699 Wake Ave El Centro 75-Unit Multifamily Investment

Located in a suburban pocket of El Centro, the neighborhood rates A+ and is competitive among El Centro neighborhoods (2 of 52). Amenity access is mixed: cafes and pharmacies are competitive locally and sit in the top quartile nationally, while parks and childcare options are limited in the immediate area. School ratings trend below national averages, which may influence family-driven demand but does not preclude workforce leasing.

Neighborhood occupancy is in the high-80s and has trended upward over the past five years, remaining competitive among El Centro neighborhoods based on CRE market data from WDSuite. Median rents in the area have risen meaningfully over the last cycle, and the neighborhood’s average NOI per unit ranks at the top of the metro, signaling healthy operating performance at the neighborhood level (not property-specific).

Within a 3-mile radius, approximately 48–49% of housing units are renter-occupied, indicating a sizable tenant base that supports leasing depth and renewal potential. Over the last five years, the local population was roughly flat to slightly lower while household counts edged higher, implying smaller household sizes and a gradual shift toward more households—conditions that typically support multifamily absorption. WDSuite’s outlook indicates additional household growth alongside a smaller average household size, which can expand the renter pool over time.

Home values in the neighborhood are elevated relative to local incomes (high value-to-income ratio, top-tier nationally), which reinforces reliance on rental housing and can support pricing power. At the same time, rent-to-income ratios in the area appear manageable, helping retention and limiting turnover risk from affordability pressure.

Vintage context: the asset’s 2005 construction is older than the neighborhood’s newer average stock, pointing to potential value-add through targeted renovations and systems updates to stay competitive with 2010s-era product.