| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Good |
| Demographics | 26th | Poor |
| Amenities | 42nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 245 Vista Horizon St, San Diego, CA, 92113, US |
| Region / Metro | San Diego |
| Year of Construction | 1988 |
| Units | 24 |
| Transaction Date | 2017-11-16 |
| Transaction Price | $24,040,000 |
| Buyer | HDP TOWN & COUNTRY LP |
| Seller | SAN DIEGO HOUSING COMMISSION |
245 Vista Horizon St San Diego Multifamily Investment
Neighborhood occupancy is strong and renter demand is deep, according to WDSuite’s CRE market data, supporting stable operations for a 1988 vintage asset in an inner-suburban San Diego location.
This inner-suburban San Diego neighborhood shows solid operations fundamentals for multifamily. Neighborhood occupancy is high (top quartile among 621 metro neighborhoods), and the renter-occupied share is substantial at the neighborhood level, indicating a broad tenant base that can support leasing stability. Elevated home values relative to national norms suggest a high-cost ownership market, which tends to sustain reliance on rentals and can aid retention.
Livability features are mixed. Parks access is strong (nationally high percentile), and grocery and restaurant density compares favorably to many areas in the region, while cafes and pharmacies are relatively sparse. For investors, this combination points to day-to-day convenience with room for future retail infill, rather than a fully built-out amenity cluster today.
Demographics aggregated within a 3-mile radius show households increasing recently and projected to expand further, even as population trends soften—consistent with smaller average household sizes and more households forming. Median incomes have risen meaningfully, and neighborhood rents sit above national medians with steady multi‑year growth, which supports rent roll durability when paired with thoughtful lease management.
Relative to the local stock (average construction year 1974), the property’s 1988 vintage is newer, which can improve competitive positioning versus older assets. Investors should still plan for system modernization and targeted renovations to capture value-add upside and align with current renter expectations.
Safety indicators are weaker than the metro average, with neighborhood crime ranking near the bottom among 621 San Diego-area neighborhoods. Nationally, the neighborhood sits in low safety percentiles, indicating higher reported offense rates compared with many U.S. neighborhoods. Recent data shows property offenses have ticked down year over year, a modest positive trend to monitor rather than a resolved risk.
For underwriting, this suggests prudent assumptions on security, lighting, and resident services, and attention to tenant screening and community engagement to support retention.
Proximity to major employers supports renter demand through commute convenience, particularly to energy, aerospace, life sciences, and technology firms listed below.
- Sempra Energy — energy infrastructure (3.6 miles) — HQ
- L-3 Telemetry & RF Products — defense & aerospace offices (8.4 miles)
- Celgene Corporation — biotechnology (14.0 miles)
- Qualcomm — semiconductors (14.4 miles) — HQ
- Sysco — food distribution (16.4 miles)
The asset’s 1988 construction is newer than the neighborhood average, offering relative competitiveness against older stock while leaving room for targeted modernization to drive yield. High neighborhood occupancy and a sizable renter-occupied share point to a durable tenant base, and elevated ownership costs in the area reinforce reliance on multifamily housing. According to CRE market data from WDSuite, local rents trend above national medians with steady growth, aligning with income gains in the 3-mile radius and supporting rent roll durability.
Forward-looking demand is underpinned by increasing household counts within 3 miles, even as population growth moderates—expanding the tenant pool through smaller household sizes. Key risks include below-metro safety performance and uneven retail mix (limited cafes/pharmacies), which call for measured underwriting on concessions, security, and ongoing capex.
- Occupancy strength and deep renter-occupied base support leasing stability
- 1988 vintage offers competitive positioning with value-add renovation potential
- Elevated ownership costs in San Diego bolster multifamily demand and retention
- Household growth within 3 miles expands the tenant pool despite softer population trends
- Risks: below-metro safety indicators and uneven amenity mix warrant prudent underwriting