| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 84th | Best |
| Demographics | 52nd | Fair |
| Amenities | 48th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 506 E Barham Dr, San Marcos, CA, 92078, US |
| Region / Metro | San Marcos |
| Year of Construction | 1988 |
| Units | 84 |
| Transaction Date | 2015-11-25 |
| Transaction Price | $18,500,000 |
| Buyer | Lion Serrano, LLC |
| Seller | San Marcos Gables, LP, REIT, Gables Residential, PCraicseh/ uEnqitu aivnadle /nsft |
506 E Barham Dr San Marcos Multifamily Investment
Neighborhood-level renter concentration and elevated ownership costs suggest a durable tenant base, according to WDSuite’s CRE market data. Expect steady renter demand relative to nearby for-sale options, with lease management focused on affordability and retention.
The property is in an Inner Suburb location within the San Diego–Chula Vista–Carlsbad metro and sits above the metro median overall (ranked 251 out of 621 neighborhoods). Amenities score as competitive among San Diego–Chula Vista–Carlsbad neighborhoods (amenities rank 244 of 621), offering daily conveniences without the density of core urban nodes.
Housing fundamentals compare favorably at the national level: the neighborhood’s housing indicators land in the 84th national percentile, supporting investor confidence in renter interest and pricing resilience. Median home values are elevated (94th percentile nationally), which typically sustains reliance on multifamily rentals and supports lease retention.
Vintage matters here: the asset was built in 1988, while the local average construction year skews newer (2002). Investors should plan for selective capital improvements and potential value‑add upgrades to maintain competitiveness versus newer stock, while leveraging average unit sizes around 801 square feet to meet mainstream demand.
On tenure, the neighborhood shows a meaningful share of renter‑occupied housing units (about 46%), indicating depth in the tenant pool. Within a 3‑mile radius, households grew in recent years even as population edged down, pointing to smaller household sizes and a steady flow of renters entering the market. Neighborhood occupancy trends hover in the high‑80s, supporting stable leasing for quality assets.
Local conveniences include groceries and parks that benchmark above national midpoints, while restaurants track near metro norms. Pharmacy and cafe density are lighter, typical for inner‑suburban pockets and generally not a constraint when core services are present.
Safety indicators are mixed. Relative to the metro, the neighborhood sits below the median for safety (ranked 368 of 621), and national percentiles indicate it is less safe than many areas nationwide. Property‑offense estimates have declined by roughly 10% year over year, signaling incremental improvement, while violent‑offense estimates show a recent uptick. Investors should underwrite to current conditions and monitor trend direction over the hold.
Nearby corporate offices in energy, life sciences, food distribution, and technology provide commute‑convenient employment that supports renter demand and retention. The employers below reflect the primary drivers accessible from the property.
- Nrg Energy — corporate offices (9.6 miles)
- Gilead Sciences — life sciences offices (9.7 miles)
- Sysco — food distribution offices (14.9 miles)
- Qualcomm — technology corporate offices (16.8 miles) — HQ
- Celgene Corporation — biopharma offices (17.8 miles)
This 84‑unit, 1988‑vintage asset in San Marcos benefits from an inner‑suburban setting where elevated ownership costs reinforce reliance on multifamily housing. Neighborhood housing indicators test in high national percentiles, and renter concentration at the neighborhood level provides a dependable tenant base. Within a 3‑mile radius, households have increased and are projected to expand further, pointing to a larger renter pool and supportive leasing fundamentals; according to CRE market data from WDSuite, these conditions generally favor steady occupancy for well‑positioned assets.
Given the 1988 construction, investors should budget for targeted capital programs to remain competitive with newer product, creating potential value‑add upside. While safety metrics track below national averages and rent‑to‑income levels suggest some affordability pressure, disciplined operations and amenity positioning can help sustain retention and pricing discipline.
- Elevated ownership costs support durable multifamily demand and lease retention
- High‑percentile housing indicators and strong incomes underpin pricing power
- Expanding household counts within 3 miles enlarge the renter pool and support occupancy
- 1988 vintage offers value‑add potential through targeted modernization and systems upgrades
- Risks: below‑average safety metrics and affordability pressure require active lease and expense management