| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 83rd | Best |
| Demographics | 22nd | Poor |
| Amenities | 81st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 239 W San Marcos Blvd, San Marcos, CA, 92069, US |
| Region / Metro | San Marcos |
| Year of Construction | 1978 |
| Units | 61 |
| Transaction Date | 2021-03-18 |
| Transaction Price | $15,500,000 |
| Buyer | PROVIDENCE II MEADOWLARK APARTMENTS LLC |
| Seller | LOCKHART KATHLEEN |
239 W San Marcos Blvd, San Marcos CA Multifamily
Neighborhood fundamentals point to durable renter demand and steady occupancy, according to WDSuite’s CRE market data. Proximity to daily-needs retail and a high renter-occupied share support leasing resilience for a 61-unit asset.
The property sits along San Marcos Blvd with strong daily-needs coverage: the neighborhood scores at the top of the metro for grocery access and is also well supplied with restaurants and parks (both near the top nationally), while cafes and pharmacies are thin nearby. For investors, that mix supports convenience-driven retention without relying on destination retail.
Neighborhood occupancy is above the national midpoint, and the area’s net operating income per unit benchmarks competitively among San Diego–Chula Vista–Carlsbad neighborhoods. Median contract rents in the neighborhood index in the upper tiers nationally, signaling pricing power consistent with a high-cost ownership market.
The renter-occupied share of housing units in this neighborhood is exceptionally high, indicating a deep tenant base and broader demand for multifamily. Median home values trend well above national norms with a high value-to-income ratio, which typically sustains renter reliance on multifamily housing and can support lease retention and renewal pricing.
Within a 3-mile radius, demographics show population growth and a rising household count, alongside higher incomes over the last five years. Forward-looking projections call for additional population and household gains by 2028, translating to a larger tenant base and support for occupancy stability and absorption.
Safety indicators compare as competitive among San Diego–Chula Vista–Carlsbad neighborhoods (ranked 246 out of 621), though the area sits below the national median for safety. Recent trends are directionally improving, with estimated year-over-year declines in both property and violent offenses, which can help stabilize resident retention.
Nearby corporate offices create a diversified employment base that supports renter demand and commute convenience, led by energy, biopharma, foodservice distribution, semiconductors, and biotech employers listed below.
- NRG Energy — energy (8.7 miles)
- Gilead Sciences — biopharma (8.9 miles)
- Sysco — foodservice distribution (15.4 miles)
- Qualcomm — semiconductors (16.8 miles) — HQ
- Celgene Corporation — biotech (17.8 miles)
Built in 1977, the asset is older than the neighborhood’s average vintage, pointing to potential value-add and systems modernization opportunities. Strong neighborhood renter demand, above-median occupancy, and a high-cost ownership backdrop support pricing power and leasing durability, based on CRE market data from WDSuite.
Daily-needs amenities are extensive and employment access is broad, reinforcing retention. Key watch items include safety metrics that trail national norms and rent-to-income levels that warrant attentive lease management. Overall, the combination of renter depth, amenity coverage, and value-add potential creates a clear, long-term multifamily thesis in San Marcos.
- Renter depth: very high renter-occupied share supports a broad tenant base and steady absorption.
- Pricing power: neighborhood rents benchmark in the upper national tiers within a high-cost ownership market.
- Convenience advantage: top-tier grocery, restaurant, and park access reinforces day-to-day livability and renewal odds.
- Value-add angle: 1977 vintage suggests renovation and systems upgrades could enhance competitiveness.
- Risks: safety ranks below national averages and rent-to-income pressures require disciplined leasing and retention management.