| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 85th | Best |
| Demographics | 57th | Fair |
| Amenities | 44th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3869 Sherbourne Dr, Oceanside, CA, 92056, US |
| Region / Metro | Oceanside |
| Year of Construction | 1975 |
| Units | 72 |
| Transaction Date | 2022-02-08 |
| Transaction Price | $97,500,000 |
| Buyer | RTH SUNTERRA LLC |
| Seller | OCEANSIDE OWNER LLC |
3869 Sherbourne Dr Oceanside Multifamily Investment
Neighborhood fundamentals point to durable renter demand and high occupancy, according to WDSuite’s CRE market data. The location benefits from Inner Suburb stability in North County San Diego with favorable housing dynamics for sustained leasing performance.
Positioned in Oceanside’s Inner Suburb of the San Diego metro, the property is supported by strong neighborhood occupancy and housing performance. Occupancy trends sit in the top quartile among 621 metro neighborhoods and in the top quartile nationally, signaling a tight leasing environment that can support rent collections and retention.
Daily convenience is competitive for the metro: overall amenities are above the metro median (ranked relative to 621 neighborhoods), with restaurants and grocery access performing in the 90th-percentile range nationally. Park access also tracks in the high national percentiles, while cafes and pharmacies are less dense locally. For schools, the average rating sits modestly above national norms, offering a balanced family appeal without premium pricing signals.
Tenure patterns indicate a meaningful renter concentration in the neighborhood, providing depth to the tenant base and supporting demand stability for a 72-unit asset. Median home values trend high for the region, which typically sustains reliance on multifamily housing and can reinforce pricing power when managed carefully.
Within a 3-mile radius, demographics show recent population and household growth with households projected to continue increasing over the next five years. This points to a larger tenant base and supports occupancy stability. Median and mean household incomes have risen, and rent levels in the area trend above national benchmarks; operators should monitor rent-to-income dynamics to balance renewal outcomes with revenue growth. Vintage matters here: the property was built in 1975, older than the neighborhood’s average 1990 construction, which presents classic value-add and capital planning opportunities to strengthen competitiveness against newer stock.
Safety indicators are mixed and should be underwritten conservatively. The neighborhood’s safety profile sits below the national median, and relative to the San Diego metro the area trends above the metro average for crime. That said, recent data shows a notable year-over-year decline in property offenses, an encouraging directional improvement that investors can track alongside on-site security and operational practices.
Nearby employers in life sciences, energy, technology, and distribution expand the commuter pool and help underpin renter demand and retention for workforce and professional households. Notable names include Gilead Sciences, NRG Energy, Qualcomm, Celgene, and Sysco.
- Gilead Sciences — biopharma (0.8 miles)
- NRG Energy — energy (5.1 miles)
- Qualcomm — wireless & semiconductors (21.4 miles) — HQ
- Celgene Corporation — biotech (22.0 miles)
- Sysco — foodservice distribution (22.7 miles)
This 72-unit, 1975-vintage asset in Oceanside is positioned in a tight North County San Diego rental market, with neighborhood occupancy performing in the top quartile locally and nationally. High ownership costs in the area tend to sustain reliance on multifamily housing, supporting demand depth and lease retention. According to commercial real estate analysis from WDSuite, amenity access for groceries, restaurants, and parks is strong by national standards, reinforcing livability without depending on a downtown core.
Investor focus centers on stable renter demand, operational discipline around rent-to-income, and a clear value-add path given the property’s older vintage relative to the neighborhood’s 1990 average. Within a 3-mile radius, population and household growth — with further household expansion projected — suggest a steadily expanding renter pool to support occupancy and future leasing.
- Tight neighborhood occupancy and strong leasing fundamentals support collections and renewal performance.
- High-cost ownership market reinforces renter reliance on multifamily, aiding pricing power and lease-up.
- 1975 vintage provides value-add and capital planning levers to compete with newer stock.
- 3-mile demographics point to continued household growth, supporting tenant base expansion.
- Risks: safety trends below national median and older systems require ongoing CapEx oversight.