| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Poor |
| Demographics | 15th | Poor |
| Amenities | 48th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1501 Broadway, Chula Vista, CA, 91911, US |
| Region / Metro | Chula Vista |
| Year of Construction | 2009 |
| Units | 42 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1501 Broadway Chula Vista Multifamily Investment
This 42-unit property built in 2009 sits in a neighborhood with 91% occupancy rates and strong rental demand, supported by a 53% renter-occupied housing base according to CRE market data from WDSuite.
The 1501 Broadway property occupies an inner suburb neighborhood in Chula Vista with established rental demand fundamentals. Neighborhood-level occupancy stands at 91.5%, while 55% of housing units are renter-occupied, ranking in the top quartile nationally among rental markets. The area's median contract rent of $1,555 has grown 38% over five years, indicating sustained pricing power despite affordability pressures reflected in the rent-to-income ratio.
Built in 2009, this property represents newer vintage compared to the neighborhood average construction year of 1984, positioning it competitively for tenant retention with reduced near-term capital expenditure needs. Demographics within a 3-mile radius show a population of 183,000 with stable household formation, though projections suggest a 6% population decline through 2028 that investors should monitor for absorption impacts.
The neighborhood demonstrates mixed amenity access, ranking in the 98th percentile nationally for grocery store density with 6.9 stores per square mile, supporting tenant convenience. However, limited childcare and park access may constrain appeal to family renters. Restaurant density ranks in the 97th percentile nationally, enhancing the area's livability profile for working professionals and younger demographics.
Home values averaging $186,000 with 59% five-year appreciation create elevated ownership costs that reinforce rental demand and sustain multifamily housing reliance in the submarket. The 47% homeownership rate indicates a balanced tenure mix that supports rental market depth without excessive ownership competition.
Property crime rates in this neighborhood rank 570th among 621 metro neighborhoods, indicating elevated property crime levels compared to regional averages. However, property crime has declined 39% year-over-year, representing the strongest improvement trend among San Diego metro neighborhoods and suggesting positive trajectory for tenant security perceptions.
Violent crime rates rank in the bottom quartile regionally but show an 11% decline over the past year, aligning with broader metro improvement trends. Investors should factor ongoing security considerations into property management strategies while recognizing the improving crime trajectory as a potential value driver for long-term tenant retention.
Major corporate employers within commuting distance support workforce housing demand, anchored by energy and technology companies that provide employment stability for area renters.
- Sempra Energy — energy services (8.9 miles)
- Sempra Energy — energy services (9.7 miles) — HQ
- L-3 Telemetry & RF Products — defense & aerospace (15.8 miles)
- Qualcomm — technology (21.7 miles) — HQ
- Celgene Corporation — biotechnology (21.2 miles)
The 1501 Broadway property offers stable cash flow fundamentals anchored by strong neighborhood occupancy rates of 91.5% and a rental-dominant housing market with 55% renter occupancy. The 2009 construction year provides competitive positioning with reduced capital expenditure risk compared to the neighborhood's 1984 average vintage, while proximity to major employers like Sempra Energy and Qualcomm supports tenant demand from the regional workforce.
Multifamily property research indicates rent growth potential supported by elevated homeownership costs that maintain rental demand, though investors should monitor projected population decline and crime metrics that may impact long-term absorption and tenant quality. The improving property crime trend and strong amenity access create value-add opportunities through targeted improvements and lease management strategies.
- Strong occupancy fundamentals with 91.5% neighborhood rate and rental-dominant housing market
- Newer 2009 vintage reduces near-term capital expenditure compared to area average
- Proximity to major employers including Sempra Energy and Qualcomm headquarters
- Elevated ownership costs support sustained rental demand and pricing power
- Monitor projected population decline and crime metrics for absorption impact