| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 84th | Best |
| Demographics | 60th | Fair |
| Amenities | 50th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 428 W Mission Rd, San Marcos, CA, 92069, US |
| Region / Metro | San Marcos |
| Year of Construction | 2002 |
| Units | 49 |
| Transaction Date | 2018-03-19 |
| Transaction Price | $13,774,000 |
| Buyer | PASEO DEL ORO APARTMENTS LP |
| Seller | SAN MARCUS HOUSING PARTNERS LP |
428 W Mission Rd, San Marcos CA Multifamily Investment
Neighborhood occupancy remains resilient and renter demand is supported by a high-cost ownership market, according to WDSuite’s CRE market data. Metrics such as occupancy and renter concentration reflect the surrounding neighborhood, signaling steady performance potential for stabilized multifamily.
This Inner Suburb pocket of San Marcos carries a B+ neighborhood rating and ranks 191 out of 621 in the San Diego-Chula Vista-Carlsbad metro, making it competitive among San Diego metro neighborhoods. Parks access sits above national norms, while grocery and restaurant density is moderate; childcare options are strong, with fewer cafes and limited pharmacy presence. Average school ratings trend in the top quartile nationally, an attractive family-oriented signal for larger floor plans.
Renter-occupied housing is about two-fifths of local units, indicating a balanced yet deep tenant base for conventional multifamily. Neighborhood occupancy is above the metro median and sits in the upper national quartiles, supporting leasing stability. Median contract rents benchmark in higher national percentiles, while the rent-to-income profile is relatively manageable, which can aid retention but may temper near-term pricing power.
Within a 3-mile radius, household counts have increased in recent years and are projected to expand further by 2028, even as average household size trends lower. This points to a larger tenant base and incremental demand for rental units over the medium term. Income levels are high for the region and have been rising, reinforcing the area’s capacity to support quality workforce and market-rate product.
For capital planning, elevated home values and a high value-to-income ratio at the neighborhood level indicate a high-cost ownership market, which tends to sustain renter reliance on multifamily housing and can underpin occupancy durability through cycles.
Neighborhood safety indicators are mixed relative to the region and nation. The area ranks 117 out of 621 metro neighborhoods on crime (lower ranks indicate higher crime), suggesting below-metro-average positioning. Nationally, the safety profile sits below the median; however, recent year-over-year declines in both violent and property incidents point to improving momentum. These are neighborhood-level signals and do not describe conditions at the property itself.
Nearby employment centers span biotech, energy services, food distribution, and wireless technology, providing a diverse commuter base that supports renter demand and lease retention. The employers listed below reflect the primary drivers within typical commuting range.
- Gilead Sciences — pharmaceuticals/biotech (8.5 miles)
- NRG Energy — energy services (8.6 miles)
- Sysco — food distribution (15.9 miles)
- Qualcomm — wireless technology (17.1 miles) — HQ
- Celgene Corporation — pharmaceuticals/biotech (18.1 miles)
Built in 2002, the property is newer than the area’s average vintage, offering relative competitiveness versus older stock while still warranting routine systems updates over the hold period. Neighborhood fundamentals are supportive: occupancy trends sit above the metro median, renter concentration provides a meaningful tenant base, and elevated ownership costs in San Marcos help sustain demand for professionally managed apartments. Based on commercial real estate analysis from WDSuite, these dynamics align with stable operations for well-positioned assets.
Within a 3-mile radius, household counts have been rising and are projected to expand materially by 2028 as average household size edges lower—both supportive of renter pool expansion and steady absorption. At the same time, rent levels benchmark high nationally, and while rent-to-income appears manageable for many households, investors should calibrate pricing strategy to maintain retention and occupancy.
- 2002 vintage offers competitive positioning versus older submarket stock, with targeted modernization potential
- Neighborhood occupancy above metro median supports leasing stability and cash flow consistency
- High-cost ownership market reinforces multifamily demand and can underpin retention
- 3-mile household growth and smaller household sizes expand the renter pool over the medium term
- Risks: safety metrics below national medians and selective amenity gaps (e.g., cafes/pharmacies) may require marketing and security emphasis