| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 69th | Poor |
| Demographics | 35th | Poor |
| Amenities | 79th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 438 3rd Ave, Chula Vista, CA, 91910, US |
| Region / Metro | Chula Vista |
| Year of Construction | 1999 |
| Units | 45 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
438 3rd Ave, Chula Vista Multifamily Investment
Neighborhood renter concentration is high and occupancy has trended up, supporting durable tenant demand according to WDSuite’s CRE market data.
This Urban Core neighborhood offers strong daily convenience for residents, with restaurants and cafes concentrated at levels that rank in the top percentiles nationally, and grocery and pharmacy access also well represented. That mix supports renter retention and leasing velocity for a 45‑unit asset near 438 3rd Ave.
The property was built in 1999, newer than the neighborhood’s typical 1973 vintage. For investors, a late‑90s asset can compete well against older stock while still benefiting from targeted modernization to enhance rents and reduce future capital surprises.
At the neighborhood level (not the property), renter-occupied housing accounts for a large share of units (72.4%), indicating a deep tenant base for multifamily. Occupancy in the neighborhood stands at 90.7% and has improved over the past five years, a constructive backdrop for income stability based on CRE market data from WDSuite.
Within a 3‑mile radius, household counts have grown in recent years and are projected to increase further by 2028, alongside rising median incomes. That combination suggests a larger tenant base and improving ability to support rent levels, while a forecast reduction in average household size implies continued demand for professionally managed apartments.
Median neighborhood rents and home values have risen over the last five years. Homeownership remains a higher-cost pathway in this area relative to local incomes, which can reinforce reliance on rental housing and support pricing power. At the same time, a higher rent-to-income ratio signals affordability pressure that owners should manage proactively through lease strategy and renewal planning.
School ratings in the neighborhood trend below national averages, which may temper demand from families seeking top-rated schools; however, the strong amenity base and renter orientation keep the area competitive among San Diego–Chula Vista–Carlsbad neighborhoods. Overall neighborhood rating is B (ranked 258 among 621 metro neighborhoods), placing it above the metro median.
Safety conditions should be evaluated carefully at the block and property level. Neighborhood crime metrics indicate rates that are elevated relative to national norms (low national percentiles for both violent and property offenses), but recent year‑over‑year trends show meaningful declines in both categories, according to WDSuite’s CRE market data. Investors may view the improving trajectory as supportive of leasing stability while maintaining prudent security and operating practices.
Proximity to regional employers supports a broad renter base and commute convenience, notably in energy utilities, defense & aerospace, biotech, and wireless technology.
- Sempra Energy — energy utilities (6.9 miles)
- Sempra Energy — energy utilities (7.6 miles) — HQ
- L-3 Telemetry & RF Products — defense & aerospace (13.3 miles)
- Celgene Corporation — biotech/pharma (18.8 miles)
- Qualcomm — wireless technology (19.2 miles) — HQ
438 3rd Ave offers a 1999-vintage, 45‑unit footprint in a renter-heavy Urban Core location with strong amenity density. Neighborhood occupancy has risen over the last five years and sits in a healthy range, and the large share of renter-occupied units points to durable multifamily demand. According to CRE market data from WDSuite, local rents and home values have climbed, suggesting sustained reliance on rental housing, while the property’s newer vintage relative to the 1973 neighborhood average provides competitive positioning with selective value‑add potential.
Within a 3‑mile radius, forecasts point to population growth, an increase in households, and higher median incomes by 2028, all of which can expand the tenant base and support occupancy stability. Risks to underwrite include affordability pressure (higher rent-to-income ratios), below-average school ratings for families, and safety metrics that, while improving, remain weaker than national norms at the neighborhood level.
- Renter-heavy neighborhood and improving occupancy support steady leasing
- 1999 vintage outcompetes older local stock with targeted upgrades
- Strong food and grocery access aids retention and rentability
- Demographic outlook (3‑mile) indicates a larger, higher‑income renter pool by 2028
- Risks: affordability pressure, below‑average school ratings, and safety metrics that warrant ongoing monitoring