| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 74th | Fair |
| Demographics | 35th | Poor |
| Amenities | 23rd | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 234 W Kalmia St, Fallbrook, CA, 92028, US |
| Region / Metro | Fallbrook |
| Year of Construction | 1997 |
| Units | 28 |
| Transaction Date | 2016-01-14 |
| Transaction Price | $2,148,000 |
| Buyer | ABN PROPERTY HOLDING LP |
| Seller | KALMIA COURTYARDS LIMITED PARTNERSHIP |
234 W Kalmia St Fallbrook Multifamily Investment
Neighborhood occupancy has held in the mid-90% range, supporting steady leasing conditions for a 28-unit asset, according to WDSuite’s CRE market data. High ownership costs locally suggest durable renter demand that can underpin revenue stability.
Located in suburban Fallbrook within the San Diego metro, the neighborhood carries a C- rating and trails many metro peers, yet it shows solid renter demand signals. Neighborhood occupancy trends rank above many U.S. areas (nationally in the mid-60s percentiles), and renter-occupied housing share is elevated versus national norms, indicating a deeper tenant base for multifamily operators.
The property’s 1997 vintage is newer than the neighborhood’s average construction year of 1970. This positions the asset competitively against older local stock while still warranting targeted modernization planning as systems age, which can support retention and rent positioning.
Within a 3-mile radius, demographics show recent population growth with a modest projected increase by 2028, alongside expectations for more households. These trends point to a larger tenant base over time, which can support occupancy stability and leasing velocity. Median household incomes in the 3-mile area have risen meaningfully over the last five years, and median contract rents have also moved higher, so owners should monitor affordability pressure and lease management closely.
Local living conveniences are mixed: restaurant density is above national averages, but cafes, groceries, parks, and pharmacies are sparse nearby. Elevated home values in the neighborhood (well above many U.S. areas) signal a high-cost ownership market, which can sustain reliance on rental housing and support pricing power, based on CRE market data from WDSuite.
Safety indicators are mixed. The neighborhood sits below the national median on violent and property safety percentiles, indicating higher incident rates than many U.S. neighborhoods. Recent trends show a year-over-year decrease in estimated property offenses, alongside a partial uptick in estimated violent offenses. Investors should consider standard security measures and resident communication while benchmarking performance against the broader San Diego metro.
Regional employment anchors within commuting range include biotech, energy, food manufacturing, homebuilding, and food distribution, supporting a diversified renter base and commute convenience for workforce housing.
- Gilead Sciences — biotech/pharma (12.5 miles)
- Nrg Energy — energy (18.2 miles)
- General Mills — food manufacturing (31.9 miles)
- Lennar Homes — homebuilding (33.0 miles)
- Sysco — food distribution (33.0 miles)
234 W Kalmia St offers a 28-unit footprint with average unit sizes around 700 sq. ft., aligning with workforce demand while providing operational flexibility. The 1997 construction is newer than the neighborhood average, offering competitive positioning versus older stock and potential for targeted value-add through common-area and systems upgrades. Elevated neighborhood occupancy and a higher renter concentration relative to many U.S. areas support stable tenant demand, while high home values reinforce reliance on rental housing. According to CRE market data from WDSuite, these fundamentals compare favorably against broader national trends even as the neighborhood trails many San Diego peers overall.
Within a 3-mile radius, recent population growth and a projected increase in households suggest a gradually expanding renter pool, which can aid occupancy stability and lease-up. Rising household incomes and rent levels underscore the need for thoughtful pricing and renewal strategies to manage affordability pressure and retention.
- Newer 1997 vintage versus local average, with room for targeted modernization and value-add
- Elevated neighborhood occupancy and renter concentration support leasing stability
- High-cost ownership market sustains rental demand and potential pricing power
- 3-mile demographics point to population growth and more households, expanding the tenant base
- Risks: amenity gaps nearby and mixed safety trends warrant active management and resident engagement