| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 82nd | Good |
| Demographics | 71st | Good |
| Amenities | 47th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 650 Woodward St, San Marcos, CA, 92069, US |
| Region / Metro | San Marcos |
| Year of Construction | 2003 |
| Units | 122 |
| Transaction Date | 2013-11-01 |
| Transaction Price | $18,830,000 |
| Buyer | Providence Perris Apartments |
| Seller | DIG Royal Oaks, LLC |
650 Woodward St, San Marcos Multifamily Investment
Neighborhood occupancy near 97% indicates stable renter demand and limited turnover pressure, according to WDSuite’s CRE market data. With elevated ownership costs in North County San Diego, this location supports durable leasing fundamentals for well-run assets.
This suburban San Marcos location sits within a neighborhood rated B+ and ranks 167 out of 621 metro neighborhoods, placing it above the metro median for overall fundamentals. Everyday needs are reasonably covered: grocery and park access are above the metro median, while restaurants are competitive versus the metro and around the mid‑60s nationally; cafes and pharmacies are thinner, suggesting convenience is stronger for essentials than for niche retail.
Schools in the area average roughly the mid‑3s out of 5 and are in the top quartile nationally, a family-friendly signal that can support retention and longer tenancies. The neighborhood’s renter-occupied share is about 30%, indicating a mostly owner-occupied area with a defined renter base; for investors, that typically means a stable pool of households that rely on multifamily options rather than a transient, heavily renter-dominated submarket.
Within a 3‑mile radius, household counts have grown in recent years and are projected to increase further, even as average household size edges lower. This combination points to a larger tenant base over time and supports occupancy stability for multifamily. Median household incomes in the 3‑mile area are solid and rising, which, alongside increasing households, underpins depth of demand and potential for steady renewal performance.
The asset’s 2003 vintage is newer than the neighborhood’s average construction year (late‑1980s). That positioning generally improves competitive standing against older stock while still calling for selective capital planning over the hold period as systems age and common areas are refreshed.
Home values in the neighborhood sit in the high national percentiles, and value-to-income metrics are also elevated. In practice, this high-cost ownership market reinforces reliance on rental housing and can aid lease retention and pricing power for well-managed properties, though it also warrants close attention to affordability pressure and renewal strategies.
Relative to the region, the neighborhood’s crime rank is in the lower tiers (477 out of 621 metro neighborhoods), and national percentiles indicate below-average safety compared with neighborhoods nationwide. Property and violent offense indicators sit in lower national percentiles as well, signaling that investors should underwrite with prudent assumptions and emphasize standard security and operational practices.
Trend readings show recent increases in estimated offense rates at the neighborhood level. While conditions can vary block to block, a conservative approach to lighting, access control, and resident engagement typically supports retention and mitigates risk in similar contexts.
Proximity to a diversified employment base in North County and central San Diego supports renter demand and commute convenience, particularly across life sciences, energy, distribution, and technology employers listed below.
- Gilead Sciences — biopharma (8.8 miles)
- NRG Energy — energy (9.1 miles)
- Sysco — food distribution (15.9 miles)
- Qualcomm — semiconductors & technology (17.5 miles) — HQ
- Celgene Corporation — biopharma offices (18.5 miles)
650 Woodward St is a 122‑unit multifamily property built in 2003 with average unit sizes near 800 sq. ft., positioned in a B+ suburban neighborhood where occupancy is strong and ownership costs are elevated. Based on CRE market data from WDSuite, neighborhood occupancy levels are high relative to national benchmarks, while a predominantly owner-occupied context and a deep, diversified employment base support steady leasing and renewal performance.
The 2003 vintage offers competitive positioning versus older local stock, with potential to capture value through targeted modernization and resident-experience upgrades over the hold. Within a 3‑mile radius, rising household counts and higher incomes point to a larger tenant base and durable demand, though affordability pressure and localized safety considerations warrant disciplined underwriting and active property management.
- High neighborhood occupancy supports lease-up and renewal stability
- Newer 2003 vintage versus neighborhood average suggests competitive positioning with targeted capex upside
- Strong nearby employment across life sciences, energy, distribution, and tech underpins demand
- Elevated ownership costs reinforce reliance on multifamily housing and support pricing power
- Risks: affordability pressure, thinner café/pharmacy amenities, and below-average safety metrics