| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 81st | Good |
| Demographics | 58th | Fair |
| Amenities | 94th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 350 17th St, San Diego, CA, 92101, US |
| Region / Metro | San Diego |
| Year of Construction | 2000 |
| Units | 52 |
| Transaction Date | 2024-01-05 |
| Transaction Price | $11,040,500 |
| Buyer | CASA NUEVA II LP |
| Seller | HACIENDA TOWNHOMES LTD |
350 17th St San Diego Multifamily Investment
Urban core location with strong renter concentration and daily-needs amenities supports durable tenant demand, according to WDSuite’s CRE market data. Neighborhood occupancy trends are softer than national norms, but amenity depth and proximity to jobs underpin leasing stability.
This Urban Core neighborhood scores in the top quartile among 621 metro neighborhoods, with dense access to daily services and entertainment. Restaurants, groceries, parks, and pharmacies rank in high national percentiles, indicating walkable convenience that typically broadens the tenant base and supports retention.
Rents are positioned toward the higher end nationally, while the neighborhood shows a very high share of renter-occupied housing units. For investors, that renter concentration suggests a deep pool of prospective tenants and steady demand for professionally managed multifamily assets, even as neighborhood occupancy rates sit below the national median.
Within a 3-mile radius, recent population and household growth—along with projections for additional household gains—point to a larger tenant base over the next few years. This expansion of households supports leasing velocity and occupancy stability for well-operated assets.
Ownership costs in the area are elevated compared with many U.S. neighborhoods, which tends to reinforce reliance on rental housing and can support pricing power for competitive properties. Lease management should account for rent-to-income dynamics to mitigate retention risk as new supply or macro conditions evolve.
Safety conditions in this neighborhood trend below metro and national averages. The area ranks near the lower end among 621 metro neighborhoods, and national comparisons indicate a weaker safety profile relative to many U.S. neighborhoods.
Recent data shows property and violent offense rates have moved higher year over year. For underwriting, investors typically emphasize proven on-site security practices, lighting, controlled access, and resident screening, and may assume slightly higher operating expenses to maintain leasing performance in comparably situated urban districts.
Nearby employers provide a diversified base of professional and industrial jobs that support renter demand and commute convenience, including Sempra Energy, L-3 Telemetry & RF Products, Celgene, Qualcomm, and Sysco.
- Sempra Energy — energy utility (1.1 miles) — HQ
- L-3 Telemetry & RF Products — defense & aerospace (7.9 miles)
- Celgene Corporation — biotech/pharma (12.7 miles)
- Qualcomm — wireless & semiconductors (13.3 miles) — HQ
- Sysco — foodservice distribution (16.7 miles)
350 17th St offers exposure to a high-amenity urban district with a deep renter base and proximity to major employers. While neighborhood occupancy trends are below national norms, elevated home values in the area tend to sustain multifamily demand by keeping the renter pool broad. According to CRE market data from WDSuite, the neighborhood’s amenity access ranks among the strongest nationally, supporting leasing velocity and tenant retention for competitive properties.
Built in 2000, the 52-unit asset may benefit from targeted capital planning—such as systems modernization and common-area refreshes—to sharpen its position against newer stock while capturing demand from continued household growth within a 3-mile radius. Underwriting should incorporate rent-to-income considerations and a prudent safety and operating plan, but the long-term thesis is anchored by location fundamentals and employment access.
- Amenity-rich urban location with top-tier access to restaurants, groceries, parks, and services supports retention and pricing power.
- Large, growing renter pool within a 3-mile radius underpins demand and leasing stability.
- Elevated ownership costs locally reinforce reliance on multifamily housing, supporting occupancy over the cycle.
- 2000 vintage presents scope for targeted value-add and systems updates to enhance competitiveness.
- Risk: Neighborhood safety and below-median occupancy trends warrant conservative operating assumptions and active property management.