| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 75th | Fair |
| Demographics | 50th | Fair |
| Amenities | 29th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 240 Bonita Glen Dr, Chula Vista, CA, 91910, US |
| Region / Metro | Chula Vista |
| Year of Construction | 1972 |
| Units | 66 |
| Transaction Date | 2015-06-16 |
| Transaction Price | $49,050,000 |
| Buyer | RRE BONITA GLEN HOLDINGS LLC |
| Seller | UNIVERSAL PROPERTIES THREE LLC |
240 Bonita Glen Dr, Chula Vista Multifamily Investment
Neighborhood fundamentals point to a durable renter base and steady leasing, with renter concentration above national norms and occupancy that has held relatively stable, according to WDSuite s CRE market data.
Chula Vista s Urban Core setting offers practical livability for workforce and family renters. Grocery access is a relative strength (competitive nationally), while park and cafe density is lighter, suggesting convenience-driven demand over lifestyle retail. Rents in the neighborhood price toward the higher end nationally, but the rent-to-income profile indicates manageable pressure that can support retention and collections for well-managed assets.
Within the San Diego Chula Vista Carlsbad metro, this neighborhood sits below the metro median on broad ratings, yet it remains competitive on day-to-day amenities like groceries and restaurants. The stock skews slightly older than the metro average, which creates opportunities for value-add repositioning to differentiate against legacy properties.
Demographic statistics aggregated within a 3-mile radius show households have edged higher over the past five years even as population held roughly flat, implying smaller household sizes and a gradually expanding tenant base. Forecasts point to additional household growth by 2028 alongside a modest decline in average household size, factors that typically support leasing velocity and occupancy stability.
For investors, elevated home values relative to national benchmarks and a high value-to-income environment reinforce reliance on multifamily housing, underpinning demand. A higher share of renter-occupied housing units than most U.S. neighborhoods indicates depth in the tenant pool and supports ongoing leasing activity.
Safety metrics for the neighborhood trail national averages, indicating a higher incidence of reported offenses than many U.S. areas. However, property offenses have shown a meaningful year-over-year decline, according to CRE market data from WDSuite, which is a constructive trend to monitor for operational planning and resident retention.
Investors should underwrite with pragmatic assumptions: emphasize lighting, access control, and community engagement to align with submarket norms, and track whether the recent improvement in property offenses continues over the next few leasing cycles.
Proximity to major employers supports commuter convenience and broad renter demand, led by energy utilities, defense & aerospace, biotech, semiconductors, and foodservice distribution.
- Sempra Energy energy utilities (7.6 miles) HQ
- L-3 Telemetry & RF Products defense & aerospace (12.8 miles)
- Celgene Corporation biotechnology (18.5 miles)
- Qualcomm semiconductors (18.9 miles) HQ
- Sysco foodservice distribution (20.0 miles)
240 Bonita Glen Dr is a 66-unit, early-1970s asset with average unit sizes around 744 sq. ft., positioned to capture a deep renter pool supported by high ownership costs and proximity to diversified employment. According to CRE market data from WDSuite, neighborhood rents sit in higher national tiers while rent-to-income levels suggest manageable affordability pressure, supporting occupancy and collections for disciplined operators.
The 1972 vintage points to potential value-add through targeted interior refreshes and systems modernization, which can enhance competitiveness against older stock. Within a 3-mile radius, households are projected to increase as average household size trends lower by 2028, expanding the tenant base and reinforcing leasing stability. Investors should balance these strengths against localized safety metrics and lighter park/cafe density when planning amenities and resident services.
- High ownership costs locally support sustained reliance on rentals and depth of demand.
- Rents price toward the higher end nationally with rent-to-income near manageable ranges, aiding retention.
- 1972 vintage offers value-add upside via interior upgrades and building systems improvements.
- 3-mile household growth outlook and diversified nearby employers support leasing stability.
- Risks: localized safety metrics below national averages and lighter park/cafe density warrant proactive asset management.