| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 69th | Poor |
| Demographics | 35th | Poor |
| Amenities | 79th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 340 5th Ave, Chula Vista, CA, 91910, US |
| Region / Metro | Chula Vista |
| Year of Construction | 1991 |
| Units | 21 |
| Transaction Date | 2019-03-18 |
| Transaction Price | $5,700,000 |
| Buyer | 2554 CALIFORNIA STREET LLC |
| Seller | BOOGAARD BRUCE M |
340 5th Ave, Chula Vista Multifamily Investment
Strong neighborhood renter demand and dense amenities support leasing durability, according to WDSuite’s CRE market data. Neighborhood metrics like occupancy and rents point to steady fundamentals rather than the property’s specific performance.
The property sits in an Urban Core pocket of Chula Vista with dense daily-needs access. Restaurants and cafes rank among the most concentrated in the metro (both near the top of 621 San Diego-Chula Vista-Carlsbad neighborhoods), and grocery and pharmacy availability tests well above national norms. This amenity reach can help sustain traffic, leasing velocity, and retention.
Neighborhood performance indicators are mixed but investable. The neighborhood’s average NOI per unit places it in the top quartile relative to other neighborhoods in the 621-location metro, per WDSuite. Occupancy for the neighborhood is around the national median but has trended upward over the past five years, signaling improving stability. Median contract rents for the neighborhood sit above national norms, underscoring pricing power balanced by prudent leasing management.
Tenure patterns favor multifamily demand: approximately seven in ten housing units are renter-occupied (high renter concentration; top quartile among 621 metro neighborhoods). For investors, this indicates a deep tenant base that can support absorption and renewals across cycles. School ratings in the area trend below national averages, which can be a consideration for family-oriented leasing but is often less determinative for workforce and young-adult segments.
Within a 3-mile radius, demographics indicate a slight historical population dip but projections point to population growth and a notable increase in households over the next five years, implying a larger tenant base. Income levels in the 3-mile area have been rising, while the rent-to-income profile suggests some affordability pressure; effective renewals and unit mix strategies remain important for retention.
Safety indicators are a consideration here. The neighborhood’s crime rank places it below the metro median (more incidents relative to many peers) when compared across 621 San Diego-Chula Vista-Carlsbad neighborhoods, and national percentiles also indicate a less safe standing. At the same time, WDSuite data shows year-over-year declines in both property and violent offense estimates, suggesting improvement momentum rather than deterioration.
Investors typically address this context through security measures, lighting, and resident engagement, while monitoring trends at the neighborhood level over time rather than block-by-block snapshots.
Proximity to regional employers supports a commuter-friendly renter base, with access to energy, defense, life sciences, and technology offices noted below.
- Sempra Energy — energy (6.5 miles)
- Sempra Energy — energy (7.2 miles) — HQ
- L-3 Telemetry & RF Products — defense & aerospace (13.1 miles)
- Celgene Corporation — life sciences (18.5 miles)
- Qualcomm — technology (19.0 miles) — HQ
Built in 1991, the asset is newer than the area’s average vintage, positioning it competitively versus older local stock while still offering potential for targeted modernization to enhance rents and operating efficiency. Dense food, grocery, and pharmacy access support day-to-day livability, and a high neighborhood renter concentration indicates depth in the tenant pool. According to commercial real estate analysis from WDSuite, neighborhood occupancy has been trending upward and average NOI per unit is competitive among metro peers, reinforcing an income-focused thesis.
Within a 3-mile radius, projections call for population growth and a meaningful increase in households, which should expand the renter pool. Affordability pressure is present, so thoughtful lease management and value-focused improvements will be important. Safety metrics trail broader benchmarks but have been improving year over year, which investors should monitor alongside resident-experience initiatives.
- Newer 1991 vintage versus neighborhood average, with potential for selective value-add
- Dense amenity access (restaurants, cafes, groceries) supports leasing and retention
- High renter-occupied share signals a deep tenant base and demand resilience
- 3-mile projections show population and household growth, expanding the renter pool
- Risks: below-median safety and rent-to-income pressure require active management