| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Poor |
| Demographics | 15th | Poor |
| Amenities | 48th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1241 5th Ave, Chula Vista, CA, 91911, US |
| Region / Metro | Chula Vista |
| Year of Construction | 1986 |
| Units | 71 |
| Transaction Date | 2015-02-05 |
| Transaction Price | $9,175,000 |
| Buyer | MARK I LP |
| Seller | KREUTZKAMP CHARLES FREDERICK |
1241 5th Ave Chula Vista Multifamily Investment
This 71-unit property benefits from strong renter demand in a market where 55% of housing units are renter-occupied, well above typical suburban levels. Neighborhood-level occupancy remains stable at 91.5% according to CRE market data from WDSuite.
The property sits in an inner suburb neighborhood within the San Diego-Chula Vista-Carlsbad metro, where renter-occupied units comprise 55% of the housing stock—significantly higher than typical suburban areas and ranking in the top quartile nationally. This concentration supports consistent rental demand for multifamily operators. Demographics within a 3-mile radius show household income growth of 45% over five years, with median household income reaching $75,330, while the renter share remains stable at 51%.
Built in 1986, the property aligns with the neighborhood's average construction year of 1984, suggesting potential value-add opportunities through strategic renovations and unit upgrades. Neighborhood-level occupancy holds at 91.5%, indicating stable absorption despite modest population decline. Contract rents have increased 38% over five years to a median of $1,555, though this remains below metro averages, potentially offering upside through lease management and property improvements.
The area provides strong amenity access with grocery stores ranking in the 98th percentile nationally and restaurant density in the 97th percentile, supporting tenant retention. However, limited childcare facilities and parks may affect family-oriented tenant appeal. Home values averaging $185,579 with 59% five-year appreciation reinforce rental demand by maintaining elevated ownership costs relative to local incomes.
Safety metrics present mixed signals for this Chula Vista neighborhood. Property crime rates rank in the bottom quartile among the metro's 621 neighborhoods, though recent trends show improvement with a 39% year-over-year decline in property offenses. Violent crime rates also remain elevated compared to metro averages, ranking 603rd of 621 neighborhoods regionally.
While current crime levels require consideration in tenant screening and property management approaches, the improving trend in property crime suggests neighborhood stabilization efforts may be gaining traction. Investors should factor security measures and tenant relations into operational planning while monitoring ongoing crime reduction initiatives.
The property benefits from proximity to major San Diego employers, supporting workforce housing demand in the southern metro corridor.
- Sempra Energy — utilities and energy (8.6 miles)
- Wells Fargo ATM — financial services (9.2 miles)
- Sempra Energy — utilities and energy HQ (9.3 miles)
- L-3 Telemetry & RF Products — defense and aerospace (15.3 miles)
- Qualcomm — technology and telecommunications HQ (21.2 miles)
This 71-unit property offers value-add potential in a stable rental market supported by above-average renter concentrations and improving fundamentals. The 1986 construction year aligns with neighborhood norms while providing renovation upside through unit improvements and common area enhancements. Demographic projections show household growth of 34% over the next five years within a 3-mile radius, expanding the potential tenant base and supporting occupancy stability.
According to multifamily property research from WDSuite, the neighborhood maintains 91.5% occupancy despite modest population decline, indicating resilient rental demand. Rent growth of 38% over five years demonstrates pricing power, though current levels remain below metro averages, suggesting potential for strategic rent optimization. The strong renter share and proximity to major employers like Sempra Energy and Qualcomm support long-term tenant demand.
- High renter concentration at 55% supports consistent multifamily demand
- Value-add opportunity through strategic renovations of 1986-vintage units
- Projected 34% household growth expands potential tenant base
- Below-metro rents offer upside potential through lease optimization
- Crime trends require ongoing monitoring and security considerations