| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 82nd | Good |
| Demographics | 63rd | Good |
| Amenities | 32nd | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 7240 El Cajon Blvd, San Diego, CA, 92115, US |
| Region / Metro | San Diego |
| Year of Construction | 1972 |
| Units | 28 |
| Transaction Date | 2018-05-24 |
| Transaction Price | $6,230,000 |
| Buyer | ELY DIANE A |
| Seller | SOLSTICE APARTMENTS LLC |
7240 El Cajon Blvd, San Diego Multifamily Investment
Neighborhood occupancy is among the strongest in the metro and renter concentration is high, supporting durable tenant demand, according to WDSuite’s CRE market data. Pricing power should be managed around local incomes, but fundamentals point to stable operations in an Urban Core location.
This Urban Core location in San Diego balances daily convenience with selective amenity depth. The immediate area ranks among the top decile nationally for grocery access and dining density, while cafes, parks, and pharmacies are comparatively limited within the neighborhood footprint. For investors, this mix supports everyday needs and lease retention while signaling room for targeted placemaking.
Renter-occupied housing accounts for roughly 59% of units in the neighborhood, indicating a deep tenant base and consistent multifamily demand. At the same time, the neighborhood’s occupancy performance sits at the top among 621 metro neighborhoods, which helps underpin leasing stability even through cycles.
Within a 3-mile radius, recent commercial real estate analysis shows modest population growth with a larger increase in households, and forecasts call for further household gains over the next five years. This pattern typically expands the renter pool and supports occupancy and absorption for well-positioned assets.
Elevated home values relative to incomes (high national percentile for value-to-income) characterize a high-cost ownership market in this part of San Diego. That dynamic tends to sustain reliance on multifamily housing, bolstering tenant depth. Median contract rents have trended upward over five years, while a rent-to-income ratio near one-quarter suggests affordability should be monitored to balance retention and rent growth.
Safety indicators for the neighborhood compare less favorably to national averages, placing the area in lower national percentiles for both property and violent offenses. Conditions can vary block to block, so investors typically underwrite with conservative assumptions and emphasize on-site management, lighting, and access controls.
Recent estimates show property and violent offense rates have moved higher year over year. Relative positioning within the metro can still be competitive at the submarket level, but prudent risk management and tenant-experience improvements remain important parts of the business plan.
Proximity to diversified employment—including defense electronics, energy utilities, food distribution, and wireless technology—supports a broad renter base and commute convenience for residents.
- L-3 Telemetry & RF Products — defense & aerospace electronics (6.6 miles)
- Sempra Energy — energy utilities (7.9 miles) — HQ
- Sysco — food distribution (11.6 miles)
- Qualcomm — wireless technology (12.6 miles) — HQ
- Celgene Corporation — biopharmaceuticals (12.8 miles)
This 28-unit asset benefits from a high-renter neighborhood and metro-leading occupancy, pointing to durable demand and steady leasing. According to CRE market data from WDSuite, neighborhood rents have risen over the last five years while ownership costs remain elevated relative to incomes, a combination that typically reinforces reliance on multifamily housing and supports pricing power when managed against local income trends.
Built in 1972, the property’s vintage suggests potential value-add through unit upgrades, systems modernization, and common-area improvements to sharpen competitive positioning against newer stock. Within a 3-mile radius, household counts are rising and are projected to continue growing, expanding the tenant base and supporting occupancy stability over the medium term. Investors should account for neighborhood safety considerations and selective amenity gaps, which can be mitigated with property-level enhancements and professional management.
- Metro-leading neighborhood occupancy and deep renter base support stable operations
- Elevated ownership costs sustain multifamily demand and underpin leasing
- 1972 vintage offers value-add and systems-upgrade potential to drive NOI
- 3-mile household growth and projected renter pool expansion support absorption
- Risks: below-average safety metrics and limited parks/pharmacies—plan for security, amenities, and active management