| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 74th | Fair |
| Demographics | 53rd | Fair |
| Amenities | 62nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 423 Church Ave, Chula Vista, CA, 91910, US |
| Region / Metro | Chula Vista |
| Year of Construction | 1988 |
| Units | 36 |
| Transaction Date | 2020-10-20 |
| Transaction Price | $7,600,000 |
| Buyer | CHM HOMES LLC |
| Seller | G AND CHURCH LIMITED PARTNERSHIP |
423 Church Ave, Chula Vista Multifamily Investment
Neighborhood occupancy has trended higher with steady renter demand, according to CRE market data from WDSuite, supporting a durable income profile for a 36-unit asset in Chula Vista’s urban core.
This Urban Core neighborhood in Chula Vista rates B+ and is competitive among San Diego-Chula Vista-Carlsbad metro neighborhoods (ranked 222 of 621). Daily needs are convenient: grocery and pharmacy access index in the higher national percentiles, and parks coverage is also strong. Cafe and restaurant density is thinner locally, but the area functions well for essentials and services.
Neighborhood schools average about 3.0 out of 5 (above the national midpoint), which can aid family retention. The area’s typical rents sit in the upper national range while occupancy is solid and has improved over the past five years, a pattern WDSuite’s CRE market data associates with demand resilience and manageable new supply pressures.
Tenure patterns suggest depth for multifamily: within a 3‑mile radius, a majority of housing units are renter-occupied, creating a broad tenant base for lease-up and renewals. By contrast, the immediate neighborhood shows a lower renter concentration, which can support stability for professionally managed assets competing on quality and convenience rather than price alone.
Demographics aggregated within a 3‑mile radius indicate steady fundamentals for multifamily demand. Recent years show relatively flat population but a modest increase in households, implying smaller household sizes and a gradual expansion of the renter pool. Forward-looking projections point to population growth and a larger household count over the next five years, reinforcing the case for sustained tenant demand and occupancy stability.
Ownership costs are elevated versus national norms, and home values sit in a high national percentile. In investor terms, this high-cost ownership market tends to sustain reliance on rental housing, supporting pricing power and lease retention for well-located multifamily properties.
Safety signals are mixed but improving. Overall crime performance sits near the national midpoint, while both violent and property offense rates benchmark below higher national percentiles. Notably, year-over-year trends indicate meaningful declines in estimated violent and property offenses, suggesting momentum in the right direction.
Within the San Diego-Chula Vista-Carlsbad metro context (621 neighborhoods), this area’s crime rank places it around the metro middle, which investors often interpret as manageable with standard on-site practices (lighting, access control, and resident engagement). Continued improvement, rather than absolute positioning, is the key theme to monitor for underwriting assumptions.
The employment base spans energy, life sciences, defense, and technology—diverse drivers that support renter demand and retention through varied wage bands and commute options. The list below highlights nearby anchors that commonly feed multifamily leasing in this corridor.
- Sempra Energy — energy & utilities offices (6.9 miles)
- Sempra Energy — energy & utilities offices (7.6 miles) — HQ
- L-3 Telemetry & RF Products — defense & aerospace (13.2 miles)
- Celgene Corporation — biopharma (18.8 miles)
- Qualcomm — wireless & semiconductors (19.2 miles) — HQ
423 Church Ave offers a scaled 36‑unit footprint in a neighborhood that is competitive within the San Diego metro, with essential amenities, above-median school ratings, and occupancy trends that have strengthened over the last five years. The property’s 1988 construction is newer than the neighborhood’s typical vintage, supporting competitive positioning versus older stock while still warranting targeted capital planning for systems and curb appeal. According to CRE market data from WDSuite, local ownership costs remain elevated relative to incomes, a dynamic that tends to reinforce reliance on multifamily rentals and support pricing power when paired with professional management.
Demographics within a 3‑mile radius show a larger household base even as household sizes edge down, with forward projections indicating population growth and additional household gains—signals aligned with a broader tenant base and stable occupancy. Neighborhood renter-occupied share is lower than the 3‑mile area’s majority-renter profile, which can favor well-maintained assets that capture demand from residents prioritizing convenience and quality over lowest rent.
- Competitive metro positioning with improving occupancy and durable renter demand
- 1988 vintage offers an edge over older stock with value-add potential via targeted updates
- High-cost ownership market supports multifamily leasing and pricing power
- Diverse nearby employers (energy, defense, life sciences, tech) underpin income stability
- Risks: safety performance sits near metro middle; underwriting should reflect standard security measures and prudent expense reserves for 1988 systems