| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Poor |
| Demographics | 28th | Poor |
| Amenities | 58th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1049 Fourth Ave, Chula Vista, CA, 91911, US |
| Region / Metro | Chula Vista |
| Year of Construction | 1987 |
| Units | 70 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1049 Fourth Ave Chula Vista Multifamily Investment
This 70-unit property built in 1987 sits in a neighborhood with 92% rental occupancy share and strong renter demand fundamentals. CRE market data from WDSuite shows the area maintains competitive occupancy rates despite elevated rent-to-income ratios.
The property sits in an Urban Core neighborhood ranked 318th among 621 San Diego metro neighborhoods, earning a B- rating. With a 92% rental occupancy share ranking in the top national decile, this area demonstrates strong multifamily housing demand. Neighborhood-level occupancy rates of 86.6% provide a baseline for absorption expectations, though this trails metro averages.
Built in 1987, the property predates the neighborhood's 1972 average construction year, potentially offering value-add renovation opportunities to capture higher rents. Median contract rents of $1,958 have increased 34.6% over five years, reflecting pricing power despite affordability pressures indicated by rent-to-income ratios in the bottom national percentile.
Demographics within a 3-mile radius show 162,200 residents with stable population growth of 1.3% over five years. The area maintains 51.3% renter-occupied housing units, supporting sustained rental demand. Household income growth of 44.8% to a $76,398 median helps offset rent increases, though the 37% rent-to-income ratio requires careful lease management and retention strategies.
Amenity density supports tenant retention with 1.3 cafes and pharmacies per square mile, both ranking in top national deciles. The neighborhood provides 2.6 childcare facilities per square mile and 9.1 restaurants per square mile, appealing to families and working professionals. However, the area lacks parks entirely, which may limit recreational appeal compared to competing properties.
Property crime rates of 1,410 incidents per 100,000 residents rank 305th among 621 San Diego metro neighborhoods, placing the area near the middle of regional performance. More encouraging for long-term stability, property crime has declined 48.3% year-over-year, ranking 22nd metro-wide for improvement and in the 87th national percentile for crime reduction trends.
Violent crime rates present more mixed signals, with 818 incidents per 100,000 residents ranking 552nd metro-wide and in the 6th national percentile. However, investors should note that crime statistics can vary significantly at the block level, and the improving property crime trend suggests positive momentum in the immediate area.
The property benefits from proximity to major San Diego employers, with Sempra Energy's headquarters and operations providing workforce housing demand within reasonable commuting distance.
- Sempra Energy — utilities and energy services (8.2 miles)
- Sempra Energy — utilities and energy services (8.9 miles) — HQ
- L-3 Telemetry & RF Products — defense and aerospace (14.8 miles)
- Qualcomm — technology and telecommunications (20.7 miles) — HQ
- Celgene Corporation — biotechnology and pharmaceuticals (20.3 miles)
This 70-unit property offers exposure to Chula Vista's strong rental fundamentals, with the neighborhood's 92% rental occupancy share ranking in the top national decile. Built in 1987, the property predates the area's average construction vintage, potentially providing value-add opportunities through strategic renovations and unit improvements. Commercial real estate analysis from WDSuite indicates sustained renter demand supported by population growth and household formation within the 3-mile radius.
The area's 34.6% rent growth over five years demonstrates pricing power, though elevated rent-to-income ratios require careful lease management. Proximity to major employers including Sempra Energy headquarters provides workforce housing demand, while improving property crime trends support long-term neighborhood stability. The Urban Core location offers urban amenities and transit access that appeals to professional renters.
- 92% rental occupancy share ranks in top national decile for multifamily demand
- 1987 construction offers value-add renovation potential versus 1972 neighborhood average
- 34.6% rent growth over five years demonstrates pricing power
- Property crime declining 48.3% year-over-year supports neighborhood stability
- Risk: 37% rent-to-income ratio requires active lease retention strategies