| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 84th | Best |
| Demographics | 21st | Poor |
| Amenities | 63rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 244 Palomar St, Chula Vista, CA, 91911, US |
| Region / Metro | Chula Vista |
| Year of Construction | 2000 |
| Units | 116 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
244 Palomar St Chula Vista 116-Unit Multifamily
Stabilized renter demand and competitive occupancy at the neighborhood level support predictable operations, according to WDSuite s CRE market data. Newer vintage relative to local stock positions this asset to capture steady leasing without near-term repositioning pressure.
Located in Chula Vista s Urban Core, the property benefits from strong daily-needs access: restaurants and cafes rank in the top percentiles nationally, while grocery access is also high. Parks coverage tests above most U.S. neighborhoods. Pharmacy and childcare options are thinner in the immediate area, which may shape tenant mix and service expectations.
Neighborhood multifamily performance is solid: occupancy is competitive among San Diego-Chula Vista-Carlsbad neighborhoods (rank 229 of 621; top quintile nationally), indicating resilient tenant retention across cycles. The share of housing units that are renter-occupied sits in the top decile nationally, signaling a deep renter base that supports leasing velocity and renewals.
Median contract rents are above national levels, and net operating income per unit for the neighborhood sits in the top decile nationwide, underscoring healthy rent rolls relative to expenses. Elevated value-to-income ratios locally point to a high-cost ownership market, which typically sustains reliance on rental housing and can reinforce pricing power for well-maintained assets.
Within a 3-mile radius, recent years show flat-to-modest population growth alongside an increase in total households and a gradual reduction in household size. Looking ahead, forecasts point to fewer residents but materially more households, implying continued renter pool expansion driven by smaller household sizes rather than new unit construction. For investors, that pattern supports demand depth and occupancy stability, though unit mix and common-area programming should align with smaller households.
Safety trends are mixed and should be underwritten with care. The neighborhood s crime standing is below average for the metro (rank 183 of 621), and national safety positioning is weaker than mid-pack. Violent and property offense rates benchmark below national percentiles, indicating elevated incident levels compared with U.S. neighborhoods overall.
That said, recent momentum is constructive: property offenses show a meaningful year-over-year decline (improvement placing the area in a stronger national percentile for trend), and violent offense rates have also eased. For investors, the takeaway is to budget for prudent security and operational measures while recognizing that the trajectory has been improving.
Proximity to regional employers supports workforce housing demand and commute convenience, notably from Sempra Energy, L-3 Telemetry & RF Products, Celgene, and Qualcomm. This employment base can bolster leasing stability and retention.
- Sempra Energy corporate offices (9.1 miles)
- Sempra Energy corporate offices (9.9 miles) HQ
- L-3 Telemetry & RF Products defense & aerospace offices (15.6 miles)
- Celgene Corporation biotech offices (21.2 miles)
- Qualcomm technology (21.6 miles) HQ
Built in 2000, the asset is newer than the neighborhood s average vintage and should remain competitive against older stock, with potential to drive outperformance through targeted modernization of systems and common areas over time. Neighborhood fundamentals are supportive: occupancy is competitive within the metro and renter concentration is high, reinforcing depth of the tenant base. According to CRE market data from WDSuite, NOI per unit in the surrounding neighborhood sits near the top decile nationally, aligning with durable rent rolls when operations are well managed.
Within a 3-mile radius, household counts have increased and are projected to rise further even as total population is expected to contract, a pattern consistent with smaller household sizes and a broader renter pool. Elevated ownership costs locally tend to keep households in rental housing, while higher rent-to-income levels call for attentive lease management and amenity-value alignment to support renewals and control turnover.
- Newer 2000 vintage versus local average supports competitive positioning and moderated near-term capex
- Competitive neighborhood occupancy and top-decile renter concentration underpin leasing stability
- Strong neighborhood NOI per unit suggests operational upside with disciplined expense control
- 3-mile household growth and shrinking household size expand the renter pool and support absorption
- Risks: below-average safety benchmarks, higher rent-to-income levels, and service gaps (e.g., pharmacy/childcare) warrant underwritten contingencies