| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 81st | Good |
| Demographics | 58th | Fair |
| Amenities | 94th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 505 13th St, San Diego, CA, 92101, US |
| Region / Metro | San Diego |
| Year of Construction | 2010 |
| Units | 77 |
| Transaction Date | 1998-10-30 |
| Transaction Price | $800,000 |
| Buyer | AMERICAN BAPTIST CHURCHES OF THE PACIFIC |
| Seller | INDUSTRIAL MAIN PROPERTY |
505 13th St San Diego Multifamily in Amenity-Rich Urban Core
Positioned in San Diego’s urban core with strong renter concentration and dense amenities, the asset benefits from durable tenant demand, according to WDSuite’s CRE market data.
Downtown San Diego’s urban core delivers walkable access to daily needs and entertainment, with restaurant, grocery, park, and pharmacy density ranking among the strongest in the metro and top quartile nationally. This concentration of amenities supports leasing velocity and resident retention for multifamily assets serving lifestyle renters.
The neighborhood shows a high share of renter-occupied housing units (renter concentration), signaling a deep tenant base for a 77-unit property. While the neighborhood occupancy rate is below national mid-range levels, professional lease management and unit finishes aligned to urban renters can help sustain stability relative to nearby competition.
Within a 3-mile radius, population and households have expanded over the past five years, with additional growth projected, indicating a larger tenant base over time. Median incomes in the 3-mile area have risen meaningfully, which supports absorption even as effective rents trend higher. These dynamics point to continued renter pool expansion rather than reliance on in-migration alone.
Ownership costs in this location are elevated relative to incomes, and home values are high versus national benchmarks. For investors, that context supports rental demand and can enhance lease retention, though it also calls for careful monitoring of rent-to-income to manage affordability pressure and renewal risk. School quality is not a primary neighborhood draw; positioning should focus on proximity, services, and lifestyle access.
Vintage and competitiveness: Built in 2010, the property is newer than the area’s average construction year (2001). This positioning can be competitive against older stock; however, investors should plan for mid-life systems, common-area refreshes, and selective in-unit upgrades to maintain rentability.
Safety conditions in this neighborhood track below metro and national averages based on WDSuite’s CRE market data. The area ranks closer to the higher-crime end among 621 San Diego metro neighborhoods and falls well below national safety percentiles, indicating that crime is a consideration for operations and resident experience.
Recent year-over-year trends indicate increases in reported offenses at the neighborhood level. For underwriting and asset management, investors often address this through lighting, access control, and partnerships with property security vendors, while marketing emphasizes amenity access and commute convenience rather than late-night activation.
Proximity to major employers in energy, defense, biotech, and telecommunications underpins workforce demand and supports retention for urban renters drawn to short commutes. The nearest anchors include Sempra Energy, L-3 Telemetry & RF Products, Celgene, and Qualcomm.
- Sempra Energy — energy (0.3 miles)
- Sempra Energy — energy (0.9 miles) — HQ
- L-3 Telemetry & RF Products — defense & aerospace (7.8 miles)
- Celgene Corporation — biotech/pharma (12.5 miles)
- Qualcomm — telecommunications & semiconductors (13.1 miles) — HQ
505 13th St offers exposure to San Diego’s amenity-rich urban core with a renter-oriented housing stock and expanding 3-mile tenant base. Built in 2010, the asset is newer than much of the surrounding inventory, providing relative competitiveness versus older buildings while approaching mid-life—suggesting targeted capital for systems and cosmetic updates can sustain rentability. According to CRE market data from WDSuite, neighborhood occupancy sits below national mid-range levels, so performance hinges on effective leasing, product differentiation, and operations.
Elevated ownership costs in the submarket reinforce reliance on multifamily housing, supporting demand and potential pricing power. At the same time, rent-to-income dynamics imply affordability pressure, and safety metrics trend below broader benchmarks—both factors to reflect in underwriting via prudent concessions, security measures, and renewal strategies. Household and income growth within a 3-mile radius provide a counterbalance, pointing to a larger and more capable renter pool over the medium term.
- Newer 2010 vintage versus nearby stock supports competitiveness with targeted mid-life CapEx.
- Dense amenity and employment access aids leasing velocity and retention for urban renters.
- Expanding 3-mile population and household base indicates a growing tenant pool.
- Elevated ownership costs bolster sustained rental demand and potential pricing power.
- Risks: below-average safety and affordability pressure require disciplined operations and renewal management.