| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 84th | Best |
| Demographics | 52nd | Fair |
| Amenities | 31st | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1863 Devon Pl, Vista, CA, 92084, US |
| Region / Metro | Vista |
| Year of Construction | 2011 |
| Units | 99 |
| Transaction Date | 2019-04-01 |
| Transaction Price | $22,800,000 |
| Buyer | Vista Gardens Property LLC |
| Seller | Vista Gardens LLC |
1863 Devon Pl Vista CA Multifamily Investment
Neighborhood occupancy has been resilient and pricing power is supported by a high-cost ownership market, according to WDSuite’s CRE market data. Investors should view this asset as positioned for steady renter demand within North County San Diego.
Located in suburban Vista within the San Diego–Chula Vista–Carlsbad metro, the neighborhood posts strong multifamily fundamentals with occupancy competitive among metro peers (top ~40%) and in the top quartile nationally. Elevated median home values and a high value-to-income ratio indicate a high-cost ownership market, which typically sustains reliance on rental housing and can enhance lease retention and pricing discipline for operators.
Rents in the neighborhood sit well above national norms, while the rent-to-income ratio trends toward investor-friendly levels, suggesting manageable affordability pressure for many renters and supporting renewal stability. The neighborhood’s average NOI per unit is among the strongest nationally, based on CRE market data from WDSuite, underscoring revenue potential for well-run assets.
Amenity access is mixed: park access tracks above national averages, and grocery and restaurant density are around mid-pack. However, cafes and pharmacies are relatively sparse, which may modestly dilute walkable convenience and should be considered in positioning and marketing strategy.
The property’s 2011 construction is notably newer than the neighborhood’s average 1974 vintage, offering competitive positioning versus older stock. Investors can expect fewer near-term system replacements relative to older comparables, while still planning for periodic updates to sustain renter appeal.
Demographic statistics aggregated within a 3-mile radius show a recent dip in population and households, followed by projections for population growth and a meaningful increase in household counts, implying smaller household sizes ahead. That shift usually expands the renter pool and supports occupancy stability, particularly for professionally managed, well-located communities.
Safety trends are mixed. Relative to neighborhoods nationwide, the area sits below average for safety, and within the San Diego metro it ranks in the lower half among 621 neighborhoods. That said, WDSuite’s data indicates property offenses have declined year over year, a positive directional signal investors should monitor over time.
Prudent underwriting would account for these mixed indicators by emphasizing on-site management, lighting and access controls, and coordination with local resources, while tracking whether the recent improvement trend in property incidents persists.
Nearby biotech, energy, logistics, and technology employers provide a diversified employment base that supports leasing velocity and retention for workforce and professional renters. The list below highlights major nodes within commuting distance that underpin local renter demand.
- Gilead Sciences — biotechnology (5.4 miles)
- NRG Energy — energy (7.0 miles)
- Sysco — foodservice distribution (18.8 miles)
- Qualcomm — semiconductors (19.2 miles) — HQ
- Celgene Corporation — biotechnology (20.0 miles)
This 99-unit Vista community combines newer construction (2011) with neighborhood fundamentals that favor stable operations. Occupancy in the neighborhood is competitive within the San Diego metro and sits in the top quartile nationally, while elevated ownership costs reinforce reliance on multifamily housing and help sustain pricing power. According to CRE market data from WDSuite, neighborhood rents benchmark above national norms yet rent-to-income levels suggest manageable affordability pressure—supportive for renewals and revenue durability.
Demographic trends aggregated within a 3-mile radius point to projected population growth alongside a notable increase in household counts, implying smaller household sizes and a broader renter base over the next few years. Amenity access is adequate for parks and daily needs, with thinner cafe and pharmacy presence. Operators can lean on employment access across North County and coastal tech/biotech corridors, positioning the asset for steady absorption with measured value-add through finishes and common-area updates over time.
- 2011 vintage offers competitive positioning versus older local stock, with practical capital planning rather than near-term system overhauls.
- Neighborhood occupancy is competitive metro-wide and top quartile nationally, supporting cash flow stability.
- High-cost ownership environment supports renter reliance, aiding lease retention and pricing discipline.
- Projected growth in households within 3 miles expands the renter pool and supports absorption.
- Risks: below-average national safety metrics and thinner cafe/pharmacy density warrant active management and thoughtful amenities programming.