| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 85th | Best |
| Demographics | 25th | Poor |
| Amenities | 63rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1973 Apple St, Oceanside, CA, 92054, US |
| Region / Metro | Oceanside |
| Year of Construction | 1973 |
| Units | 42 |
| Transaction Date | 2017-03-06 |
| Transaction Price | $6,075,000 |
| Buyer | MANZANA LLC |
| Seller | LEN SAGINAW LLC |
1973 Apple St Oceanside Value-Add Multifamily
High renter concentration and solid neighborhood occupancy suggest durable tenant demand in a high-cost ownership market, according to WDSuite’s CRE market data.
Located in Oceanside within the San Diego-Chula Vista-Carlsbad metro, the property sits in an Urban Core neighborhood rated B-. Neighborhood occupancy is strong at the area level, with only modest slippage over the past five years, supporting income stability for well-managed assets. Renter-occupied housing accounts for a very high share of units in the neighborhood, indicating a deep tenant base for multifamily leasing.
Amenities skew favorable for daily needs: restaurants and groceries score well above national norms, and pharmacy access is also strong. Within the metro, overall amenity access is competitive among San Diego-Chula Vista-Carlsbad neighborhoods (rank 150 of 621), though parks and cafes are comparatively limited nearby. For investors, the amenity mix supports retention and leasing velocity, particularly for workforce-oriented renters.
Home values in the neighborhood are elevated versus national benchmarks, reinforcing reliance on rental housing and helping sustain demand depth for apartments. Median asking rents trend above national levels, which aligns with the local income profile and positioning within the metro. The neighborhood’s NOI per unit trends above national norms as well, underscoring the potential for durable operating income where assets are kept competitive.
Demographic statistics are aggregated within a 3-mile radius. Recent years show a small population dip but a slight increase in households, implying smaller household sizes. Forward-looking data points to modest population growth and a notable increase in households over the next five years, which supports a larger tenant base and occupancy stability for well-located multifamily assets.
Vintage and asset positioning: Built in 1973, the property predates the neighborhood’s average construction year (1985). This typically warrants capital planning for systems and common areas, but also creates value-add and repositioning opportunities to enhance competitiveness against newer stock.
Safety indicators for the neighborhood are mixed relative to national benchmarks. The area ranks 262 out of 621 metro neighborhoods on crime, placing it below the metro median and below the national average for safety; however, estimated property crime has declined by roughly 19% year over year, indicating recent improvement in trend.
For underwriting, a balanced framing is appropriate: current conditions are not among the safer areas nationally, yet the downward movement in property crime can support perception and leasing if sustained. As with any Urban Core location, investors may consider enhanced on-site management, lighting, and access controls to support tenant retention and asset performance over time.
Proximity to regional employers supports renter demand through commute convenience and a broad professional base. Nearby anchors include biotech, energy, wireless & semiconductors, and foodservice distribution.
- Gilead Sciences — biotech/pharma (3.6 miles)
- NRG Energy — energy (5.3 miles)
- Qualcomm — wireless & semiconductors (22.6 miles) — HQ
- Celgene Corporation — biopharma (23.0 miles)
- Sysco — foodservice distribution (25.0 miles)
The investment case centers on durable renter demand in an Urban Core pocket with solid neighborhood occupancy and a very high share of renter-occupied housing. Elevated ownership costs locally help sustain reliance on multifamily, while neighborhood NOI per unit trends above national norms, indicating support for income performance where assets remain competitive. Based on CRE market data from WDSuite, the area’s amenity mix favors daily needs and dining, reinforcing retention potential.
The 1973 vintage suggests immediate value-add and systems-capex planning may unlock relative competitiveness versus newer stock. Demographic data within a 3-mile radius points to modest population growth and a larger household base in the coming years, which supports tenant pool expansion and occupancy stability. Pricing power should be managed alongside affordability pressure, with lease management and amenity upgrades used to support retention.
- High renter-occupied share supports deep multifamily demand and stable leasing
- Elevated ownership costs reinforce rental reliance and retention potential
- 1973 vintage offers value-add and modernization upside to compete with newer assets
- Amenity access (dining, groceries, pharmacies) supports tenant satisfaction and lease renewals
- Risks: below-average safety metrics and affordability pressure require proactive management and underwriting discipline