| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 70th | Poor |
| Demographics | 41st | Poor |
| Amenities | 39th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 303 W Clemmens Ln, Fallbrook, CA, 92028, US |
| Region / Metro | Fallbrook |
| Year of Construction | 1988 |
| Units | 21 |
| Transaction Date | 2024-06-10 |
| Transaction Price | $2,877,500 |
| Buyer | F-22 APARTMENTS LLC |
| Seller | F & F 303 CLEMMENS LP |
303 W Clemmens Ln Fallbrook Multifamily Investment
Neighborhood data point to a solid renter base and near-median occupancy, according to WDSuite’s CRE market data, supporting steady leasing dynamics for a well-located 21-unit asset in North County San Diego.
Fallbrook sits in the San Diego–Chula Vista–Carlsbad metro with neighborhood performance around the middle of the pack (ranked 465 among 621 metro neighborhoods, rated C). For renters, day-to-day needs are reasonably served by stronger access to parks and pharmacies (both above national medians), while restaurant density is competitive nationally. Café and grocery density is lighter, so residents may rely on a broader trade area for some conveniences.
The property’s vintage is 1988, newer than the neighborhood average construction year of 1977. For investors, this typically means a more competitive profile versus older stock, with potential to capture value through targeted modernization of aging systems and unit finishes.
Renter concentration in the neighborhood is 44.2% of housing units (84th percentile nationally), signaling depth in the tenant base for multifamily. Neighborhood occupancy trends hover near the national median, which can support steady performance with disciplined operations and leasing.
Within a 3-mile radius, population expanded over the last five years and is projected to be broadly stable ahead, while households are expected to increase, indicating a larger tenant pool and supporting occupancy stability. Elevated home values relative to income (94th percentile nationally) characterize a high-cost ownership market, which tends to reinforce renter reliance on multifamily housing and can aid pricing power with prudent lease management and multifamily property research from WDSuite as context.
Safety indicators for the neighborhood trend below national medians (overall crime around the 26th percentile nationally, with violent and property offense measures also on the lower end of national percentiles). Compared with other San Diego metro neighborhoods, this area falls in the less favorable cohort for safety; investors commonly underwrite additional security, lighting, and insurance considerations in similar contexts.
Recent year-over-year changes show upticks in both violent and property offense estimates. While conditions vary by block and evolve over time, monitoring local trends and coordinating with management on site-level measures can help support tenant retention and operational stability.
Nearby employment nodes include biotech, energy, technology, food manufacturing, and pharmaceuticals, supporting a diversified renter base and commute convenience for workforce tenants. The list below highlights key employers within driving distance that anchor regional job demand.
- Gilead Sciences — biotech (11.4 miles)
- NRG Energy — energy (17.2 miles)
- Sysco — food distribution (32.0 miles)
- Qualcomm — technology (32.8 miles) — HQ
- General Mills — food manufacturing (32.9 miles)
303 W Clemmens Ln is a 21-unit, garden-style asset built in 1988 with average unit sizes near 800 sq. ft., offering a practical mix for workforce renters in North County San Diego. Neighborhood fundamentals indicate a sizable renter base and occupancy around the national midpoint, while elevated ownership costs locally continue to support renter demand and lease retention. Based on CRE market data from WDSuite, rents and home values in the neighborhood track on the higher side relative to national benchmarks, underscoring the role of multifamily as a more accessible option.
Within a 3-mile radius, the area has seen recent population growth and is projected to maintain a broadly stable population with an increase in households, which implies a larger tenant pool and supports occupancy stability. Given the 1988 vintage, a targeted value-add strategy focused on interior updates and system modernization can enhance competitiveness versus older housing stock, while underwriting should account for lighter neighborhood amenities and safety considerations.
- High-cost ownership market supports sustained rental demand and pricing power
- 1988 vintage offers value-add potential through modernization of interiors and systems
- Renter concentration and near-median occupancy point to stable leasing fundamentals
- Projected increase in households within 3 miles expands the tenant base
- Risks: below-median safety readings and lighter café/grocery density warrant conservative underwriting