| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 74th | Fair |
| Demographics | 64th | Good |
| Amenities | 73rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2828 Upshur St, San Diego, CA, 92106, US |
| Region / Metro | San Diego |
| Year of Construction | 2000 |
| Units | 44 |
| Transaction Date | 2021-05-28 |
| Transaction Price | $16,050,000 |
| Buyer | GATEHOUSE POINT LOMA LLC |
| Seller | 2828 UPSHUR STREET LLC |
2828 Upshur St San Diego Coastal Multifamily Investment
High ownership costs in this San Diego pocket support durable renter demand and pricing power, according to WDSuite’s CRE market data.
Situated in San Diego’s suburban west side, the neighborhood scores competitive among San Diego-Chula Vista-Carlsbad neighborhoods (ranked 125 of 621) with parks and everyday amenities that test above national norms. Park access sits in the top decile nationally, while cafes, pharmacies, and groceries measure above average — factors that help with resident retention and leasing velocity.
Occupancy in the immediate neighborhood trends around the metro median with a flat five-year trajectory, based on CRE market data from WDSuite. Median rents in the neighborhood register well above national levels, while home values are elevated (top percentile nationally). In practice, that high-cost ownership market supports reliance on multifamily, reinforcing demand for quality rentals and helping stabilize occupancy through cycles.
The property’s 2000 construction is newer than the neighborhood’s typical 1970s vintage, positioning it competitively versus older stock. Investors can underwrite modern systems and finishes as a relative advantage, with selective renovations or common-area upgrades as potential levers rather than full capital overhauls.
Within a 3-mile radius, the renter-occupied share represents a majority of housing units, and households and incomes have been growing — trends that expand the tenant base and support renewal rates. Average school ratings are modest but slightly above national norms, which can appeal to a range of household types while keeping demand broad-based rather than school-dependent.
Safety metrics trail national medians here, with both property and violent incident rates reading on the higher side compared with neighborhoods nationwide. Within the San Diego-Chula Vista-Carlsbad metro, the area ranks below the metro average (crime rank 497 among 621 neighborhoods), indicating investors should underwrite prudent security measures and asset management practices.
Recent year-over-year readings show upward movement in both violent and property offense estimates, so a conservative approach to insurance, lighting, access control, and resident screening is warranted. Framed appropriately, these considerations can be operational rather than structural, and they should be weighed alongside demand drivers and location fundamentals.
Proximity to major employers underpins renter demand, offering commute convenience across energy, defense, biotech, and technology, plus regional distribution. The list below highlights nearby anchors that can support leasing and retention.
- Sempra Energy — energy utility (3.9 miles) — HQ
- L-3 Telemetry & RF Products — defense & aerospace (9.0 miles)
- Celgene Corporation — biotech/pharma (11.4 miles)
- Qualcomm — wireless & semiconductors (12.4 miles) — HQ
- Sysco — foodservice distribution (18.2 miles)
2828 Upshur St offers coastal San Diego positioning with a renter base supported by elevated ownership costs and strong amenity access. According to CRE market data from WDSuite, neighborhood occupancy trends around metro norms with little recent drift, while rents sit well above national levels — a combination that supports income stability with room for revenue management as leases turn. The 2000 vintage is newer than the neighborhood’s average stock, creating a competitive edge against older buildings and suggesting targeted, not wholesale, capex to capture value-add upside.
Within a 3-mile radius, a majority of units are renter-occupied and households are expanding alongside higher incomes, pointing to a deeper tenant base and support for absorption. Balanced against these strengths, investors should note that safety indicators trail national medians, warranting thoughtful operations and underwriting.
- Coastal San Diego location with amenity strength supporting retention and leasing velocity
- Occupancy near metro norms and rents above national levels, per WDSuite
- 2000 construction offers competitive positioning versus older neighborhood stock with targeted value-add potential
- 3-mile radius shows a broad renter pool and income growth, supporting demand depth
- Risk: safety metrics trail national medians; prudent security and insurance assumptions recommended