| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 81st | Good |
| Demographics | 86th | Best |
| Amenities | 97th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4260 3rd Ave, San Diego, CA, 92103, US |
| Region / Metro | San Diego |
| Year of Construction | 1987 |
| Units | 24 |
| Transaction Date | --- |
| Transaction Price | $1,830,000 |
| Buyer | OWNERSHIP NAME INFORMATION |
| Seller | --- |
4260 3rd Ave San Diego Multifamily Investment
This 24-unit property built in 1987 occupies a high-amenity urban core neighborhood where renter concentration exceeds 70% and occupancy has strengthened by approximately 8% over five years, according to CRE market data from WDSuite.
The property is located in an Urban Core neighborhood ranked 9th among 621 San Diego metro neighborhoods, earning an A+ overall rating. Amenity density ranks in the top quartile nationally, with more than 50 restaurants, 15 pharmacies, and 10 grocery stores per square mile—infrastructure that supports tenant retention and appeal to urban renters. The neighborhood's renter-occupied unit share stands at 71.2%, ranking in the 97th percentile nationally, reflecting a deep and stable tenant base for multifamily housing.
Constructed in 1987, the property's vintage aligns closely with the neighborhood average construction year of 1988, situating it within a cohesive mid-1980s building stock. Investors should budget for potential capital improvements typical of properties approaching 40 years, including mechanical systems, unit interiors, and common areas. However, this vintage also presents value-add upside through selective renovations that can capture rent premiums in a high-amenity location.
Median contract rent in the neighborhood is $1,932, ranking in the 90th percentile nationally and reflecting strong pricing power. Rent growth over the prior five years reached approximately 38%, outpacing income growth of 32% and signaling sustained demand. Neighborhood-level occupancy stands at 93.1% and has improved by roughly 8% over five years, ranking above the metro median. Within a 3-mile radius, the population totals approximately 186,900 and has grown by 5.9% over five years. Household counts increased by 9.5%, and the renter-occupied unit base expanded, supporting multifamily absorption and lease-up velocity.
Median household income within the 3-mile radius is $94,594, with 34% of households earning above $150,000. The bachelor's degree attainment rate is 35.4%, ranking in the 92nd percentile nationally, indicating a well-educated workforce. Median home values in the neighborhood are $720,412, ranking in the 93rd percentile nationally. Elevated ownership costs limit accessibility to ownership and sustain rental demand, reinforcing reliance on multifamily housing. The rent-to-income ratio of 0.25 is favorable relative to national norms, supporting tenant retention and lease renewal stability. Average school ratings of 3.5 out of 5 are above the metro median, adding to the neighborhood's appeal for family and professional renters alike.
Safety metrics warrant careful review. The neighborhood's violent offense rate is approximately 3,005 per 100,000 residents, ranking 614th among 621 metro neighborhoods and placing it in the bottom percentile nationally. Violent offenses increased by 42% year-over-year, a trend that ranks in the 29th percentile nationally for improvement. Property offense rates are approximately 8,281 per 100,000 residents, also ranking in the bottom percentile nationally, though property offenses declined by 11.5% year-over-year, a trend ranking near the metro median.
Investors should weigh these safety challenges against the neighborhood's strong fundamentals in amenities, renter demand, and occupancy trends. Urban core locations often exhibit elevated crime statistics due to density and mixed-use activity, and crime rates can vary significantly block by block. Due diligence should include consultation with local law enforcement, review of property-level security measures, and consideration of insurance implications. Prospective buyers may also evaluate opportunities to enhance on-site security infrastructure as part of a value-add strategy.
The property benefits from proximity to several major corporate employers that support workforce housing demand in the urban core. Nearby anchors include energy, financial services, and technology offices, providing a stable employment base for the surrounding renter population.
- Sempra Energy — energy services (2.5 miles) — HQ
- Wells Fargo ATM — financial services (2.6 miles)
- Sempra Energy — energy services (3.1 miles)
- Qualcomm — technology & telecommunications (10.0 miles) — HQ
This 24-unit asset offers a combination of urban core positioning, strong renter demographics, and value-add potential. The neighborhood's A+ rating and top-decile amenity density support tenant retention and justify rent premiums. With 71.2% of units occupied by renters—ranking in the 97th percentile nationally—the property sits within a proven multifamily market where rental demand is structural rather than cyclical.
Rent growth of approximately 38% over five years, coupled with occupancy improvement of roughly 8%, demonstrates sustained market momentum. Median contract rents of $1,932 rank in the 90th percentile nationally, and the rent-to-income ratio of 0.25 suggests tenants retain disposable income, reducing default risk. The 1987 vintage presents opportunities for strategic capital investment—unit renovations, common area upgrades, and energy efficiency improvements—that can drive rent premiums and NOI expansion.
The surrounding 3-mile radius contains approximately 186,900 residents, with household growth of 9.5% over five years outpacing population growth, indicating household formation and densification trends favorable to multifamily. Median household income of $94,594 and bachelor's degree attainment in the 92nd percentile nationally reflect a stable, educated workforce. Proximity to Sempra Energy headquarters and Qualcomm's regional presence provides employment density and workforce housing demand.
Median home values of $720,412 create a substantial barrier to homeownership, sustaining rental demand across income cohorts. Urban core locations in San Diego have historically exhibited resilience through economic cycles due to job concentration, transit access, and lifestyle appeal. While safety metrics require due diligence and may inform security enhancements, they are consistent with urban density and should be weighed against the neighborhood's occupancy stability and rent performance.
Investors should consider this asset as a value-add opportunity in a supply-constrained urban market with strong demographic tailwinds, proven rent growth, and potential for operational improvements to drive returns.