| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 84th | Best |
| Demographics | 21st | Poor |
| Amenities | 63rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 212 Palomar St, Chula Vista, CA, 91911, US |
| Region / Metro | Chula Vista |
| Year of Construction | 1978 |
| Units | 34 |
| Transaction Date | --- |
| Transaction Price | $1,950,000 |
| Buyer | PETERSON JAMES J |
| Seller | MATEER FAMILY TRUST 08-25-92 |
212 Palomar St Chula Vista Multifamily Opportunity
Neighborhood occupancy is strong and renter demand is deep for workforce-oriented units, according to WDSuite’s CRE market data. Positioning focuses on steady leasing fundamentals with potential to enhance income through targeted upgrades.
Situated in Chula Vista’s Urban Core (C+ neighborhood rating), the property benefits from a dense amenity base that supports everyday livability and leasing stability. Restaurants and cafes are abundant (both in the top decile nationally), and grocery access is robust as well. By contrast, neighborhood childcare and pharmacy availability are limited, which may influence resident convenience expectations and onsite amenity/value propositions.
For investors, demand signals are constructive: the neighborhood occupancy rate is 96.7%, which is top quartile nationally and competitive among San Diego-Chula Vista-Carlsbad neighborhoods (ranked 229 out of 621). Renter concentration is high with 64.1% of housing units renter-occupied, indicating a sizable tenant base and generally resilient absorption for multifamily. Median contract rents sit above national norms (83rd percentile), aligning with a high-cost ownership backdrop that tends to sustain renter reliance on multifamily housing.
The 1977 vintage is slightly older than the neighborhood’s average construction year (1981), suggesting pragmatic capital planning and selective renovations could unlock value-add upside while improving competitive positioning against newer stock. Average school ratings in the neighborhood are below national averages, so family-oriented leasing may hinge more heavily on unit finishes, management quality, and access to nearby amenities.
Within a 3-mile radius, demographics show modest recent population growth with a larger increase in households, and forward-looking data point to a smaller average household size. This pattern typically widens the renter pool and supports occupancy stability, particularly for efficient one- and two-bedroom product. Median home values are elevated relative to incomes (high national percentile for value-to-income), reinforcing rental demand and lease retention prospects. Neighborhood-level NOI per unit benchmarks trend strong versus U.S. peers, based on CRE market data from WDSuite.
Safety trends warrant monitoring but show signs of improvement. The neighborhood’s crime rank is 183 out of 621 metro neighborhoods, indicating higher crime relative to the metro median, and overall safety sits below the national midpoint (38th percentile). However, year-over-year estimates point to declines in both property and violent offenses, with improvement paces that are better than many U.S. neighborhoods.
For underwriting, this suggests a balanced approach: recognize below-average national safety positioning, weigh the improving trajectory, and consider property-level measures (lighting, access control, and onsite presence) that can support resident retention and operational performance.
Proximity to regional employers supports a broad workforce renter base and commute convenience, anchored by utilities, defense/aerospace, biotech, and wireless technology firms: Sempra Energy, L-3 Telemetry & RF Products, Celgene, and Qualcomm.
- Sempra Energy — energy utilities (9.0 miles)
- Sempra Energy — energy utilities (9.7 miles) — HQ
- L-3 Telemetry & RF Products — defense & aerospace (15.4 miles)
- Celgene Corporation — biotech/pharma (21.0 miles)
- Qualcomm — wireless & semiconductors (21.4 miles) — HQ
The property’s demand profile is reinforced by a high-share renter market and competitive neighborhood occupancy that ranks favorably within the metro and sits in the top quartile nationally. Elevated ownership costs relative to incomes in the area tend to sustain reliance on rentals, supporting pricing power and lease retention through cycles. The 1977 vintage points to tangible value-add potential via targeted interior and system upgrades that can improve rent roll durability and narrow the gap to newer comparables.
Within a 3-mile radius, households have grown and are projected to expand further even as average household size trends lower, a combination that typically enlarges the renter pool and supports occupancy stability. According to commercial real estate analysis from WDSuite, neighborhood-level NOI per unit performance is strong compared with U.S. peers, while amenity density (food, beverage, and grocery) strengthens day-to-day livability and resident retention.
- Competitive occupancy and deep renter base support stable leasing
- High-cost ownership market reinforces multifamily demand and retention
- 1977 vintage offers value-add upside through targeted renovations
- Strong amenity density aids tenant satisfaction and renewal potential
- Risks: below-average school ratings, safety below national median, and affordability pressure require attentive leasing and asset management