| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 83rd | Best |
| Demographics | 82nd | Best |
| Amenities | 71st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4149 Nobel Dr, San Diego, CA, 92122, US |
| Region / Metro | San Diego |
| Year of Construction | 1977 |
| Units | 44 |
| Transaction Date | --- |
| Transaction Price | $13,778,100 |
| Buyer | OWNERSHIP NAME INFORMATION |
| Seller | --- |
4149 Nobel Dr San Diego Multifamily Investment
This 44-unit property built in 1977 sits in an A-rated neighborhood with above-average renter demand and strong demographic fundamentals. The neighborhood ranks in the top quartile nationally for educational attainment and housing metrics, according to CRE market data from WDSuite.
The property is located in an Urban Core neighborhood that ranks 54th among 621 metro neighborhoods, earning an A rating with strong housing and demographic fundamentals. The area maintains a 72% renter-occupied share, ranking in the 98th percentile nationally, indicating robust rental demand depth. Median contract rents of $2,440 reflect the neighborhood's premium positioning, though occupancy rates have declined 4.8 percentage points over five years to 89.4%.
Demographics within a 3-mile radius show a stable, educated tenant base with 37.6% of adults holding bachelor's degrees, ranking in the 95th percentile nationally. The median household income of $118,234 has grown 40.3% over five years, supporting rent growth potential. Population projections indicate modest growth of 1.1% through 2028, with household formation expected to increase 35%, expanding the renter pool.
The 1977 construction year positions this asset among older inventory in a neighborhood where average building vintage is 1986. This presents potential value-add opportunities through unit renovations and amenity upgrades. The area offers strong amenity density with parks ranking in the 97th percentile nationally and restaurants in the 85th percentile, supporting tenant retention. Schools average 4.0 out of 5 stars, appealing to family renters.
Home values averaging $637,824 with a value-to-income ratio of 8.2 reinforce rental demand by maintaining elevated ownership costs. The rent-to-income ratio of 0.38 suggests affordability pressure that requires careful lease management, though high incomes provide a buffer for renewal negotiations.
Property crime rates in the neighborhood rank 507th among 621 metro neighborhoods, placing it in the bottom quartile locally with an estimated rate of 3,030 incidents per 100,000 residents. This represents a 14.6% increase over the past year. Violent crime rates show similar challenges, ranking 384th metro-wide with 317 incidents per 100,000 residents and a 27.4% year-over-year increase.
While crime metrics present concerns relative to the broader metro area, investors should consider these statistics within the context of urban core neighborhoods, which typically experience higher incident rates due to population density and commercial activity. Security investments and tenant screening protocols may help mitigate risks while maintaining competitive positioning in this high-demand rental market.
The property benefits from proximity to major corporate employers in San Diego's biotech and technology corridor, providing workforce housing for high-income professionals.
- Celgene Corporation — biotechnology (1.3 miles)
- Qualcomm — technology and telecommunications (2.4 miles) — HQ
- Qualcomm — technology offices (2.5 miles)
- Qualcomm — corporate campus (2.9 miles)
- L-3 Telemetry & RF Products — defense technology (5.6 miles)
This 44-unit property offers exposure to San Diego's premium rental market with strong demographic tailwinds and established renter demand. The neighborhood's A rating reflects superior housing fundamentals, with 72% renter occupancy ranking in the 98th percentile nationally. Built in 1977, the asset presents value-add potential through strategic renovations to capture higher rents in a market where median contract rents reach $2,440.
The surrounding 3-mile radius shows household income growth of 40.3% over five years to $118,234, with 35% projected household formation through 2028 expanding the tenant base. Proximity to major employers including Qualcomm headquarters and Celgene Corporation supports workforce housing demand. However, recent occupancy declines and elevated crime rates require active management attention.
- A-rated neighborhood with 98th percentile renter occupancy share nationally
- Strong income growth of 40.3% supporting rent advancement potential
- Value-add opportunity with 1977 vintage in premium market
- Proximity to major tech and biotech employers for workforce housing
- Risk factors include occupancy decline trends and above-average crime rates