| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 87th | Best |
| Demographics | 38th | Poor |
| Amenities | 45th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 415 N Emerald Dr, Vista, CA, 92083, US |
| Region / Metro | Vista |
| Year of Construction | 1988 |
| Units | 20 |
| Transaction Date | 2015-11-30 |
| Transaction Price | $5,500,000 |
| Buyer | NEWKIRK KLEMENTYNA S |
| Seller | 415 NORTH EMERALD LLC |
415 N Emerald Dr, Vista CA Multifamily Investment
Neighborhood occupancy trends are strong and supportive of lease stability, according to WDSuite’s CRE market data, with renter demand reinforced by elevated ownership costs in North County San Diego. While rents have risen in recent years, investor focus should be on operational execution and retention to manage affordability pressure.
Vista’s Urban Core setting offers solid livability for workforce tenants, with restaurants accessible and parks comparatively well represented, while daily conveniences like grocers and pharmacies are sparser within the immediate neighborhood footprint. Among 621 San Diego metro neighborhoods, amenity access sits near the middle of the pack, but park density trends competitive for outdoor access.
Multifamily fundamentals for the neighborhood (not the property) indicate high occupancy and durable renter demand. Occupancy ranks in the top quartile among 621 metro neighborhoods and sits in a high national percentile, signaling limited vacancy exposure for well-run assets. The renter-occupied share is also elevated for the area, pointing to a deeper tenant base and potential for steady leasing velocity.
Within a 3-mile radius, demographics show modest population growth with a clearer increase in households and a gradual reduction in average household size. This points to a slightly expanding renter pool and supports demand for multifamily units, particularly those positioned for convenience and value. Household incomes have strengthened over the last five years, which helps underpin rent levels and reduces volatility risk.
Ownership remains a high-cost option locally relative to incomes, and neighborhood median home values are elevated compared to national norms. For multifamily investors, this environment typically sustains renter reliance on apartments and can support pricing power, though it also requires thoughtful lease management to mitigate rent-to-income pressure and preserve retention.
Safety indicators for the neighborhood trail national averages, with overall crime metrics placing the area below the U.S. median and below the metro median among 621 San Diego neighborhoods. That said, recent data show property offenses trending lower year over year, an encouraging direction to monitor for continued improvement.
Investors should underwrite with practical measures in mind—lighting, access control, and visibility—while tracking neighborhood-level trends rather than block-by-block assumptions. Comparative framing matters: despite weaker national percentiles, incremental improvement in property crime provides a constructive signal for risk management over the hold period.
Proximity to a diverse employment base supports renter demand and commute convenience, led by biotech, energy, wireless, and distribution employers noted below. This mix aligns with workforce housing needs and can aid leasing stability for well-managed assets.
- Gilead Sciences — biotech/pharma (1.4 miles)
- Nrg Energy — energy services (5.2 miles)
- Qualcomm — wireless & semiconductors (21.0 miles) — HQ
- Celgene Corporation — biotech/pharma (21.6 miles)
- Sysco — foodservice distribution (22.0 miles)
415 N Emerald Dr is a 20-unit Vista asset positioned in a neighborhood with historically high occupancy and an above-average NOI per unit profile for the metro. Elevated neighborhood home values relative to incomes tend to sustain renter reliance on apartments, while a rising household count within a 3-mile radius points to a gradually expanding tenant base. Based on CRE market data from WDSuite, neighborhood occupancy performance sits well above national norms, suggesting limited structural vacancy for competitively managed properties.
The primary watch-item is affordability pressure: rent levels have grown faster than incomes in recent years, which requires disciplined renewals and resident experience to protect retention. Still, the concentration of renter-occupied housing, diversified employment within commuting range, and improving property-crime trend lines offer a constructive backdrop for cash-flow stability over a long-term hold.
- High neighborhood occupancy and deep renter base support leasing stability
- Elevated ownership costs reinforce multifamily demand and pricing power
- 3-mile household growth and smaller household sizes expand the renter pool
- Diverse nearby employers underpin workforce housing demand
- Risk: affordability pressure requires careful renewal strategy and cost control