neighborhood-level occupancy of 98.6% that ranks in the 92nd percentile nationally. The area's 73.1% rental share creates a deep tenant pool, while projected household growth of 30.9% through 2028 supports continued demand expansion.
Elevated home values averaging $318,483 with significant appreciation reinforce rental market dynamics as ownership costs sustain multifamily demand. However, rent-to-income ratios at 0.50 require careful lease management strategies, according to multifamily property research from WDSuite. The neighborhood's net operating income per unit averaging $9,739 ranks in the 78th percentile among metro areas, indicating solid revenue potential despite affordability considerations.
- Exceptional occupancy metrics at 98.6% ranking in top 8% of metro neighborhoods
- Strong rental market with 73.1% of units renter-occupied, top 2% nationally
- Value-add potential through renovations of 1987-vintage property
- Projected household growth of 30.9% through 2028 supports demand expansion
- Risk consideration: High rent-to-income ratios require careful lease management