| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Good |
| Demographics | 30th | Poor |
| Amenities | 14th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3970 Waring Rd, Oceanside, CA, 92056, US |
| Region / Metro | Oceanside |
| Year of Construction | 1979 |
| Units | 29 |
| Transaction Date | 2016-08-22 |
| Transaction Price | $10,505,000 |
| Buyer | BOLTON JOHN DARCY |
| Seller | WALLACE EDWIN HOWARD |
3970 Waring Rd Oceanside Multifamily Investment
Neighborhood occupancy is strong at 98.1%, supporting steady leasing and retention potential, according to CRE market data from WDSuite. With high ownership costs in North San Diego County, this location positions a 29-unit asset to capture durable renter demand.
Located in Oceanside within the San Diego–Chula Vista–Carlsbad metro, the property benefits from a high neighborhood occupancy environment (98.1%), which ranks 131 out of 621 metro neighborhoods—Top quartile among San Diego neighborhoods. Based on CRE market data from WDSuite, median contract rents in the neighborhood sit at $1,928 and are high relative to the nation (90th percentile), signaling pricing power when paired with prudent lease management and product differentiation.
The area’s ownership market is high-cost (median home value around $611K; 90th percentile nationally), which tends to reinforce reliance on multifamily rentals and can support retention where rent-to-income remains manageable. The neighborhood’s rent-to-income ratio is 0.25, suggesting affordability pressure is comparatively lower than many coastal submarkets and may aid renewal performance. Renter-occupied housing represents about 31% of units locally, indicating a moderate renter concentration and a defined tenant base for a 29-unit community.
Livability signals are mixed. Restaurant density is competitive (84th percentile nationally), while other everyday amenities (grocery, cafes, parks, pharmacies) register below the metro median (amenity rank 513 of 621). For investors, this argues for emphasizing on-site conveniences and service quality to offset limited walk-to options and to sustain absorption and renewals.
Within a 3-mile radius, demographics show a larger tenant pool over time: population increased about 5.9% since the former period, and households grew roughly 6.8%, with further household growth projected through 2028. Income levels are solid (median household income near $100K today with gains forecast), which supports depth of demand for well-managed workforce and market-rate units. The property’s 1979 vintage is slightly older than the neighborhood’s average build year (1976), pointing to targeted capital planning and value-add opportunities—particularly in interiors and building systems—to remain competitive against newer stock.
Safety indicators are mixed relative to metro and national benchmarks. The neighborhood’s overall crime rank is 286 out of 621 metro neighborhoods—around the metro median—while national percentiles indicate below-average safety (violent offense rate around the 13th percentile and property offenses near the 22nd percentile nationwide). Recent trends are divergent: estimated property offenses declined year over year (approximately -18.7%), while estimated violent offenses increased (about +29.7%). For investors, this suggests monitoring local enforcement and community initiatives, applying prudent security measures, and aligning operating practices with resident expectations.
Employment access is diversified, with nearby life sciences, energy, technology, and distribution employers that support renter demand and commute convenience for a workforce-oriented property. Notable nearby employers include Gilead Sciences, NRG Energy, Qualcomm, Celgene, and Sysco.
- Gilead Sciences — biopharma (1.4 miles)
- NRG Energy — power & utilities (4.6 miles)
- Qualcomm — communications technology (20.8 miles) — HQ
- Celgene Corporation — biopharma (21.4 miles)
- Sysco — food distribution (22.1 miles)
3970 Waring Rd offers exposure to Oceanside’s high-occupancy rental environment with pricing supported by a high-cost ownership market. According to CRE market data from WDSuite, neighborhood occupancy ranks in the top quartile within the metro, and local rents benchmark high nationally, reinforcing the case for steady demand when paired with disciplined leasing and operations. Within a 3-mile radius, household and population growth—alongside strong income gains—expand the tenant base, supporting occupancy stability and potential rent performance.
Built in 1979, the property presents value-add and capital planning opportunities to compete against newer stock, particularly through targeted interior upgrades and system modernization. Amenity access is uneven and safety percentiles are below national medians, so on-site experience and prudent risk management should be central to the business plan.
- High neighborhood occupancy and strong rent benchmarks support income durability
- High-cost ownership market underpins multifamily demand and renewal potential
- 3-mile renter pool expansion with rising incomes supports leasing and pricing power
- 1979 vintage offers targeted value-add potential via interior and system updates
- Risks: uneven amenity access and below-median safety metrics require active management