| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 83rd | Best |
| Demographics | 34th | Poor |
| Amenities | 54th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 228 Las Flores Dr, San Marcos, CA, 92069, US |
| Region / Metro | San Marcos |
| Year of Construction | 1979 |
| Units | 22 |
| Transaction Date | 2021-07-09 |
| Transaction Price | $6,820,000 |
| Buyer | FLORES 22 LLC |
| Seller | CARV PROPERTIES LLC |
228 Las Flores Dr San Marcos Multifamily Investment
This 22-unit property benefits from neighborhood-level full occupancy and strong rental demand fundamentals in San Diego County's inner suburb market.
This inner suburb neighborhood in San Diego County demonstrates solid fundamentals for multifamily investors, with neighborhood-level occupancy at 100% and renter-occupied units comprising 48.5% of total housing stock. The area ranks in the top quartile nationally for housing metrics among 621 metro neighborhoods, supported by a median household income of $84,736 within the 3-mile radius demographic area.
Built in 1975, this property aligns with the neighborhood's average construction year of 1977, indicating consistent building stock that may present value-add renovation opportunities for investors focused on capital improvements. The neighborhood's net operating income per unit averages $9,553, ranking in the top quartile among metro neighborhoods and reflecting strong rental performance relative to the broader San Diego market.
Demographic projections within the 3-mile radius show household growth from 25,366 to 35,408 households by 2028, representing a 39.6% increase that supports expanding rental demand. Median household income is forecast to rise from $98,287 to $148,755, while contract rents are projected to increase from $2,133 to $3,001, indicating strengthening affordability dynamics for the rental market.
The neighborhood offers moderate amenity density with 1.07 grocery stores per square mile and 2.14 childcare facilities per square mile, ranking in the 93rd percentile nationally for childcare access. Restaurant density of 3.21 per square mile supports tenant lifestyle preferences, though cafe and pharmacy access is limited within the immediate area.
Safety metrics show mixed trends that warrant investor attention. Property crime rates of 1,299 per 100,000 residents rank 283rd among 621 metro neighborhoods, placing the area in the middle tier. However, recent trends indicate improvement, with property crime declining 27.6% year-over-year, ranking in the 71st percentile nationally for crime reduction.
Violent crime rates of 284 per 100,000 residents rank 353rd among metro neighborhoods, though these rates have also declined significantly by 37.1% year-over-year, ranking in the 79th percentile nationally for violent crime improvement. These downward crime trends may support tenant retention and property values over time.
The property benefits from proximity to major corporate employers in the San Diego biotechnology and technology corridor, providing workforce housing opportunities for professionals in high-growth industries.
- Gilead Sciences — biotechnology (6.6 miles)
- NRG Energy — energy services (6.9 miles)
- Qualcomm — technology headquarters (17.7 miles) — HQ
- Celgene Corporation — pharmaceutical (18.6 miles)
This 22-unit property presents a compelling investment opportunity anchored by neighborhood-level full occupancy and strong rental market fundamentals. According to CRE market data from WDSuite, the area demonstrates above-average performance in key housing metrics, ranking in the top quartile among 621 metro neighborhoods. The 1975 construction year offers potential value-add opportunities through strategic capital improvements and unit upgrades.
Demographic growth projections support long-term rental demand, with household formation increasing 39.6% by 2028 within the 3-mile radius. Rising income levels and projected rent growth from $2,133 to $3,001 indicate strengthening market dynamics, while proximity to major biotechnology and technology employers provides workforce housing demand from high-income professionals.
- Full neighborhood occupancy and strong rental demand fundamentals
- Top quartile housing performance among 621 metro neighborhoods
- 39.6% household growth projected by 2028 supports expanding tenant base
- Value-add potential through renovation of 1975-vintage units
- Risk: Middle-tier crime rankings require ongoing monitoring and security considerations