| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 81st | Good |
| Demographics | 55th | Fair |
| Amenities | 49th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 864 Phillips St, Vista, CA, 92083, US |
| Region / Metro | Vista |
| Year of Construction | 1974 |
| Units | 22 |
| Transaction Date | 2024-07-26 |
| Transaction Price | $14,100,000 |
| Buyer | ORSETT PINEVIEW APARTMENTS LLC |
| Seller | IVICEVIC FAMILY TRUST |
864 Phillips St Vista 22-Unit Multifamily Investment
Neighborhood occupancy is around the mid-90s, supporting income stability relative to the metro, according to WDSuite’s CRE market data. With elevated for-sale home values in Vista, renter demand is reinforced by households that remain in the rental market longer.
Vista’s suburban neighborhood context shows balanced livability for workforce and middle-income renters. Amenity access is competitive among the 621 San Diego–Chula Vista–Carlsbad metro neighborhoods, with restaurants testing in the top quartile nationally, while childcare and parks track above national medians. Cafe and pharmacy density are thinner, so daily convenience leans on a short drive rather than walk-to options.
Rents in the immediate neighborhood sit toward the high end nationally and have grown meaningfully over the past five years, while neighborhood occupancy is roughly 94%. The local renter-occupied share is modest at the neighborhood level, indicating more ownership stock nearby; however, within a 3-mile radius the renter concentration is materially larger, supporting a deeper tenant base for multifamily assets. Elevated home values (around the 95th percentile nationally) point to a high-cost ownership market, which tends to sustain rental demand and bolster lease retention.
From an investor lens, the property’s 1974 vintage is older than the neighborhood’s average construction year (1990), suggesting potential value-add and capital improvement opportunities to sharpen competitive positioning versus newer stock. Housing indicators are competitive among metro peers, and a rent-to-income ratio near 0.24 signals manageable affordability pressure that can support occupancy and renewal capture with disciplined lease management.
Demographic statistics aggregated within a 3-mile radius show recent population softness but improving forward signals: forecasts call for population growth and a notable increase in households, implying a larger renter pool over the next cycle. Household incomes have trended higher, which can support steady demand for well-maintained, professionally managed units.
Safety indicators rank below national averages, with violent and property offense rates scoring in lower national percentiles compared with neighborhoods nationwide. Within the metro context of 621 neighborhoods, this area trends below the metro median for safety. That said, the most recent year shows an improvement in property-related incidents, with a mid–single-digit percentage decline, which investors can monitor as part of ongoing risk assessment.
For underwriting, prudent measures include enhanced on-site lighting, access controls, and tenant engagement programs, alongside reviewing recent police beat trends rather than block-level assumptions. Framing safety comparatively (neighborhood vs. metro and national) helps calibrate retention expectations and operating protocols without over- or under-stating risk.
Proximity to biotech, energy, and logistics employers supports commuter convenience and leasing durability, with a major technology headquarters within regional reach. The following nearby employers are most relevant to renter demand at this address:
- Gilead Sciences — biotech/pharma (3.6 miles)
- NRG Energy — energy (6.3 miles)
- Qualcomm — semiconductors (20.3 miles) — HQ
- Sysco — foodservice distribution (20.4 miles)
- Celgene Corporation — biotech (21.0 miles)
864 Phillips St is a 22-unit garden asset positioned in a high-cost ownership market, where elevated home values tend to sustain rental demand and renewal capture. Neighborhood occupancy is near 94%, and restaurant, park, and childcare access compare favorably at the national level, supporting renter appeal even as some daily conveniences require short drives. Based on CRE market data from WDSuite, the surrounding area’s rent-to-income dynamics appear manageable, which can aid pricing discipline without materially elevating retention risk.
The 1974 vintage is older than the neighborhood average, creating a clear value-add path through targeted renovations and systems upgrades to compete against newer supply. Within a 3-mile radius, forward-looking demographics point to growth in population and households, implying a larger renter pool over the next several years. Investors should balance these strengths against below-average safety metrics and plan operational protocols accordingly.
- High-cost ownership market underpins durable renter demand and lease retention
- Neighborhood occupancy near mid-90s supports income stability versus metro peers
- 1974 vintage offers value-add and CapEx-driven competitiveness against newer stock
- 3-mile forecasts indicate population and household growth, expanding the tenant base
- Risk: safety metrics track below national averages; plan for security, lighting, and resident engagement