| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 84th | Best |
| Demographics | 21st | Poor |
| Amenities | 63rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 330 Palomar St, Chula Vista, CA, 91911, US |
| Region / Metro | Chula Vista |
| Year of Construction | 1988 |
| Units | 34 |
| Transaction Date | 2017-06-30 |
| Transaction Price | $7,300,000 |
| Buyer | MARK II LP |
| Seller | MMGER PARTNERSHIP |
330 Palomar St, Chula Vista Multifamily Investment
Renter concentration in the surrounding neighborhood is high and occupancy has remained resilient, according to WDSuite’s CRE market data, supporting a stable tenant base for a 34‑unit asset. The location’s everyday amenities and regional job access further reinforce demand while leaving room for selective value-add execution.
Situated in Chula Vista’s Urban Core, the neighborhood trends point to durable renter demand. Neighborhood occupancy is 96.7% and the share of housing units that are renter-occupied is 64.1%, indicating a deep tenant pool and generally steady lease-up dynamics. Median contract rents have risen over the last five years, and neighborhood housing metrics sit above many U.S. peers, based on CRE market data from WDSuite.
Local amenities are a strength: restaurants and cafes are dense (both near the top decile nationally), and park access benchmarks well versus U.S. neighborhoods. Everyday services such as grocery options are also robust relative to national norms, though childcare and pharmacy availability are thinner and may matter for certain household segments.
For investors, the ownership landscape suggests sustained rental reliance. Neighborhood home values and the value‑to‑income ratio trend high versus national benchmarks, which typically supports pricing power and lease retention for multifamily as households favor rental options in a high‑cost ownership market. That said, a neighborhood rent‑to‑income ratio near one‑third signals some affordability pressure, calling for careful renewal management.
Demographics aggregated within a 3‑mile radius show households have increased even as population was roughly flat to slightly down in recent years, implying smaller household sizes and a gradual shift toward more, smaller households. Forward-looking projections indicate further growth in household counts and higher median incomes by 2028, which points to a larger tenant base and supports occupancy stability for well‑maintained units.
Vintage context: the property’s 1988 construction is modestly newer than the neighborhood average stock from the early 1980s. That positioning can be competitively helpful versus older product, while still leaving room for modernization of interiors and systems to capture value-add upside.
Neighborhood safety compares below national averages, with violent and property offense rates placing in lower national percentiles. However, year‑over‑year trends are moving in a positive direction, with both violent and property offenses declining according to WDSuite’s CRE market data.
Investors should underwrite prudent security and operational measures (lighting, access control, resident engagement) and consider how improving trendlines can support retention over a longer hold, while recognizing that safety perceptions may vary by block and over time.
The area draws from a diverse employment base spanning energy utilities, defense & aerospace, biotech/pharma, and wireless technology, supporting renter demand through commute convenience to regional job centers.
- Sempra Energy — energy utilities (8.8 miles)
- Sempra Energy — energy utilities (9.5 miles) — HQ
- L-3 Telemetry & RF Products — defense & aerospace offices (15.4 miles)
- Celgene Corporation — biotech/pharma (20.9 miles)
- Qualcomm — wireless & semiconductors (21.3 miles) — HQ
330 Palomar St offers a 34‑unit, 1988‑vintage asset in a renter‑heavy Urban Core neighborhood where occupancy is strong and amenities are deep. The property is slightly newer than the area’s early‑1980s average, providing a competitive edge versus older stock while leaving room for targeted renovations to drive rent premiums. Elevated ownership costs in the neighborhood typically sustain reliance on multifamily housing, and household growth within a 3‑mile radius points to a larger tenant base over time.
According to CRE market data from WDSuite, neighborhood rents and NOI per unit benchmark well versus national peers, aligning with the area’s high occupancy and dense amenity base. Underwriting should account for affordability pressure near one‑third of income and safety metrics that trail national norms, but improving crime trendlines and income growth projections support a balanced, durable thesis.
- High renter concentration and 96%+ neighborhood occupancy support leasing stability
- 1988 vintage is newer than nearby stock, with clear value‑add/modernization upside
- Dense dining, cafe, and park access strengthen resident appeal and retention
- Elevated ownership costs in the area reinforce multifamily rental demand
- Risks: below‑average safety and renter affordability pressure require prudent operations