| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 76th | Fair |
| Demographics | 65th | Good |
| Amenities | 38th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 445 Garrison St, Oceanside, CA, 92054, US |
| Region / Metro | Oceanside |
| Year of Construction | 1978 |
| Units | 46 |
| Transaction Date | 2024-09-16 |
| Transaction Price | $13,600,000 |
| Buyer | 11 MENDRIDGE LLC |
| Seller | OCEANSIDE EP LLC |
445 Garrison St, Oceanside CA Multifamily Investment
Neighborhood occupancy has held in a stable range and renter demand is supported by a majority renter-occupied housing mix, according to WDSuite s CRE market data. For investors, the combination points to steady leasing fundamentals in an inner-suburb location of North County San Diego.
Situated in Oceanside s inner-suburban fabric of the San Diego metro, the neighborhood carries a B rating and ranks above the metro median (280 of 621 neighborhoods), indicating broadly competitive fundamentals for workforce-oriented assets. Neighborhood occupancy is about 95.7% and tracks in the top quartile nationally, which supports expectations for leasing stability at comparable multifamily properties in the area.
Local amenity coverage skews practical more than lifestyle: grocery access rates well versus national norms, while cafes, parks, and pharmacies are thinner. This mix aligns with daily-needs convenience but suggests fewer destination amenities within immediate blocks, a factor to weigh when positioning for retention and renewal strategies.
The area exhibits a high-cost ownership market relative to national benchmarks, with elevated home values that tend to reinforce renter reliance on multifamily housing and can support pricing power when managed carefully. Median asking rents in the neighborhood sit well above national levels, and the rent-to-income profile indicates some affordability pressure, implying a need for disciplined lease management and value delivery to sustain renewal rates.
Tenure patterns show a strong renter-occupied share at the neighborhood level (roughly mid-50s percent), indicating a deep tenant base for multifamily demand. Within a 3-mile radius, demographics show households have inched up recently despite flat population trends, and projections point to household growth by 2028 renter pool expansion that typically supports occupancy stability and leasing velocity. Income distributions are also shifting toward higher brackets in the 3-mile area, which can widen the pool for renovated units and moderated premium positioning.
Safety indicators for the neighborhood trend below both metro and national averages, with ranks placing it under the metro median and national percentiles indicating comparatively higher reported crime than many U.S. neighborhoods. For investors, this suggests closer attention to property-level security, lighting, and resident experience programs to support retention and mitigate perception risk.
Year-over-year estimates indicate a recent uptick in both violent and property offenses at the neighborhood level. While block-by-block conditions vary, underwriting should incorporate conservative assumptions and potential operating costs for security measures, while monitoring city and precinct trends for directional change.
Proximity to biotech, energy, and technology employers underpins a broad commuter tenant base, supporting demand for workforce and mid-market rentals. Key nearby employers include Gilead Sciences, NRG Energy, Qualcomm, Celgene, and Sysco.
- Gilead Sciences biotech offices (2.5 miles)
- NRG Energy energy services (5.6 miles)
- Qualcomm wireless & semiconductors (22.7 miles) HQ
- Celgene Corporation biotech offices (23.2 miles)
- Sysco foodservice distribution (24.8 miles)
445 Garrison St is a 46-unit asset in an inner-suburb Oceanside neighborhood that ranks above the metro median and posts neighborhood occupancy near the top quartile nationally. According to CRE market data from WDSuite, the area s majority renter-occupied housing mix and high-cost ownership landscape reinforce depth of demand for multifamily, while daily-needs amenities are accessible even as lifestyle amenities are thinner within immediate proximity.
Built in 1978, the property s vintage suggests potential value-add through targeted renovations and systems upgrades, paired with capital planning to address aging components. Within a 3-mile radius, households are expected to grow into 2028, supporting a larger tenant base; at the same time, neighborhood rent-to-income levels warrant careful renewal pricing and amenity positioning to balance occupancy and revenue goals.
- Above-median metro positioning with neighborhood occupancy tracking in the top quartile nationally
- Majority renter-occupied neighborhood and high-cost ownership market bolster multifamily demand depth
- 1978 vintage offers value-add potential via interior updates and building systems modernization
- 3-mile radius projections indicate growth in households, supporting tenant base expansion and leasing stability
- Risks: safety metrics below national averages and rent-to-income pressure require conservative underwriting and resident retention focus