North County San Diego Multifamily Report

Data Courtesy of CoStar

This report consists of apartment building sales and lease data for multifamily investment properties in the North County Submarket containing the cities of Del Mar, Solana Beach, Encinitas, Carlsbad, Oceanside, Vista, San Marcos and Escondido.

For multifamily leasing the vacancy rate is 3.7% compared to 4.3% for all of San Diego. Market rents for Studios run in the range of $1,259 across the North County San Diego area, followed by $1,545 for one bedrooms, $1,844 for two bedrooms and $2,440 for 3 bedrooms.

In regards to multifamily inventory in North County San Diego, there are approximately 30,088 units with 269 12 month construction starts units, 751 units currently under construction.

Multifamily sales in the last 12 months in the North County San Diego market counted at 47 apartment buildings sold with an average price per unit of $292,000 with an average sales price of $10,400,000.00 totaling a sales volume of $489,000,000.00 and a market cap rate of 5.2%.

Per CoStar, more than 5% of the inventory has turned over each year since 2011 with an average cap rate of 4.5% in North County San Diego.

Here are some of the larger deals that sold:

  • 410 units, 2015 construction sold 6/2017 for $134M at $326k/unit and 4.7% cap with rents averaging $2k/month and 96% occupance
  • 456 units sold in Vista for $117.5M in 11/2017 (which last sold in 2015 for $86M)
  • 314 units sold in Vista for $115M (last sold 12/2011 for $80M), 2005 construction
  • 33 units sold for $8.6M, $260k/unit at a 5.1% cap in 1/2018 (last sold 3/2016)


Daily Asking Rent Per SF

Daily Asking Rent Per SF



1902 Wright Place, Suite 180
Carlsbad, CA 92008, USA

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