| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Good |
| Demographics | 41st | Poor |
| Amenities | 78th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 298 Eddie Dr, Vista, CA, 92083, US |
| Region / Metro | Vista |
| Year of Construction | 1977 |
| Units | 21 |
| Transaction Date | 1999-03-24 |
| Transaction Price | $1,175,000 |
| Buyer | SWEP VV LLC |
| Seller | KUHIO PARTNERSHIP |
298 Eddie Dr Vista Multifamily Investment
This 21-unit property benefits from strong neighborhood-level occupancy at 96.8% and substantial rental demand, with 58.1% of housing units renter-occupied according to CRE market data from WDSuite.
Vista's inner suburb character supports consistent rental demand, with neighborhood-level occupancy at 96.8% compared to typical metro performance. The area ranks in the top quartile nationally among 621 neighborhoods for occupancy rates, indicating strong tenant retention and absorption. Demographic statistics aggregated within a 3-mile radius show a stable renter base, with 45.4% of housing units renter-occupied and median household income of $93,342.
The property's 1977 construction year aligns with the neighborhood average of 1975, suggesting consistent building stock that may present value-add renovation opportunities for investors focused on capital improvements. Current median contract rent of $1,999 within the 3-mile radius reflects market positioning, while 5-year rent growth of 38.3% demonstrates pricing power in the submarket.
Amenity density supports tenant appeal, with the neighborhood ranking in the 97th percentile nationally for restaurant access and 91st percentile for cafe availability. Childcare facilities rank in the 98th percentile nationally at 4.34 per square mile, appealing to family renters. However, the area shows no parks per square mile, which may limit recreational amenities for residents.
Demographic projections through 2028 indicate household growth of 34.6% within the 3-mile radius, expanding the potential tenant base. Forecast median household income is expected to reach $129,199, supporting rent growth potential, while the renter-occupied unit count is projected to increase substantially, reinforcing multifamily demand.
Safety metrics present mixed signals for the Vista neighborhood. Property crime rates rank in the bottom quartile among the metro's 621 neighborhoods, with an estimated rate of 5,209 incidents per 100,000 residents. However, property crime has declined 2.6% year-over-year, suggesting improving conditions.
Violent crime rates also rank in the lower quartile at approximately 1,000 incidents per 100,000 residents, though the area has seen a notable 17.3% decline in violent offenses over the past year. Investors should factor these safety considerations into tenant screening, security measures, and insurance planning while monitoring the positive trend direction.
The Vista area benefits from proximity to major corporate offices and headquarters, providing workforce housing opportunities for employees across biotechnology, energy, and technology sectors.
- Gilead Sciences — biotechnology (3.1 miles)
- Nrg Energy — energy services (6.6 miles)
- Qualcomm — technology headquarters (21.0 miles) — HQ
- Sysco — food distribution (21.1 miles)
- Celgene Corporation — pharmaceuticals (21.7 miles)
This Vista property offers stable cash flow fundamentals supported by strong neighborhood-level occupancy at 96.8% and substantial rental demand. The 21-unit building constructed in 1977 presents potential value-add opportunities through renovations and unit improvements, while demographic growth projections show household expansion of 34.6% through 2028, supporting long-term tenant demand.
Commercial real estate analysis indicates the submarket benefits from above-average occupancy performance and rent growth of 38.3% over five years. However, investors should account for safety considerations, with crime rates ranking in the lower quartiles among metro neighborhoods, and plan for potential capital expenditures given the property's 47-year vintage.
- Strong neighborhood occupancy at 96.8% indicates stable tenant demand
- Projected household growth of 34.6% through 2028 supports rental expansion
- Value-add potential through renovations of 1977-vintage units
- Proximity to major employers including Gilead Sciences and Qualcomm
- Risk consideration: Safety metrics rank in lower quartiles, requiring security planning