| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 83rd | Best |
| Demographics | 42nd | Poor |
| Amenities | 87th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 609 E Elder St, Fallbrook, CA, 92028, US |
| Region / Metro | Fallbrook |
| Year of Construction | 2002 |
| Units | 60 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
609 E Elder St, Fallbrook CA — 60-Unit Multifamily Opportunity
Newer 2002 construction in an Inner Suburb pocket with strong neighborhood occupancy and amenity access, according to WDSuite’s CRE market data, points to durable renter demand and operational stability.
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 above the metro median. Amenity access is a local strength: amenity density ranks 29 of 621 and rates in the top quartile nationally, with cafés and groceries also testing in high national percentiles. These characteristics support daily convenience and reinforce leasing appeal for workforce and family renters.
Neighborhood occupancy is elevated and competitive among San Diego metro neighborhoods (rank 98 of 621; top quartile nationally), a backdrop that typically supports steady renewal velocity and limited downtime. Median contract rents sit above many U.S. areas, while still drawing interest from renters who value access and services.
Vintage matters: the average neighborhood construction year skews older (1972), while the subject was built in 2002. Relative to much of the local stock, this positioning can enhance competitiveness and reduce near-term capital intensity, though investors should still plan for selective system updates as the asset approaches mid-life.
Tenure dynamics are favorable for multifamily: the neighborhood’s renter-occupied share is roughly six in ten units, indicating a sizable tenant base and demand depth for apartments. Within a 3-mile radius, modest population growth, rising household incomes, and larger average household sizes suggest a stable or expanding renter pool that can help sustain occupancy and support rent growth management over time.
Schools in the area average around the 70th national percentile, which, together with park and pharmacy access testing in the 80s nationally, adds to livability for households. Elevated home values and a high value-to-income ratio relative to national norms indicate a high-cost ownership market, which tends to keep reliance on rental housing elevated and can aid lease retention for well-managed multifamily properties.
Safety indicators trail both metro and national benchmarks. Based on WDSuite’s data, the neighborhood’s safety rank is in the lower tier among 621 San Diego metro neighborhoods and sits in a low national percentile, signaling higher reported crime relative to many U.S. neighborhoods. Recent year-over-year readings also point to an uptick in both property and violent offenses.
For investors, this warrants proactive risk management: emphasize lighting and access controls, partner with local community resources, and underwrite for security operating line items. Performance can still be durable in submarkets with strong renter demand, but sustained monitoring of trend direction is prudent.
Proximity to diversified employers supports a broad renter base and commute convenience, with representation from biotech, energy, consumer goods, and technology that can underpin leasing stability.
- Gilead Sciences — biotech (12.2 miles)
- NRG Energy — energy (18.0 miles)
- General Mills — consumer packaged goods (32.2 miles)
- Qualcomm — semiconductors (33.4 miles) — HQ
- Celgene Corporation — biotech (34.2 miles)
This 60-unit asset (built 2002) sits in a neighborhood with above-median metro standings and top-quartile occupancy, according to CRE market data from WDSuite. The combination of newer-than-average vintage versus local stock, strong amenity access, and a sizable renter-occupied share supports a case for durable absorption, renewal stability, and operational resilience.
Within a 3-mile radius, population is growing modestly and household incomes are rising, expanding the potential renter pool over time. Elevated home values and a high ownership cost context reinforce reliance on rental housing, which can translate to steadier demand and pricing power for well-managed communities. Near-term considerations include maintaining competitive finishes as the property reaches mid-life and budgeting for security enhancements given safety readings that trail metro and national norms.
- Top-quartile neighborhood occupancy supports leasing stability and renewal momentum
- 2002 vintage outcompetes older local stock, with targeted system upgrades as the asset matures
- Amenity-rich Inner Suburb location and diversified employer access bolster renter demand
- High-cost ownership market underpins rental reliance and potential pricing power
- Risk: Safety indicators below metro/national averages call for ongoing security investment and monitoring