| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 75th | Fair |
| Demographics | 47th | Fair |
| Amenities | 78th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 501 S Cleveland St, Oceanside, CA, 92054, US |
| Region / Metro | Oceanside |
| Year of Construction | 1992 |
| Units | 32 |
| Transaction Date | 2022-07-29 |
| Transaction Price | $1,032,000 |
| Buyer | SANDAGE FAMILY TRUST |
| Seller | GRETLER FAMILY TRUST |
501 S Cleveland St Oceanside Multifamily Investment
This 32-unit property built in 1990 benefits from strong renter demand in a market where 58% of housing units are renter-occupied, well above national averages. CRE market data from WDSuite shows neighborhood-level NOI per unit averaging $9,414, positioning in the top quartile among San Diego metro neighborhoods.
This Oceanside neighborhood demonstrates solid fundamentals for multifamily investors, with 58% of housing units renter-occupied compared to national averages, indicating sustained rental demand. The area ranks in the top quartile nationally for rental share at the 93rd percentile, supporting stable occupancy potential.
Built in 1990, this property aligns with the neighborhood's average construction year of 1979, suggesting consistent building stock without immediate capital expenditure pressures. Median contract rents of $1,710 rank 452nd among 621 San Diego metro neighborhoods while maintaining the 85th percentile nationally, reflecting competitive but not premium pricing.
Demographics within a 3-mile radius show a population of approximately 47,900 residents with median household income of $82,020. Forward projections indicate household growth of 42.7% through 2028, expanding the potential renter pool. The neighborhood's urban core designation supports walkability, with grocery stores at 4.9 per square mile ranking in the 95th percentile nationally.
Home values averaging $1.02 million create elevated ownership costs that can reinforce rental demand, though investors should monitor affordability pressures given current rent-to-income ratios. The area maintains above-average amenity density with restaurants at 21.2 per square mile, supporting tenant retention through convenience and lifestyle appeal.
Property crime rates in this neighborhood rank 394th among 621 San Diego metro neighborhoods, placing it near the metro median. More encouragingly, property crime has declined 17.2% year-over-year, ranking in the 60th percentile nationally for improvement trends.
Violent crime rates show similar positioning at 417th among metro neighborhoods, though the area has experienced a 26.5% decline in violent offenses over the past year, ranking in the 73rd percentile nationally for crime reduction. These improving trends suggest positive momentum in neighborhood safety metrics relevant to tenant retention and leasing appeal.
The Oceanside area benefits from proximity to major corporate employers, with biotechnology and energy companies providing stable employment within commuting distance.
- Gilead Sciences — biotechnology (4.9 miles)
- Nrg Energy — energy services (5.6 miles)
- Qualcomm — technology HQ (22.7 miles)
- Celgene Corporation — pharmaceuticals (23.0 miles)
This 32-unit Oceanside property presents a compelling value-add opportunity in a neighborhood with strong rental fundamentals. According to commercial real estate analysis, the area's 58% renter occupancy rate significantly exceeds national averages, while projected household growth of 42.7% through 2028 should expand the tenant base. The 1990 construction vintage aligns with neighborhood norms, suggesting minimal near-term capital pressure while offering potential renovation upside.
Neighborhood-level NOI averaging $9,414 per unit ranks in the top quartile among San Diego metro properties, while declining crime trends and strong amenity density support tenant retention. High home values reinforce rental demand by maintaining elevated ownership costs, though investors should monitor rent-to-income pressures and occupancy trends given current neighborhood vacancy rates.
- Strong rental market with 58% renter occupancy well above national averages
- Projected 42.7% household growth through 2028 expanding tenant pool
- Top quartile NOI performance among San Diego metro neighborhoods
- Improving safety trends with 17.2% decline in property crime
- Risk: Current occupancy rates below metro averages require active leasing management