| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 69th | Poor |
| Demographics | 35th | Poor |
| Amenities | 79th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 350 3rd Ave, Chula Vista, CA, 91910, US |
| Region / Metro | Chula Vista |
| Year of Construction | 1987 |
| Units | 94 |
| Transaction Date | 2014-10-28 |
| Transaction Price | $22,560,000 |
| Buyer | MMGER PARTNERSHIP |
| Seller | ONE PARK APARTMENTS LP |
350 3rd Ave Chula Vista Multifamily Opportunity
Renter demand is supported by an amenity-rich urban core and a high neighborhood renter-occupied share, according to WDSuite’s CRE market data, positioning this asset for steady leasing relative to comparable submarkets.
Located in Chula Vista’s Urban Core, the neighborhood carries a B rating and ranks above the metro median (258 of 621 neighborhoods). Amenity access is a differentiator: cafes and restaurants are among the densest in the region (99th percentile nationally), and groceries, parks, and pharmacies also score in high national percentiles, signaling daily convenience that supports leasing and retention.
Neighborhood-level operating benchmarks are constructive for multifamily: average NOI per unit sits in the top quartile nationally, per CRE market data from WDSuite, with occupancy near national norms and showing improvement over the past five years. The area skews toward renter households—roughly seven in ten units are renter-occupied—indicating a deep tenant base and consistent demand across economic cycles.
Within a 3-mile radius, demographics point to a larger tenant base ahead: forecasts indicate population growth by 2028 alongside a substantial increase in households and higher median incomes. This combination typically supports renter pool expansion and rent durability, even as household sizes trend modestly smaller.
Ownership remains a higher-cost path relative to local incomes (value-to-income metrics in elevated national percentiles), which tends to reinforce reliance on multifamily housing. At the same time, rent-to-income ratios in the neighborhood suggest pockets of affordability pressure, implying the need for disciplined lease management and renewal strategies to maintain occupancy stability.
Schools in the area track below national medians, which can influence demand from some family households, but the strong amenity mix and urban convenience often offset this for a broad renter cohort seeking proximity to services and employment.
Safety trends are mixed. Compared with neighborhoods nationwide, this area sits well below the national safety median, reflecting elevated rates of both violent and property offenses at the neighborhood level. However, year-over-year, both categories have improved, with double-digit declines indicating a favorable directional trend. For multifamily operations, investors typically pair these dynamics with on-site measures such as lighting, access controls, and community engagement to support resident retention.
Within the San Diego–Chula Vista–Carlsbad metro context, this urban-core location performs below the metro average on safety; investors should underwrite appropriate security provisions and monitor ongoing trend improvements when evaluating risk-adjusted performance.
Proximity to regional employers supports workforce housing demand and commute convenience for residents, including roles in energy, aerospace/defense, life sciences, and technology. The following nearby employers anchor the local employment base referenced here.
- Sempra Energy — energy infrastructure (6.6 miles)
- Sempra Energy — energy infrastructure (7.3 miles) — HQ
- L-3 Telemetry & RF Products — defense & aerospace offices (13.0 miles)
- Celgene Corporation — life sciences (18.5 miles)
- Qualcomm — technology (19.0 miles) — HQ
This 94-unit property, built in 1987, is newer than the neighborhood average vintage, offering a competitive edge versus older stock while leaving room to modernize systems and finishes for value-add upside. The immediate area combines an amenity-rich urban core with a high renter concentration and NOI per unit that ranks in the top quartile nationally, supporting durable demand and consistent leasing, based on CRE market data from WDSuite.
Within a 3-mile radius, forecasts point to population growth and a notable increase in households by 2028, alongside rising incomes—factors that typically expand the renter pool and support occupancy stability. Elevated ownership costs relative to incomes tend to sustain reliance on multifamily housing, though local rent-to-income levels imply prudent rent setting and renewal strategies are important to mitigate retention risk. Given the 1987 vintage, investors should plan for targeted capital to refresh building systems and common areas to capture rent premiums.
- Amenity-dense urban core with top-tier food and grocery access supports leasing velocity and retention.
- High neighborhood renter-occupied share signals a deep tenant base and steady multifamily demand.
- Top-quartile neighborhood NOI per unit and improving occupancy trends offer constructive operating comps.
- 1987 vintage enables value-add through modernization for competitive positioning versus older stock.
- Risks: below-median safety metrics and elevated rent-to-income levels require active security and lease management.