| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Good |
| Demographics | 30th | Poor |
| Amenities | 14th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3964 Waring Rd, Oceanside, CA, 92056, US |
| Region / Metro | Oceanside |
| Year of Construction | 1980 |
| Units | 33 |
| Transaction Date | 2018-01-19 |
| Transaction Price | $15,800,000 |
| Buyer | DE ANZA PLAZA APARTMENTS LLC |
| Seller | JOHN DARCY BOLTON LIVING TRUST |
3964 Waring Rd Oceanside Multifamily Investment
This 33-unit property built in 1980 operates in a neighborhood with 98.1% occupancy rates and strong rental demand fundamentals. CRE market data from WDSuite indicates the area maintains above-average tenant retention despite moderate amenity density.
The property sits in an Urban Core neighborhood ranking 586th among 621 San Diego metro neighborhoods, with demographic statistics aggregated within a 3-mile radius showing a population of approximately 107,500 residents. The area maintains 98.1% occupancy rates, ranking in the top quartile nationally and indicating strong rental market fundamentals. With 31% of housing units renter-occupied, the neighborhood provides a solid tenant base for multifamily properties.
Built in 1980, this property aligns with the neighborhood's average construction year of 1976, suggesting potential value-add opportunities through strategic renovations and modernization. Median contract rents of $1,928 position the area competitively within the San Diego market, while rent-to-income ratios of 0.25 indicate manageable affordability for tenants. The neighborhood's median household income of $91,171 supports rental demand, though education levels remain below regional averages with only 9.5% holding bachelor's degrees.
Demographic projections show household growth of 29.6% over the next five years, expanding the potential renter pool significantly. Median household income is forecast to increase 27.3% to $126,596 by 2028, while contract rents are projected to rise 42.7% to $3,222, indicating strong rental pricing power. Home values at $611,312 median help sustain rental demand by keeping ownership costs elevated relative to renting options.
The neighborhood shows limited amenity density with minimal grocery stores, cafes, and parks per square mile, though restaurant density of 6.19 per square mile ranks in the 84th percentile nationally. This mixed amenity profile may impact tenant retention and requires consideration in leasing strategies and property positioning.
The neighborhood's crime profile shows property offense rates of 1,049 per 100,000 residents, ranking 222nd among 621 San Diego metro neighborhoods and placing it in the 22nd percentile nationally. Property crime rates declined 18.7% over the past year, indicating improving conditions that support tenant retention and property values.
Violent crime rates of 369 per 100,000 residents rank 414th among metro neighborhoods, placing the area in the 13th percentile nationally. While violent crime increased 29.7% year-over-year, investors should monitor these trends and consider their impact on tenant turnover and insurance costs. The overall crime rank of 286th among 621 neighborhoods reflects moderate safety conditions relative to the broader San Diego market.
The property benefits from proximity to major corporate employers, with biotechnology and energy companies providing workforce housing demand within commuting distance.
- Gilead Sciences — biotechnology (1.4 miles)
- Nrg Energy — energy services (4.5 miles)
- Qualcomm — technology HQ (20.8 miles)
- Celgene Corporation — biotechnology (21.4 miles)
- Sysco — food distribution (22.2 miles)
This 33-unit property built in 1980 presents a compelling value-add opportunity in a neighborhood demonstrating strong rental fundamentals. According to commercial real estate analysis from WDSuite, the area maintains 98.1% occupancy rates ranking in the top quartile nationally, while projected household growth of 29.6% over five years supports expanding tenant demand. The 1980 construction year aligns with neighborhood norms and creates renovation upside potential to capture projected rent growth of 42.7% through 2028.
Demographic trends favor multifamily investment with median household income projected to increase 27.3% to $126,596, supporting rent growth while maintaining affordability ratios. The Urban Core location provides workforce housing for nearby biotechnology and energy employers, including Gilead Sciences at 1.4 miles. However, investors should consider the neighborhood's limited amenity density and monitor crime trends that could impact tenant retention strategies.
- Top quartile occupancy rates at 98.1% demonstrate strong rental demand fundamentals
- Household growth of 29.6% projected through 2028 expands potential tenant base
- 1980 construction year creates value-add renovation opportunities
- Proximity to major employers including Gilead Sciences supports workforce housing demand
- Limited amenity density and crime trends require active management and positioning strategies