| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Poor |
| Demographics | 15th | Poor |
| Amenities | 48th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1689 Broadway, Chula Vista, CA, 91911, US |
| Region / Metro | Chula Vista |
| Year of Construction | 2000 |
| Units | 106 |
| Transaction Date | --- |
| Transaction Price | $1,600,000 |
| Buyer | OWNERSHIP NAME INFORMATION |
| Seller | --- |
1689 Broadway, Chula Vista Multifamily Investment Thesis
Stabilized renter demand and everyday convenience support leasing durability, according to WDSuite’s CRE market data, with neighborhood occupancy near national norms and a sizable renter base. This location’s amenity access and newer 2000 vintage position operations for competitive performance while leaving room for targeted upgrades.
Set within Chula Vista’s inner suburb fabric, the property benefits from strong daily-needs access: the neighborhood ranks in the top tier locally for grocery and restaurant density, and sits in the 98th and 97th percentiles nationally, respectively. Cafes are also well represented (above the 80th percentile nationally), while formal parks, pharmacies, and childcare centers are limited within the immediate neighborhood. For investors, this mix points to convenience-oriented living with some lifestyle amenity gaps that may be offset through on-site programming or partnerships.
Neighborhood occupancy is around the national median, with slight softening over the past five years, yet the renter-occupied share is high (above metro median and in the top decile nationally). For multifamily operators, that renter concentration signals a broad tenant pool and supports leasing continuity, even if pricing needs to be managed carefully during slower demand windows.
The building’s 2000 construction is newer than the area’s average 1984 vintage. That relative youth can enhance competitive positioning versus older stock, while still warranting capital planning for systems lifecycle replacements and selective modernization to capture renter preferences.
Demographic statistics aggregated within a 3-mile radius show a modest population dip in recent years alongside growth in households and families, with household sizes trending smaller. This shift typically expands the renter pool and supports occupancy stability. Median incomes have risen meaningfully, and asking rents have also advanced, underscoring the need for disciplined lease management to balance rent growth with retention.
Home values and ownership costs appear mixed relative to regional norms. In practical terms, that landscape can sustain rental demand from households prioritizing flexibility or near-term affordability, while introducing some competition from ownership options. For investors, the takeaway is steady demand depth with pricing power best captured through unit quality, service, and renewal strategy rather than outsized across-the-board increases.
Neighborhood safety metrics trail national benchmarks, indicating elevated incidents compared to many U.S. neighborhoods. Relative to the San Diego-Chula Vista-Carlsbad metro, conditions are not among the top quartile, and investors should underwrite with realistic assumptions for security measures and loss mitigation.
Encouragingly, recent trend data shows year-over-year declines in both property and violent offenses, placing these improvements above many peer areas nationally. For operations, that momentum can support resident retention when paired with thoughtful lighting, access control, and community engagement, but it remains prudent to budget for ongoing safety investments.
Proximity to major corporate employers underpins renter demand and commute convenience for a broad workforce, including energy, defense/aerospace, life sciences, and technology—specifically Sempra Energy, L-3 Telemetry & RF Products, Celgene, and Qualcomm.
- Sempra Energy — energy infrastructure (9.3 miles)
- Sempra Energy — energy infrastructure (10.0 miles) — HQ
- L-3 Telemetry & RF Products — defense & aerospace (16.0 miles)
- Celgene Corporation — biopharma (21.5 miles)
- Qualcomm — wireless technology (21.9 miles) — HQ
1689 Broadway is a 106-unit community with an average unit size near 943 square feet, offering scale and layouts suited to a broad tenant base. Based on CRE market data from WDSuite, the surrounding neighborhood posts occupancy near national norms and a high share of renter-occupied housing, reinforcing demand depth. The property’s 2000 vintage is newer than the neighborhood average, supporting competitive positioning versus older assets while suggesting targeted value-add through system updates and interior refreshes.
Within a 3-mile radius, households have increased even as overall population edged down, and incomes have advanced alongside rent levels—factors that point to a larger, higher-earning renter pool but also call for careful affordability and renewal management. Amenity access is strong for daily needs, which supports retention, though limited parks and similar amenities may require on-site activation. Safety indicators remain below national benchmarks but have improved year over year, warranting prudent security planning in underwriting.
- Newer 2000 vintage versus local stock, with clear value-add and modernization pathways
- High renter concentration supports demand stability and leasing continuity
- Strong daily-needs access (grocery, dining) aids retention and marketing
- Household growth and rising incomes within 3 miles expand the tenant base
- Risks: below-average safety metrics and affordability pressure require disciplined rent and security strategies