| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 85th | Best |
| Demographics | 40th | Poor |
| Amenities | 82nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 246 N Emerald Dr, Vista, CA, 92083, US |
| Region / Metro | Vista |
| Year of Construction | 1979 |
| Units | 48 |
| Transaction Date | 2013-10-28 |
| Transaction Price | $8,350,000 |
| Buyer | ORSIBS LLC |
| Seller | CREVI II EMERALD VISTA LLC |
246 N Emerald Dr Vista Multifamily Investment Opportunity
Neighborhood fundamentals indicate high occupancy and a deep renter base, according to WDSuite s CRE market data, supporting steady leasing in Vista s Urban Core setting. With strong local amenities and proximity to major employment nodes, the asset s demand profile appears durable.
Vista s Urban Core around 246 N Emerald Dr ranks 78th out of 621 San Diego metro neighborhoods (top quartile), reflecting balanced livability and investment appeal supported by extensive amenities. Grocery, pharmacy, parks, cafes, and restaurants all benchmark at high national percentiles, which helps drive daily convenience and tenant retention.
Neighborhood occupancy measures approximately 98% with positive five-year momentum, signaling leasing stability for multifamily. The share of housing units that are renter-occupied is high (about seven in ten), indicating a sizable tenant base for mid-market apartments and supporting ongoing demand depth.
Schools in the area average around 4 out of 5, placing the neighborhood above most communities nationally and adding to family-oriented appeal. Median contract rents in the neighborhood trend above national levels, while rent-to-income metrics suggest manageable affordability pressure relative to coastal California benchmarks a dynamic that can sustain pricing while keeping an eye on renewal strategies.
Within a 3-mile radius, demographics point to modest population growth and an increase in households alongside slightly smaller average household sizes. This combination generally expands the renter pool and can support occupancy stability; forward-looking projections show households continuing to grow, which can underpin leasing velocity for well-positioned properties.
Ownership costs in the neighborhood are elevated by national standards, and median home values have appreciated meaningfully over the last five years. In practice, this high-cost ownership market tends to reinforce reliance on multifamily housing, supporting tenant retention and reducing competitive pressure from entry-level for-sale options.
Safety indicators for the neighborhood are below national averages, with violent and property offense rates benchmarking in lower national percentiles. That said, recent trend data shows year-over-year declines in both violent and property offenses, indicating some improvement versus prior periods. As always, investors should consider property-level measures and submarket trends alongside neighborhood metrics when evaluating risk and insurance planning.
Nearby employers span biotech, energy, wireless technology, and distribution supporting a diverse employment base and convenient commutes that can aid renter demand and retention. The list below highlights key nodes likely to influence leasing at workforce and professional tiers.
- Gilead Sciences biotech (1.4 miles)
- NRG Energy energy (4.9 miles)
- Qualcomm wireless technology (20.9 miles) HQ
- Celgene Corporation biopharma (21.5 miles)
- Sysco foodservice distribution (22.0 miles)
The property at 246 N Emerald Dr is a 1979-vintage, mid-size multifamily asset positioned in a top-quartile San Diego metro neighborhood with high renter concentration and strong amenity access. Elevated home values in the area create a high-cost ownership market, which tends to sustain multifamily rental demand and support retention, while neighborhood occupancy remains high. Based on commercial real estate analysis from WDSuite, these fundamentals point to durable leasing with potential to capture steady rent growth through active management.
Given the 1979 construction, investors should plan for selective capital improvements and modernization to sharpen competitive positioning versus newer inventory; this also presents value-add potential where renovations can be targeted to unit finishes and common areas with measured ROI. Within a 3-mile radius, household counts have increased and are projected to continue rising even as household sizes edge lower, a combination that typically expands the renter pool and supports occupancy stability.
- High neighborhood occupancy and deep renter-occupied share support stable leasing
- Amenity-rich location near diversified employers aids demand and retention
- 1979 vintage offers value-add and capex-driven upside through targeted upgrades
- High-cost ownership market reinforces reliance on rentals, supporting pricing power
- Risk: Safety metrics trail national averages; underwriting should reflect security and insurance considerations