| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 70th | Poor |
| Demographics | 41st | Poor |
| Amenities | 39th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 338 Ammunition Rd, Fallbrook, CA, 92028, US |
| Region / Metro | Fallbrook |
| Year of Construction | 1987 |
| Units | 73 |
| Transaction Date | --- |
| Transaction Price | $290,000 |
| Buyer | ROSEWOOD ASSOCIATES LTD |
| Seller | --- |
338 Ammunition Rd Fallbrook Multifamily Investment
This 73-unit property built in 1987 benefits from strong renter demand in an area where 44% of housing units are renter-occupied, supporting occupancy fundamentals according to CRE market data from WDSuite.
This inner suburb neighborhood in Fallbrook ranks above the metro median among 621 neighborhoods in the San Diego region for housing metrics, with renter-occupied units comprising 44% of total housing stock. The 1987 construction year aligns with the neighborhood average of 1977, indicating consistent building stock that may present value-add renovation opportunities for investors seeking to enhance unit amenities and capture rent premiums.
Demographic data aggregated within a 3-mile radius shows a stable household base of approximately 9,400 households with a median income of $78,773. Population projections indicate modest household growth through 2028, with the renter pool expected to maintain depth as home values averaging $766,000 keep many households in the rental market. Contract rents in the immediate neighborhood average $1,459, though broader area rents reach $1,753, suggesting potential upside for well-positioned properties.
The neighborhood maintains competitive amenity access with pharmacy density ranking in the 87th percentile nationally and park access in the 78th percentile. However, grocery and childcare amenities show limited density, which investors should consider when evaluating tenant retention and lease-up velocity. Occupancy rates in the neighborhood average 91.5%, reflecting stable fundamentals despite recent modest declines.
Property crime rates in this neighborhood rank 265th among 621 metro neighborhoods, placing it in the 19th percentile nationally. While this indicates elevated property crime compared to national averages, violent crime rates rank lower at 422nd among metro neighborhoods, corresponding to the 12th percentile nationally.
Investors should factor these safety metrics into risk assessment and property management strategies, particularly regarding security measures and tenant screening protocols. Recent trends show property crime increasing 6.5% year-over-year and violent crime rising 14.6%, suggesting the need for ongoing monitoring of neighborhood conditions and their potential impact on tenant retention and leasing performance.
The property benefits from proximity to several major corporate employers that support workforce housing demand, including biotechnology, energy, and technology companies within commuting distance.
- Gilead Sciences — biotechnology (11.5 miles)
- NRG Energy — energy services (17.2 miles)
- Sysco — food distribution (32.1 miles)
- Qualcomm — technology HQ (32.8 miles)
- Celgene Corporation — biotechnology (33.6 miles)
This 73-unit property represents a value-add opportunity in a stable rental market where 44% of housing units are renter-occupied, supporting consistent tenant demand. The 1987 vintage aligns with neighborhood norms and presents renovation upside potential to capture higher rents, particularly given the gap between immediate neighborhood rents of $1,459 and broader area averages of $1,753. Demographic projections show household growth through 2028, while high home values averaging $766,000 maintain rental demand by keeping homeownership out of reach for many area residents.
The property benefits from proximity to major employers including Gilead Sciences and Qualcomm, providing workforce housing demand within reasonable commuting distance. However, investors should carefully evaluate the elevated crime metrics and limited grocery/childcare amenities when assessing long-term tenant retention and operational considerations.
- Strong renter demand supported by 44% rental occupancy rate in neighborhood
- Value-add potential with rent upside from $1,459 to area averages of $1,753
- Stable demographics with projected household growth through 2028
- High home values of $766,000 reinforce rental market reliance
- Risk considerations include elevated crime rates and limited nearby amenities