| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 84th | Best |
| Demographics | 60th | Fair |
| Amenities | 50th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 609 Richmar Ave, San Marcos, CA, 92069, US |
| Region / Metro | San Marcos |
| Year of Construction | 2001 |
| Units | 48 |
| Transaction Date | 2016-03-08 |
| Transaction Price | $1,834,000 |
| Buyer | VENTALISO FAMILY HOUSING LP |
| Seller | SAN MARCOS FAMILY HOUSING PARTNERS LP |
609 Richmar Ave San Marcos Multifamily Opportunity
Neighborhood occupancy has held firm and renter demand is supported by strong schools and a high-cost ownership market, according to WDSuite’s CRE market data. For investors, the area’s stable leasing backdrop and growing household base within 3 miles point to durable income with prudent lease management.
San Marcos’ Inner Suburb setting around 609 Richmar Ave combines steady multifamily fundamentals with family-friendly amenities. The neighborhood posts a B+ rating and ranks 191st among 621 metro neighborhoods, placing it above the metro median for overall performance. Parks are a relative strength (national 81st percentile) alongside grocery access (66th percentile), while restaurants are competitive (63rd percentile) and cafes are limited. Average school ratings near 4.0 (84th percentile nationally) support retention for households prioritizing education.
Vintage is an advantage: the property was built in 2001 versus a neighborhood average construction year of 1994. Newer stock typically competes well against older assets on curb appeal and systems, though investors should still plan for routine modernization as the asset approaches mid-life.
Leasing conditions are constructive. Neighborhood occupancy is around the mid‑90s and sits in the 75th percentile nationally, indicating a stable leasing environment. Renter-occupied share is about 41% of housing units (81st percentile nationally), signaling a deep tenant base for multifamily without overreliance on renting.
Within a 3‑mile radius, population has edged up while households have increased more noticeably, and WDSuite forecasts further growth through 2028. A larger household count and gradually smaller household sizes suggest a broadening renter pool, which can support occupancy stability and absorption. Elevated home values (95th percentile nationally) and a high value‑to‑income ratio (96th percentile) indicate a high-cost ownership market that tends to reinforce reliance on multifamily housing. With rents measured at a rent‑to‑income ratio near 24% (low national percentile), affordability pressure is manageable but worth monitoring for lease management and renewals.
Safety indicators are mixed and call for prudent underwriting. The neighborhood’s crime rank sits in the lower third of the metro (117th of 621), implying safety is below the metro average. However, recent momentum is constructive: estimated violent and property offense rates both declined over the last year, placing these improvements in the upper tier nationally for year‑over‑year reduction. In practice, investors should view current safety as a watch item while acknowledging the favorable trend trajectory.
Proximity to diversified employers underpins renter demand through commute convenience, notably in biotech, energy, food distribution, and wireless technology. Nearby anchors include Gilead Sciences, NRG Energy, Sysco, Qualcomm, and Celgene Corporation.
- Gilead Sciences — biotech (8.3 miles)
- NRG Energy — energy (8.4 miles)
- Sysco — food distribution (16.0 miles)
- Qualcomm — wireless technology (16.8 miles)
- Celgene Corporation — biotech (18.1 miles)
609 Richmar Ave offers exposure to a San Marcos neighborhood with stable occupancy, strong school positioning, and a high-cost ownership backdrop that supports multifamily demand. The 2001 vintage is newer than the local average, providing competitive positioning versus older stock while leaving room for targeted upgrades as systems age. According to CRE market data from WDSuite, the neighborhood’s leasing metrics sit above national medians, and within a 3‑mile radius WDSuite projects growth in households — factors that can bolster tenant retention and pricing power over time.
Risks center on safety metrics that track below the metro average and selected amenity gaps (notably limited cafes and pharmacies), warranting conservative underwriting and active asset management. Even so, diversified nearby employers and family-oriented amenities like parks and strong schools help sustain renter demand and support long-term fundamentals.
- Neighborhood occupancy and renter concentration support a stable tenant base
- 2001 vintage competes well versus older stock with selective value‑add potential
- High-cost ownership market reinforces reliance on rentals, aiding retention
- 3‑mile household growth outlook expands the renter pool and supports absorption
- Watch item: below‑average safety and amenity gaps call for conservative underwriting