| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 84th | Best |
| Demographics | 52nd | Fair |
| Amenities | 48th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 502 E Barham Dr, San Marcos, CA, 92078, US |
| Region / Metro | San Marcos |
| Year of Construction | 1988 |
| Units | 84 |
| Transaction Date | 2021-02-10 |
| Transaction Price | $25,750,000 |
| Buyer | SAN JUAN DIEGO COMPANY LP |
| Seller | WOODSPEAR CASA LOMA LLC |
502 E Barham Dr, San Marcos Multifamily Investment
Stabilized renter demand in an Inner Suburb setting with high-cost home ownership supports leasing fundamentals, according to WDSuite s CRE market data. Neighborhood rents trend toward the upper end of the metro, suggesting pricing power where operations are well-managed.
San Marcos Inner Suburb location offers daily conveniences and family-oriented amenities. Amenity access is competitive among San Diego Chula Vista Carlsbad neighborhoods (ranked 244 of 621), with grocery options and parks present even if caf and pharmacy density is limited. Median neighborhood rents sit in the top quartile metro-wide (ranked 143 of 621; 97th percentile nationally), reinforcing the area s ability to support market-rate product.
The neighborhood s housing fundamentals are solid: housing quality indicators are top quartile among 621 metro neighborhoods (ranked 95), and average NOI per unit benchmarks similarly strong (ranked 64), signaling competitive performance potential for well-operated assets. Neighborhood occupancy is below the metro median (ranked 527 of 621), so execution on leasing, renewals, and unit turns will matter to capture demand.
Within a 3-mile radius, demographics point to a durable renter base. Households have increased while average household size has edged down, implying more households competing for available units and supporting occupancy stability. Median household incomes are high for the region, and elevated ownership costs (neighborhood home values are in the mid-90s percentile nationally) tend to sustain reliance on multifamily housing, aiding tenant retention.
Vintage matters: the property s 1988 construction is older than the neighborhood s average vintage (2002). For investors, that often translates to targeted capital planning for interiors, common areas, and systems with potential value-add upside if improvements close the gap versus newer stock while maintaining a rent premium appropriate for the submarket.
Safety trends are mixed relative to the metro and nation. The neighborhood s overall crime standing is below the metro median (ranked 368 of 621 San Diego Chula Vista Carlsbad neighborhoods). Nationally, violent and property offense rates track in lower percentiles (around the mid-teens), indicating comparatively higher incident levels than many U.S. neighborhoods. Investors should underwrite with prudent security and lighting/visibility measures where appropriate.
Recent momentum shows nuance: estimated property offense rates declined year over year, while estimated violent offense rates increased. For underwriting, consider historical trend lines and on-site mitigations rather than block-level assumptions, using updated local data to calibrate retention and insurance expectations.
Nearby employment anchors span energy, life sciences, food distribution, and technology a mix that supports workforce housing demand and commute convenience for residents. Key nearby employers include NRG Energy, Gilead Sciences, Sysco, Qualcomm, and Celgene Corporation.
- NRG Energy energy (9.6 miles)
- Gilead Sciences biotech (9.7 miles)
- Sysco food distribution (14.9 miles)
- Qualcomm technology (16.8 miles) HQ
- Celgene Corporation biotech (17.8 miles)
502 E Barham Dr offers scale at 84 units in a San Marcos Inner Suburb location where neighborhood rents perform near the top of the metro and home ownership costs are elevated, reinforcing multifamily demand. Based on commercial real estate analysis supported by WDSuite, the area shows strong housing quality and NOI-per-unit benchmarks, while neighborhood occupancy sits below the metro median placing a premium on operational execution to capture demand and manage renewals.
The 1988 vintage is older than the neighborhood s average stock, creating a clear path for value-add through unit and systems upgrades to compete with 2000s-era properties. Within a 3-mile radius, household counts are rising and incomes are strong, which, alongside high ownership costs, supports a deeper tenant base and pricing resiliency through cycles.
- Top-quartile neighborhood rent positioning supports achievable market rents with disciplined operations
- Strong housing quality and NOI-per-unit benchmarks indicate competitive performance potential
- 1988 vintage presents value-add levers via targeted interior and systems modernization
- High-cost ownership market underpins renter reliance, aiding retention and occupancy stability
- Risk: Neighborhood occupancy below metro median and mixed safety trends warrant conservative leasing and security assumptions