| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 78th | Fair |
| Demographics | 37th | Poor |
| Amenities | 76th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2551 Commercial St, San Diego, CA, 92113, US |
| Region / Metro | San Diego |
| Year of Construction | 2000 |
| Units | 71 |
| Transaction Date | 2021-11-23 |
| Transaction Price | $880,000 |
| Buyer | BLACK IMPACT OZ FUND 1 LP |
| Seller | DANNER JEFFREY MARK |
2551 Commercial St San Diego Multifamily Opportunity
2000-vintage asset in an urban-core neighborhood with sustained renter demand and occupancy near metro norms, according to WDSuite’s CRE market data.
Located in San Diego’s Urban Core, the neighborhood carries a B+ rating (ranked 227 among 621 metro neighborhoods), signaling competitive positioning among San Diego subareas. Renter-occupied housing is prevalent at the neighborhood level, indicating a deep tenant base that supports leasing velocity and renewal prospects for multifamily.
Daily-needs access is a strength: grocery density sits in the top quartile nationally, while cafes and restaurants also rank high compared with neighborhoods nationwide. Park access trends above national medians, though pharmacy options are limited immediately nearby. These amenity dynamics favor resident convenience and retention, especially for workforce renters.
The property’s 2000 construction is newer than the neighborhood’s average vintage (1977), offering relative competitiveness versus older stock; investors should still plan for periodic system updates and selective modernization to maintain positioning. Neighborhood NOI per unit levels trend above the national median, supporting an outlook for durable operations when managed effectively.
Within a 3-mile radius, population and household counts have grown and are projected to continue expanding, pointing to a larger tenant base over time. Income gains in the area have been notable, and neighborhood contract rents have increased, suggesting pricing power where assets are well-amenitized and professionally managed. Elevated home values in the neighborhood indicate a high-cost ownership market, which tends to reinforce reliance on rental housing and support occupancy stability for multifamily. At the same time, a rent-to-income environment near 0.28 calls for thoughtful lease management to mitigate affordability pressure.
Safety ranks below the metro average for this neighborhood (crime rank 580 out of 621 metro neighborhoods), and national comparisons place it in lower percentiles for both property and violent offenses. Recent year-over-year trends indicate increases, so operators typically account for security measures, lighting, and resident engagement to support retention and operations.
Investors should benchmark incident trends against comparable Urban Core submarkets across the San Diego-Chula Vista-Carlsbad metro. Implementing proactive on-site practices and coordinating with local resources can help mitigate risk and sustain tenant satisfaction without overreaching block-level conclusions.
Proximity to major employers supports workforce housing demand and commute convenience for residents, including energy, defense, biotech, and technology firms listed below.
- Sempra Energy — energy (1.15 miles)
- Sempra Energy — energy (1.74 miles) — HQ
- L-3 Telemetry & RF Products — defense & aerospace (8.1 miles)
- Celgene Corporation — biotech (13.1 miles)
- Qualcomm — technology (13.6 miles) — HQ
2551 Commercial St offers a 71-unit, 2000-vintage position in San Diego’s Urban Core with a high neighborhood renter concentration and amenity access that supports leasing and retention. Neighborhood occupancy trends sit around national medians, while elevated home values indicate a high-cost ownership market that typically sustains multifamily demand. According to commercial real estate analysis from WDSuite, neighborhood NOI per unit trends above the national median, suggesting operations can be durable where assets are well-managed.
Forward-looking demand indicators are constructive: within a 3-mile radius, population and household counts have grown and are projected to expand, pointing to renter pool expansion and support for occupancy stability. The asset’s newer construction versus neighborhood norms enhances competitive positioning relative to older inventory; selective updates can further differentiate. Key risks include below-metro safety rankings and affordability pressure that calls for prudent lease management and resident retention strategies.
- Newer 2000-vintage asset offers competitive positioning versus older neighborhood stock
- High neighborhood renter concentration supports depth of tenant demand
- Amenity-rich urban core location underpins retention and leasing velocity
- 3-mile radius growth in population and households supports occupancy stability
- Risks: below-metro safety rankings and affordability pressure warrant proactive operations