| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Good |
| Demographics | 48th | Fair |
| Amenities | 34th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1606 Montecito Rd, Ramona, CA, 92065, US |
| Region / Metro | Ramona |
| Year of Construction | 1980 |
| Units | 28 |
| Transaction Date | 2014-05-05 |
| Transaction Price | $2,581,000 |
| Buyer | STERLING DAVID M |
| Seller | CGI 1 LP |
1606 Montecito Rd Ramona 28-Unit Multifamily Opportunity
Neighborhood occupancy remains competitive among San Diego–Chula Vista–Carlsbad submarket peers and in the top quintile nationally, supporting stable leasing dynamics according to WDSuite’s CRE market data. Elevated ownership costs in Ramona sustain renter reliance on multifamily, reinforcing retention potential.
This suburban Ramona location offers steady renter demand signals despite a predominantly owner-occupied landscape. The neighborhood s renter-occupied share is measured at the neighborhood level and indicates a smaller but reliable tenant base, while overall occupancy is competitive among 621 San Diego metro neighborhoods and sits in the top quintile nationally, based on CRE market data from WDSuite. Elevated home values (high-cost ownership market) help sustain rental demand and can aid lease retention.
Amenity density is mixed: grocery and restaurant access tracks near the metro middle, but parks, cafes, and childcare are comparatively sparse. For investors, this suggests residents prioritize space and commute patterns over walkable retail, with leasing supported by essential services rather than destination amenities. Neighborhood NOI per unit trends rank above many metro peers, indicating that operators locally have achieved solid income performance relative to costs.
Vintage matters. Built in 1978, the property is older than the neighborhood s average construction year, pointing to potential capital expenditure needs alongside value-add or modernization upside. Updating interiors and building systems may improve competitive positioning against 1980s and newer stock.
Demographic statistics aggregated within a 3-mile radius show a modest historical dip in population but growth in household counts, with smaller average household sizes expected going forward. This combination typically expands the renter pool and supports occupancy stability. Median renter costs relative to income are manageable at the neighborhood level, which can support pricing power without materially elevating lease management risk.
Safety indicators are mixed when viewed against both metro and national benchmarks. The neighborhood s crime rank is 160 out of 621 metro neighborhoods, placing it below the metro median. Nationally, overall safety measures sit below average percentiles, while recent year-over-year data show property offenses trending down, an improvement that is stronger than many areas nationwide. Investors should underwrite with standard precautions and focus on property-level security and lighting to support retention.
Proximity to regional employers supports a commuter renter base and can aid leasing stability. Nearby nodes include Sysco, Qualcomm, L-3 Telemetry & RF Products, and Celgene Corporation, offering diversified roles across distribution, technology, aerospace, and life sciences.
- Sysco distribution (12.3 miles)
- Qualcomm technology (20.5 miles)
- Qualcomm technology (20.8 miles) HQ
- L-3 Telemetry & RF Products defense & aerospace offices (21.1 miles)
- Celgene Corporation life sciences (22.1 miles)
1606 Montecito Rd offers a 28-unit footprint in a suburban Ramona neighborhood where occupancy performance is competitive among 621 San Diego metro neighborhoods and in the top quintile nationally. Elevated home values point to a high-cost ownership market that reinforces renter reliance on multifamily housing and can support lease retention. According to CRE market data from WDSuite, neighborhood NOI per unit trends sit above many local peers, aligning with stable income characteristics.
The asset s 1978 vintage signals potential for targeted renovations and system upgrades to enhance positioning against 1980s-and-newer product. Within a 3-mile radius, households have been rising and are projected to increase further while household sizes edge down, a combination that typically expands the tenant base and supports occupancy stability. Amenity density is moderate, with essential retail accessible, suggesting demand leans on commute convenience and neighborhood services rather than walkability.
- Competitive neighborhood occupancy with top-quintile national standing supports leasing stability
- High-cost ownership market sustains renter demand and aids retention
- 1978 vintage offers value-add potential via interior and system upgrades
- 3-mile household growth and smaller household sizes expand the renter pool over time
- Risks: below-median metro safety rankings and limited amenity density warrant prudent asset management