| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 64th | Poor |
| Demographics | 36th | Poor |
| Amenities | 64th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 124 Garrett Ave, Chula Vista, CA, 91910, US |
| Region / Metro | Chula Vista |
| Year of Construction | 2000 |
| Units | 37 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
124 Garrett Ave Chula Vista Multifamily Investment
This 37-unit property benefits from a renter-dominated neighborhood where 63.7% of housing units are occupied by tenants, ranking in the top quartile nationally for rental demand concentration.
Located in an Urban Core neighborhood of Chula Vista, this property sits within a rental-focused market where nearly two-thirds of housing units are tenant-occupied, ranking in the 95th percentile nationally for rental concentration. The neighborhood demonstrates strong amenity density with 8.78 grocery stores per square mile (99th percentile nationally) and 3.29 childcare facilities per square mile (97th percentile), supporting tenant retention through convenient daily services.
Built in 2000, the property represents newer construction compared to the neighborhood average of 1972, potentially reducing near-term capital expenditure requirements. Within a 3-mile radius, the area houses approximately 150,200 residents with a median household income of $72,600. Demographic projections indicate household growth of 36.7% through 2028, expanding the potential renter pool and supporting occupancy fundamentals.
Neighborhood-level occupancy stands at 86.6%, though this reflects broader market conditions rather than property-specific performance. Median contract rents of $1,655 maintain reasonable affordability with a rent-to-income ratio of 0.27, supporting lease retention. The area's rental market benefits from elevated home values at $540,100 median, where higher ownership costs can sustain rental demand by keeping households in the multifamily market longer.
Crime metrics show the neighborhood ranking 300th among 621 metro neighborhoods for overall safety, placing it above the metro median. Property crime rates have declined 27.9% over the past year, ranking in the 71st percentile nationally for improvement trends. While violent crime rates remain elevated compared to suburban areas, the downward trajectory in property offenses suggests improving conditions that could support tenant confidence and retention.
The property benefits from proximity to major corporate employers anchored by energy and technology companies, providing workforce housing opportunities for professional tenants within reasonable commuting distance.
- Sempra Energy — energy services (6.1 miles)
- Sempra Energy — energy services (6.8 miles) — HQ
- L-3 Telemetry & RF Products — defense & aerospace (12.5 miles)
- Qualcomm — technology (18.4 miles) — HQ
This 37-unit Chula Vista property capitalizes on strong rental market fundamentals, positioned in a neighborhood where nearly two-thirds of housing units serve tenants. According to CRE market data from WDSuite, the area ranks in the 95th percentile nationally for rental concentration, indicating deep tenant demand. The property's 2000 construction year provides a competitive advantage over the neighborhood's 1972 average vintage, potentially reducing capital expenditure pressures while maintaining market positioning.
Demographic projections within a 3-mile radius show household growth of 36.7% through 2028, expanding the renter pool and supporting occupancy stability. The neighborhood's elevated home values at $540,100 median reinforce rental demand by maintaining higher barriers to ownership. Strong amenity density, including top-percentile grocery and childcare access, enhances tenant retention potential.
- Top quartile nationally for rental unit concentration at 63.7%
- Newer 2000 construction reduces near-term capital expenditure risk
- Projected 36.7% household growth through 2028 supports tenant demand
- Superior amenity access with 99th percentile grocery density
- Risk consideration: Crime metrics rank below metro median, requiring tenant screening focus