| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 83rd | Best |
| Demographics | 42nd | Poor |
| Amenities | 87th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 230 E Fallbrook St, Fallbrook, CA, 92028, US |
| Region / Metro | Fallbrook |
| Year of Construction | 1988 |
| Units | 28 |
| Transaction Date | 2001-07-12 |
| Transaction Price | $2,950,000 |
| Buyer | FALLBROOK 230 LLC |
| Seller | HERVEY ESTATES LLC |
230 E Fallbrook St, Fallbrook CA Multifamily Opportunity
Neighborhood occupancy is strong, with stability supported by tight vacancy and elevated ownership costs in North County San Diego, according to WDSuite’s CRE market data. The asset’s late-1980s vintage and smaller unit mix can position it for durable workforce demand and targeted value-add.
Located in Fallbrook within the San Diego–Chula Vista–Carlsbad metro, the neighborhood scores A- overall and ranks 117 out of 621 metro neighborhoods, placing it competitive among San Diego neighborhoods. Amenity access is a local strength: cafés, childcare, groceries, parks, and pharmacies all index well, with amenities in the top quartile nationally. Average school ratings sit above national medians and are competitive among the 621 metro neighborhoods, supporting family-oriented renter appeal.
For investors focused on income stability, neighborhood multifamily occupancy is high (93rd percentile nationally) and has trended upward over the last five years. Renter-occupied housing concentration at the neighborhood level is a majority share, indicating a broad tenant base and durable leasing depth. Median contract rents in the area sit above national norms while the rent-to-income ratio remains manageable, which can aid retention and limit turnover risk.
Capabilities for renter capture are reinforced by the metro’s high-cost ownership landscape. Home values test well above national benchmarks (90th percentile), and the value-to-income ratio ranks in the top decile nationally, conditions that tend to sustain reliance on multifamily housing and support pricing power when paired with sound operations. These dynamics align with the neighborhood’s strong average NOI per unit performance, which ranks 61 of 621 metro neighborhoods — top quartile locally.
Within a 3-mile radius, demographics point to a larger household size and modest population growth over the last five years, with incomes rising and forecast to continue improving. This combination supports a stable or expanding renter pool over the medium term, providing a foundation for occupancy stability and measured rent growth, based on CRE market data from WDSuite.
Safety conditions in the immediate neighborhood trend below national percentiles, and the area ranks near the bottom of the 621 San Diego metro neighborhoods on crime, indicating higher incident rates relative to metro peers. Recent year-over-year readings show upticks in both property and violent offenses, so investors should underwrite appropriate security measures and proactive management.
For underwriting, frame safety as a controllable operating variable: emphasize lighting, access control, and partnership with local resources to support tenant retention. Compare comps across nearby San Diego County submarkets to calibrate achievable loss-to-lease and concession strategies against similar safety profiles.
Proximity to diversified employers across biotech, energy, food distribution/CPG, and wireless technology supports commuter demand and leasing stability for workforce renters.
- Gilead Sciences — biotech/pharma offices (11.96 miles)
- Nrg Energy — energy (17.72 miles)
- General Mills — food & CPG offices (32.42 miles)
- Sysco — foodservice distribution (32.43 miles)
- Qualcomm — wireless technology (33.23 miles) — HQ
230 E Fallbrook St offers a 28-unit, small-format profile in a high-occupancy North County San Diego neighborhood. The 1988 vintage is newer than the local average stock, providing a competitive edge versus 1970s-era properties while leaving room for targeted system upgrades and interior renovations to drive rent-per-foot. Elevated home values and a value-to-income ratio in the top national decile reinforce renter reliance on multifamily, while neighborhood occupancy trends remain strong according to CRE market data from WDSuite.
Within a 3-mile radius, rising incomes and modest population growth point to a stable renter base, and the unit mix’s efficient sizes can align with workforce demand and affordability-sensitive leasing. Investors should plan for market-appropriate security posture and late-1980s capital items, balancing risk with the submarket’s strong amenity access and competitive rent levels.
- High neighborhood occupancy and strong amenity access support leasing durability.
- 1988 vintage offers value-add potential via targeted system and interior upgrades.
- Elevated ownership costs in North County San Diego bolster multifamily demand and pricing power.
- Small-format units position for competitive rent-per-foot with workforce renters.
- Risks: safety metrics lag metro and Y/Y crime has risen; underwrite security and management rigor.