| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 77th | Fair |
| Demographics | 46th | Fair |
| Amenities | 76th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2383 Cardinal Dr, San Diego, CA, 92123, US |
| Region / Metro | San Diego |
| Year of Construction | 2000 |
| Units | 122 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2383 Cardinal Dr, San Diego Multifamily Opportunity
Renter demand is reinforced by a high-cost ownership landscape and strong neighborhood amenities, according to WDSuite’s CRE market data. The area’s renter-occupied share and proximity to major employers support leasing depth and potential occupancy stability.
This Inner Suburb location rates B+ and is competitive among San Diego-Chula Vista-Carlsbad neighborhoods (rank 180 of 621), reflecting balanced livability and investment appeal. Amenity access is a relative strength—top quartile among 621 metro neighborhoods—with dense dining, grocery, and daily-needs options that help sustain renter appeal.
For investors, the renter-occupied share in the neighborhood is elevated (90th percentile nationally), signaling a deep tenant base for multifamily assets and potential resilience in leasing. Neighborhood occupancy is around mid-national percentiles and below the metro median in recent years, suggesting the need for active leasing and asset management to capture demand.
Within a 3-mile radius, demographics point to modest population growth and a meaningful increase in households over the next five years, expanding the local renter pool. Median household incomes are strong relative to national benchmarks, and rent-to-income levels indicate manageable affordability pressure that can support retention and measured pricing power for well-positioned properties.
Ownership costs in this pocket of San Diego are elevated (national top decile for home values), which tends to sustain reliance on rentals and supports multifamily demand. However, average school ratings track well below national norms and park density is limited, which may temper appeal for family-oriented renters and should be considered in marketing and amenity programming.
The asset’s vintage (built 2000) is newer than the neighborhood average stock from 1979, offering competitive positioning versus older comparables; investors should still plan for aging systems and selective modernization to maintain leasing velocity and renter expectations.
Safety indicators for the neighborhood sit in lower national percentiles, and the area ranks near the bottom among metro peers (crime rank 606 of 621). National percentiles for violent and property offenses are low, indicating comparatively higher reported crime versus many U.S. neighborhoods. Investors typically address this through enhanced access control, lighting, and partnership with professional security as appropriate.
Contextually, safety tends to vary by block and over time; monitoring trend direction and coordinating with local stakeholders can help support tenant retention and leasing performance without over-reliance on concessions.
Proximity to diversified employers supports weekday traffic and renter retention, with nearby roles in defense & aerospace, utilities, biotech, semiconductors, and food distribution. The following employers represent key demand drivers in commuting range:
- L-3 Telemetry & RF Products — defense & aerospace (2.8 miles)
- Sempra Energy — utilities (4.7 miles) — HQ
- Celgene Corporation — biotech/pharma (7.5 miles)
- Qualcomm — semiconductors/telecom (7.9 miles) — HQ
- Sysco — food distribution (12.0 miles)
The investment case centers on durable renter demand supported by a high-cost ownership market and a renter-occupied share that is well above national norms. Amenity density and proximity to large employment centers underpin leasing fundamentals, while neighborhood occupancy trends are mid-pack nationally. Based on CRE market data from WDSuite, the asset’s 2000 vintage positions it competitively versus older neighborhood stock, with a path for value through targeted systems updates and contemporary unit/interior refreshes.
Forward-looking demographics within a 3-mile radius indicate modest population growth and a meaningful increase in households, which can expand the tenant base and support occupancy stability. Elevated home values help sustain rental reliance, though weaker school ratings, limited park access, and below-metro safety metrics warrant proactive asset management, resident engagement, and security planning.
- High renter concentration and elevated ownership costs support multifamily demand and lease retention.
- Amenity-rich, employment-accessible location sustains day-to-day convenience and leasing depth.
- 2000 vintage offers competitive positioning versus older stock, with value-add potential via targeted upgrades.
- 3-mile household growth expands the tenant base, supporting occupancy stability and pricing power.
- Risks: below-metro safety metrics, weaker school ratings, and recent occupancy drift require active management.