| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 75th | Fair |
| Demographics | 23rd | Poor |
| Amenities | 48th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 500 N Midway Dr, Escondido, CA, 92027, US |
| Region / Metro | Escondido |
| Year of Construction | 1973 |
| Units | 92 |
| Transaction Date | 1996-02-08 |
| Transaction Price | $2,144,500 |
| Buyer | ESCONDIDO GARDENS PARTNERS LP |
| Seller | ESCONDIDO GARDENS HOUSING FOUNDATION |
500 N Midway Dr Escondido Multifamily Investment
High renter concentration in the surrounding neighborhood supports a deep tenant base, according to CRE market data from WDSuite. Neighborhood occupancy trends are mid-pack for the metro, suggesting steady demand with room to drive performance through operations.
Situated in Escondido within the San Diego–Chula Vista–Carlsbad metro, the neighborhood posts a C rating and ranks 479 out of 621 metro neighborhoods. That places it below the metro median overall, but amenities are competitive among San Diego–Chula Vista–Carlsbad neighborhoods (amenity rank 243 of 621; near the national middle). For investors, this points to functional livability with selective strengths that can support leasing.
Retail access is a clear positive: grocery options score in the top percentiles nationally, and restaurants are dense for an urban-core area. By contrast, cafes, parks, and pharmacies are limited within the immediate neighborhood, so daily convenience is stronger than recreational variety. Average school ratings are on the low side locally, which may skew demand toward workforce renters rather than families seeking top-rated districts.
Renter-occupied housing accounts for a high share of neighborhood units (67.6%), placing the area in the top quartile nationally for renter concentration. This typically supports a larger tenant pool and helps sustain occupancy through cycles. Neighborhood occupancy is 94.4% and sits around the national upper-middle range, indicating stable, if not leading, performance versus peers.
Vintage considerations: the property was built in 1973, older than the neighborhood’s average vintage of 1980. For investors, that usually implies capital planning for systems and interiors, while also presenting potential value-add or renovation upside to improve competitive positioning against newer stock.
Demographics within a 3-mile radius show households increased even as population edged down modestly over the last five years, signaling smaller household sizes and a potential shift toward rental housing. Forward-looking estimates point to continued household growth by 2028, which would expand the renter pool and support occupancy stability and leasing velocity.
Income and housing context indicate a high-cost ownership market relative to local incomes, which can reinforce reliance on multifamily rentals and aid pricing power when managed carefully. According to WDSuite’s CRE market data, neighborhood NOI per unit benchmarks are strong versus national norms, aligning with an operational thesis centered on steady demand and disciplined expense control.
Safety indicators are mixed and best viewed comparatively. The neighborhood’s crime rank sits better than the metro midpoint (rank 247 of 621), suggesting it performs relatively above several San Diego–Chula Vista–Carlsbad neighborhoods. Nationally, however, the safety percentile is lower, indicating conditions are not among the top-performing areas across the country.
Recent trends are nuanced: property-related offenses show an improving trajectory year over year, while violent offense measures ticked up in the latest period. For investors, this calls for standard risk management—adequate lighting, access control, and active property management—rather than assuming block-level outcomes. Conditions can vary within short distances, so underwriting should lean on current, property-specific observations alongside WDSuite’s neighborhood benchmarks.
Regional employers within commuting distance include Sysco, Gilead Sciences, NRG Energy, Qualcomm, and Celgene. This mix of distribution, life sciences, energy, and technology supports a diversified workforce tenant base and can aid leasing stability through varied economic cycles.
- Sysco — food distribution (14.0 miles)
- Gilead Sciences — life sciences (14.9 miles)
- NRG Energy — energy (15.3 miles)
- Qualcomm — technology (18.7 miles) — HQ
- Celgene Corporation — life sciences (19.9 miles)
500 N Midway Dr is a 92-unit asset positioned in a renter-heavy neighborhood where the share of renter-occupied units is among the highest nationally. Neighborhood occupancy is steady relative to national norms, and household counts within a 3-mile radius have grown even as overall population dipped slightly—an investor-relevant shift toward smaller households that can expand the renter pool and support leasing. According to CRE market data from WDSuite, neighborhood NOI per-unit benchmarks are favorable versus national averages, reinforcing a durable, operations-focused thesis.
Built in 1973, the asset is older than the area’s average vintage, which signals the need for thoughtful capital planning but also opens value-add avenues in interiors and common areas to enhance competitive positioning. Homeownership remains comparatively costly relative to local incomes, a backdrop that can sustain rental demand and retention when affordability is managed closely.
- High renter concentration supports a deep tenant base and steadier occupancy
- Neighborhood NOI per-unit benchmarks compare well nationally, favoring an operations-led strategy
- 1973 vintage presents clear value-add potential alongside prudent systems capex
- 3-mile household growth and forecast increases point to renter pool expansion
- Risks: mixed safety signals, lower school ratings, and affordability pressure require active management