| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 71st | Poor |
| Demographics | 81st | Best |
| Amenities | 94th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 450 Morse St, Oceanside, CA, 92054, US |
| Region / Metro | Oceanside |
| Year of Construction | 1973 |
| Units | 64 |
| Transaction Date | 2000-03-06 |
| Transaction Price | $4,600,000 |
| Buyer | MEYER RICHARD S |
| Seller | SANDPOINTE APARTMENTS OCEANSIDE L L C |
450 Morse St Oceanside Multifamily Investment
High renter-occupied concentration and a high-cost ownership market in the surrounding neighborhood support durable tenant demand, according to WDSuite’s CRE market data, while softer neighborhood occupancy suggests scope for hands-on leasing and retention strategy.
Located in Oceanside’s Urban Core, the property benefits from a neighborhood rated A+ and ranked 25 out of 621 metro neighborhoods — competitive among San Diego-Chula Vista-Carlsbad neighborhoods and comfortably above the metro median for overall livability, per WDSuite.
Daily needs and lifestyle amenities are a clear strength: grocery access, restaurants, parks, and cafes measure in the top quartile nationally (with grocery, restaurants, and parks near the very top). This depth of amenities typically supports leasing velocity and resident retention, especially for workforce and lifestyle renters.
The asset’s 1973 vintage is older than the neighborhood’s average construction year (1985). For investors, this points to capital planning and potential value-add opportunities — updates to interiors, common areas, and building systems can improve competitive positioning against newer stock and support rent trade‑outs where justified by finishes and features.
Tenure patterns are favorable for multifamily: the neighborhood shows a high share of renter-occupied housing units, indicating a deep tenant base and steady demand for apartments. Within a 3‑mile radius, recent trends show households increasing even as total population edged down, implying smaller household sizes and sustained need for rental units. Forward-looking data indicate population growth and a sizable increase in households by 2028, expanding the renter pool and supporting occupancy stability.
Ownership costs in the neighborhood are elevated relative to incomes, and median contract rents are also high. For investors, this combination tends to reinforce reliance on multifamily housing while requiring attentive lease management to navigate affordability pressure and retention. Neighborhood occupancy currently trails national norms, so thoughtful marketing, unit turns, and amenity upgrades may be important to capture available demand.
Safety metrics for the neighborhood sit below national medians, indicating relatively higher crime rates compared with many U.S. neighborhoods. That said, recent trend data show improvement: estimated property offenses declined by roughly 25.5% over the past year, and violent offense rates have also moved modestly lower. Investors typically account for these dynamics through security enhancements and resident engagement to support retention and asset performance.
The surrounding employment base mixes life sciences, energy, and technology, supporting renter demand through diverse, commute-friendly jobs for the submarket. Nearby employers include Gilead Sciences, NRG Energy, Qualcomm, and Celgene, with an additional Qualcomm headquarters presence in the broader corridor.
- Gilead Sciences — biotechnology/pharmaceuticals (4.6 miles)
- NRG Energy — energy (4.6 miles)
- Qualcomm — wireless & semiconductors (21.4 miles)
- Qualcomm — wireless & semiconductors (21.7 miles) — HQ
- Celgene Corporation — pharmaceuticals (22.1 miles)
450 Morse St offers investors exposure to an A+ rated Oceanside neighborhood with strong amenity depth, a high renter-occupied share, and proximity to diversified employers. According to CRE market data from WDSuite, the surrounding area combines elevated ownership costs with robust neighborhood amenities that support leasing and retention, while neighborhood occupancy trends warrant an active operating playbook. The 1973 vintage is earlier than the neighborhood average, creating clear value‑add potential through targeted renovations and system upgrades to enhance competitiveness against newer product.
Within a 3‑mile radius, households have increased and are projected to rise meaningfully by 2028, pointing to a larger tenant base and supportive long‑term fundamentals. Elevated home values in the area sustain reliance on rentals, though rent-to-income dynamics suggest careful pricing and renewal strategies to balance retention with revenue goals.
- A+ neighborhood with top-tier amenities supports leasing velocity and retention
- High renter-occupied share indicates deep tenant demand for multifamily
- 1973 vintage provides value-add and capital improvement upside versus newer stock
- Diverse nearby employers in life sciences, energy, and tech underpin income stability
- Risks: softer neighborhood occupancy and affordability pressure require active leasing and renewal management