| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Poor |
| Demographics | 28th | Poor |
| Amenities | 58th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1045 4th Ave, Chula Vista, CA, 91911, US |
| Region / Metro | Chula Vista |
| Year of Construction | 1988 |
| Units | 70 |
| Transaction Date | 2012-12-19 |
| Transaction Price | $10,625,000 |
| Buyer | HCA VISTA HERMOSA APARTMENTS LP |
| Seller | HCA VISTA HERMOSA APARTMENTS LP |
1045 4th Ave Chula Vista Multifamily Opportunity
High renter concentration in the neighborhood supports a deeper tenant base even as neighborhood occupancy trends below metro norms, according to WDSuite’s CRE market data. Positioning focuses on demand depth and prudent lease management at the submarket level.
The property sits in an Urban Core neighborhood with a B- rating that is competitive among the 621 San Diego–Chula Vista–Carlsbad neighborhoods (ranked 318 of 621). Amenity access is a relative strength: cafes, restaurants, childcare, grocery, and pharmacies index in the top quartile nationally, aligning with renter preferences for daily convenience and supporting leasing velocity.
Renter-occupied housing comprises a majority share of neighborhood units, indicating a high renter concentration that broadens the tenant pool and can support occupancy stability for multifamily assets. Neighborhood occupancy is currently below national medians, which suggests underwriting for turn costs and lease-up time; however, elevated amenity density and proximity to employment centers can help sustain traffic.
Home values rank high nationally, and ownership remains a high-cost option in this part of Chula Vista. In investor terms, elevated ownership costs tend to reinforce reliance on multifamily housing and can support retention and pricing power, provided rent-to-income levels are monitored to manage renewal risk and concessions.
Construction year for the asset is 1988, newer than the neighborhood’s average vintage (1972). That positioning is relatively competitive versus older area stock, while still warranting capital planning for aging systems and targeted modernization to capture value-add upside and improve operational durability.
Within a 3-mile radius, population has inched up recently while household counts have risen more noticeably, with forecasts calling for further increases in households alongside smaller average household sizes. This points to a larger tenant base over time and steady demand for rental units, supporting occupancy stability even if individual renter affordability needs close attention.
Safety indicators require thoughtful underwriting. Neighborhood crime levels benchmark below national medians (national safety percentile is in the mid-30s), and violent-offense measures sit in a low national percentile, signaling conditions that are less favorable than many U.S. neighborhoods. Compared across the 621 metro neighborhoods, current ranking does not place the area among the top quartile for safety.
That said, property-offense trends have improved, with a notable year-over-year decrease according to WDSuite’s CRE market data. Investors typically address conditions like these with on-site management, lighting, and access controls, and should calibrate operating assumptions accordingly.
Nearby employment centers span energy, aerospace/defense electronics, biotech, and semiconductors, supporting a diversified renter base and commute convenience for workforce and professional tenants.
- Sempra Energy — energy infrastructure (8.2 miles)
- Sempra Energy — energy infrastructure (8.9 miles) — HQ
- L-3 Telemetry & RF Products — aerospace & defense electronics (14.8 miles)
- Celgene Corporation — biotech (20.3 miles)
- Qualcomm — semiconductors & wireless (20.7 miles) — HQ
This 70-unit asset (built 1988) benefits from a neighborhood with strong daily amenities and a high renter concentration, which supports tenant depth and leasing velocity. While neighborhood occupancy trends below national medians, elevated ownership costs locally help sustain multifamily demand and can support rent levels when paired with disciplined renewal management and targeted concessions strategy.
The 1988 vintage is newer than the area’s average stock, offering relative competitiveness versus older assets while leaving room for modernization to drive rent lift and reduce capex variability. According to CRE market data from WDSuite, neighborhood rents price above national norms and amenity access ranks strongly, while rent-to-income signals warrant prudent underwriting to balance pricing power with retention. Within a 3-mile radius, growth in households and smaller average household sizes point to a larger tenant base over time, which can support occupancy stability.
- High renter concentration expands the tenant base and supports demand depth.
- Amenity-rich urban location with top-quartile national access to daily services.
- 1988 vintage offers value-add potential via modernization versus older neighborhood stock.
- Elevated ownership costs reinforce multifamily reliance, aiding pricing power with careful lease management.
- Risks: below-median neighborhood occupancy, affordability pressure (rent-to-income), and safety considerations require conservative underwriting and active operations.