| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 70th | Poor |
| Demographics | 41st | Poor |
| Amenities | 39th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 426 Ammunition Rd, Fallbrook, CA, 92028, US |
| Region / Metro | Fallbrook |
| Year of Construction | 1986 |
| Units | 87 |
| Transaction Date | 1999-03-11 |
| Transaction Price | $4,325,000 |
| Buyer | EFREN R COTA LP |
| Seller | TR DEJONG ARIE JR TR NSJT & DEJONG ANN |
426 Ammunition Rd, Fallbrook Multifamily Investment
Renter demand is supported by a high-cost ownership market and a renter-occupied share near half within 3 miles, according to CRE market data from WDSuite. Neighborhood occupancy trends sit around national medians, pointing to stable but competitive leasing conditions.
Located in Fallbrook within the San Diego–Chula Vista–Carlsbad metro, the neighborhood registers around the metro median for overall amenities (ranked 317 among 621 neighborhoods), with strong access to pharmacies and parks (both well above national medians) and moderate restaurant density. Cafés and grocery options are limited within the immediate neighborhood core, so residents often rely on nearby corridors for daily needs. For investors, this mix suggests convenience for essentials and recreation, with some reliance on short drives for broader retail.
Neighborhood occupancy is near the national midpoint, indicating generally steady leasing with typical turnover management needs. The share of housing units that are renter-occupied trends higher than many areas nationally, which supports depth in the tenant base and leasing durability. Median contract rents have been rising locally over recent years, reinforcing the case for sustained pricing power when paired with income growth.
Within a 3-mile radius, demographics point to a larger tenant base and continued demand potential: population has grown in recent years, and household incomes have advanced meaningfully, with further gains expected. Forecasts indicate an increase in households and higher median incomes over the next five years, which supports occupancy stability and runway for rent growth management rather than outsized concessions.
The property’s 1986 vintage is newer than the neighborhood’s average building age (late 1970s). That positions the asset competitively versus older stock, while still warranting capital planning for system updates and selective renovations to enhance renter appeal and maintain operating efficiency.
Home values in the neighborhood sit in a high-cost ownership market (top decile nationally), which tends to reinforce renter reliance on multifamily housing and can aid lease retention. Rent-to-income levels are relatively manageable by national standards, which helps balance pricing initiatives with retention and renewal strategies.
Safety metrics for the neighborhood are below national averages. Based on metro rankings, the area sits in the less favorable half for crime (ranked 424 among 621 San Diego metro neighborhoods). Nationally, overall safety indicators are in lower percentiles, with both property and violent offense estimates comparing weaker than most neighborhoods nationwide.
Recent estimates point to year-over-year upticks in both violent and property offenses. For investors, this argues for pragmatic operating measures—strong lighting, access controls, and resident engagement—while emphasizing the property’s advantages in access, amenities, and pricing to support leasing and retention.
Proximity to regional job centers anchors renter demand, with nearby employers spanning biotech, energy, food distribution, wireless & semiconductors, and consumer foods. These commute options can support tenant retention and leasing stability.
- Gilead Sciences — biotech (11.4 miles)
- NRG Energy — energy (17.2 miles)
- Sysco — food distribution (32.1 miles)
- Qualcomm — wireless & semiconductors (32.8 miles) — HQ
- General Mills — consumer foods (32.9 miles)
426 Ammunition Rd is an 87-unit, mid-1980s asset positioned in a high-cost ownership pocket of North County San Diego. The neighborhood’s renter-occupied share and steady occupancy indicate a durable tenant base, while recent rent growth and rising 3-mile household incomes support disciplined pricing and renewal strategies. According to CRE market data from WDSuite, local home values rank among the highest nationally, which tends to sustain multifamily demand and can aid lease retention.
The 1986 construction is newer than the neighborhood average, offering competitive positioning versus older stock and potential to unlock value through targeted interior refreshes and systems modernization. Amenity access is strongest for essentials and recreation, and proximity to diversified employment nodes supports leasing. Key watch items include below-average safety metrics and limited neighborhood grocery/café density, which call for proactive property management and clear value communication.
- High-cost ownership market underpins renter reliance and renewal potential
- 1986 vintage offers competitive positioning with value-add upside through updates
- Steady neighborhood occupancy and growing 3-mile incomes support pricing discipline
- Access to diversified employers (biotech, energy, distribution, tech) supports demand
- Risks: below-average safety metrics and limited neighborhood retail require active management