| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 83rd | Best |
| Demographics | 34th | Poor |
| Amenities | 54th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 240 Las Flores Dr, San Marcos, CA, 92069, US |
| Region / Metro | San Marcos |
| Year of Construction | 1986 |
| Units | 60 |
| Transaction Date | --- |
| Transaction Price | $2,951,600 |
| Buyer | WOODSPEAR VISTA NO 88 LTD |
| Seller | --- |
240 Las Flores Dr San Marcos Multifamily Opportunity
Neighborhood multifamily occupancy is at the top of the metro, supporting leasing stability according to WDSuite s CRE market data. This inner-suburb location in San Marcos offers durable renter demand with balanced amenities and access to regional job centers.
Located in an inner-suburb pocket of San Marcos within the San Diego-Chula Vista-Carlsbad metro, the neighborhood shows solid fundamentals for multifamily. Neighborhood occupancy ranks first among 621 metro neighborhoods, indicating strong renter demand and minimal downtime risk at the area level (neighborhood metric, not property-specific). Housing indicators are above the metro median (rank 113 of 621), and overall amenity access is competitive among San Diego neighborhoods (rank 228 of 621), according to CRE market data from WDSuite.
Amenity mix skews practical for households: parks access trends in the top quartile nationally, grocery and restaurant density sit above national midpoints, and childcare access is particularly strong (national percentile near the top decile). School quality averages below national benchmarks (2.0 out of 5 on average; national percentile 37), which may influence unit-mix positioning toward working adults and smaller households rather than family-heavy strategies.
Tenure data points to a deep renter base: an estimated 48.5% of housing units are renter-occupied (national percentile 87), signaling breadth in the tenant pool and supporting steady absorption. The area s median home value (national percentile ~90) reflects a high-cost ownership market, which typically sustains renter reliance on multifamily housing and can reinforce pricing power for well-managed assets.
Within a 3-mile radius, recent demographic readings show a modest pullback in population and households alongside smaller average household sizes, but five-year projections indicate a return to growth with increases in both population and households. For investors, that combination suggests a larger tenant base over time and supports occupancy stability, while shifting household composition may favor efficient floor plans. Rent-to-income levels at the neighborhood level imply some affordability pressure (ratio reported at 0.28), making disciplined lease management and amenity differentiation important for retention.
Safety indicators are mixed when viewed against national benchmarks. Neighborhood-level violent and property offense rates sit below the national safety percentile midpoints (i.e., less favorable), but both have improved meaningfully year over year, with double-digit declines indicating a constructive trend. These figures describe the broader neighborhood context rather than the property itself.
Relative to the San Diego metro, the neighborhood lands closer to the higher-incident side of the spectrum, while recent improvements suggest conditions are trending in a better direction. Investors may account for reputation effects in underwriting while recognizing that trajectory matters for tenant retention and leasing velocity.
Proximity to life sciences, energy, and corporate operations underpins commuter demand and supports renter retention for workforce-oriented properties. Nearby employers include Gilead Sciences, NRG Energy, Qualcomm, Celgene, and Sempra Energy.
- Gilead Sciences life sciences (6.6 miles)
- NRG Energy energy (6.9 miles)
- Qualcomm technology & corporate offices (17.7 miles) HQ
- Celgene Corporation life sciences (18.6 miles)
- Sempra Energy utilities & corporate offices (30.0 miles) HQ
240 Las Flores Dr is a 60-unit, 1986-vintage asset in an inner-suburb San Marcos neighborhood where area occupancy ranks first among 621 metro neighborhoods, a constructive signal for lease-up and retention at the neighborhood level. Relative to the neighborhood s older average construction year, 1986 positioning can be competitive versus legacy stock while still offering room for targeted modernization to enhance rentability. According to CRE market data from WDSuite, the surrounding area reflects a high-cost ownership market with elevated home values, which typically sustains multifamily demand.
Within a 3-mile radius, projections point to growth in population and households over the next five years, implying renter pool expansion even as smaller household sizes favor efficient unit mixes. Neighborhood rent-to-income levels and below-average school ratings suggest thoughtful amenity programming and lease management will matter for retention, but the local employment base and high renter concentration provide depth to demand.
- Neighborhood occupancy ranks first among 621 metro areas, supporting leasing stability at the area level
- 1986 vintage offers competitive positioning versus older local stock with value-add modernization potential
- High-cost ownership market reinforces reliance on rentals and underpins pricing power
- 3-mile forecasts show population and household growth, expanding the tenant base over time
- Risk: affordability pressure (rent-to-income) and below-average school ratings require disciplined lease and amenity strategy