According to TRD, The Irvine Company will build around 1,300 homes at the third largest outdoor shopping mall in Orange County. The outdoor shopping center is the third largest in the county that has more than 120 stores, restaurants, cafes, and theaters.
😀 Just for fun, Market Stadium explored and analyzed this location!
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Here’s Market Stadium Overall Opinion
🔥 Analysis Location
2961 El Camino Real, Tustin, California 92782, United States (Google Map)
🔥 Highlights
Since this is an established area, there is little potential for growth. However, with new developments planned, it may be more likely to have potential. Check our Forecast Score
Demand is Working Population (45 to 54) with an income of $150k+ & 60% bachelors or higher %.
Supply Trend seems to be Multifamily (50+units) or Single-family with 2 bedroom unit type.
For multifamily market,
- Most multi-family buildings are Class C, meaning current supply is low.
- Low vacancy rate (nearly 3%)
A relatively better school district. (Check our data)
Change in the direction of rising housing values from Mar, 2023. (Check our data)
A big retail corridor right next to the location. (Check our data)
Many employment hub are located nearby the area. (Check our data)
- in Public Admin & Manufacturing related industry
- Employment forecast is attractive. (Check our data)
- Life sciences job openings increased while job postings (all positions) decreased. (Check our data)
Major University:
- California Institute of Technology
- University of Southern California
- University of California, Los Angeles
- University of California
Major Airport:
- John Wayne Airport-Orange County, California (5 miles)
- Los Angeles International, California (38 miles)
🔥 Opportunities
Population projection is not very attractive. (Check our data)
The vacancy remains a little higher. (Check our data)
Overview
- Address: 2961 El Camino Real, Tustin, California 92782, United States
We use a Tier system of 1 to 10, with Tier 1 being the highest score and Tier 10 being the lowest.
- Score Overview
- Currently, Tier 1 market - relatively more stable market
- For the past 3-year growth, Tier 9 growth market - moderate growth market and housing value year-over-year growth for the past 3-year was 5.73%
- For the next 3-year forecast, tier 9 forecast - it is predicted that housing prices will increase by 6.06% annually for the next 3 years.
- Market Stadium Overview: Already an established area but growing slowly. However, since new development is on its way, it could lead to a high potential to grow.
- Avg. housing Value: $ 1.2m
- Housing Value YoY growth (last 3-year): 5.73 YoY %
- Housing Value YoY Forecast (Next 3-year): 6.06 YoY %
- Housing Rent YoY Forecast (Next 3-year): -1.04 YoY %
- Market Stadium Supply & Demand Factors:
- A majority residence - Ages 45-54
- Fast growing residence - Ages 65+
- Renter & Owner are equally dominant
- Under Renter, 50+ units apartment is currently dominant but 20-49 units had been growing for the last 3-year
- Under Owner, a single-family is currently dominant but 5-9 units condo had been increasing for the past 3-year
- 2-bed are dominant:
- Sales price per sqft: 705 PSF
- Rent price per sqft: 3.1 PSF (rent price: $3,035/ unit size: 1,005 sqft)
Market Stadium Major Stats:
- Median Income: $115k
- Median Income (Age 45-64): $150k
- Median Income (Age 65+): $75k
- Bachelor’s or above: 60.2%
- Six figure Earner %: 56.57%
- Major University:
- California Institute of Technology
- University of Southern California
- University of California, Los Angeles
- University of California
- Major Airport:
- John Wayne Airport-Orange County, California (5 miles)
- Los Angeles International, California (38 miles)
- Proximity to CBD & Park
- CBD: 2.38 miles
- Park: 0.16 miles
- Retail nearby: This location is located in Retail corridor, with plenty of Starbucks on the right, and two major grocery stores: Sprouts Farmer and Amazon Fresh.
- Commute (where to commute): Most residences commute to nearby areas.
- Employment Hub: There are many employment hubs near you in the job industries below.
- Flood Risk: The location itself is safe in a flooded area, but there is a dangerous area nearby, so it is better to consider it.
- School District Score: It is located in a good school district and has many good schools right in the location (red color school has better than orange and yellow)
Key Factor Time Series:
- Population Forecast
- Employment Forecast (# of employment)
- Housing Value
- Vacancy % (all units)
- Renter-Occupied unit % (50+ units)
- Job Openings (total jobs) around Zipcode area that includes the site
- Job Openings % (Life Science) around Zipcode area that includes the site : Jobs in the life sciences sector shifted their direction to increase from March 2023, while overall job openings are still on the decline.
- Unemployment Rate %
- Violent Crime by County-level (Violent crimes per 100,000 population)
- Six Figure Earner %
Multifamily (all class level):Multifamily (Class C):
