| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Good |
| Demographics | 34th | Poor |
| Amenities | 79th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 840 3rd Ave, Chula Vista, CA, 91911, US |
| Region / Metro | Chula Vista |
| Year of Construction | 2000 |
| Units | 108 |
| Transaction Date | 2010-08-26 |
| Transaction Price | $1,371,000 |
| Buyer | THOMAS CAROL W |
| Seller | THOMAS CAROL W |
840 3rd Ave Chula Vista Multifamily Investment
This 108-unit property built in 2000 sits in an urban core neighborhood with strong rental housing demand, where 92% of housing units are renter-occupied versus the metro average.
The property sits in a B+ rated urban core neighborhood that ranks in the top quartile nationally for amenity access among San Diego metro's 621 neighborhoods. Built in 2000, this property represents newer construction compared to the neighborhood average of 1969, potentially reducing near-term capital expenditure needs relative to surrounding assets.
The immediate area demonstrates strong rental market fundamentals with 55.6% of housing units renter-occupied, ranking in the 92nd percentile nationally for rental housing share. Neighborhood occupancy stands at 94.4%, supported by dense amenity access including 11.14 grocery stores per square mile and extensive childcare options that rank in the 99th percentile nationally.
Demographics within a 3-mile radius show a stable tenant base with 148,096 residents and median household incomes of $76,729. Forecasts project household growth of 36.7% through 2028, expanding the potential renter pool. However, rent-to-income ratios at 0.31 suggest affordability pressure that could impact lease retention and renewal rates.
Home values averaging $628,540 with a 9.4 value-to-income ratio reinforce rental demand by keeping ownership costs elevated relative to household incomes. This dynamic supports sustained reliance on multifamily housing among area residents.
Property crime rates in the neighborhood have declined 37.6% year-over-year, ranking in the 79th percentile nationally for improvement trends. However, current property crime levels remain elevated at approximately 2,979 incidents per 100,000 residents, placing the area in the bottom quartile among San Diego metro neighborhoods.
Violent crime rates similarly show improvement with a 22.4% year-over-year decline, though current levels of 693 incidents per 100,000 residents rank below metro averages. Investors should factor security considerations into operational planning and tenant retention strategies.
Major corporate employers within commuting distance support workforce housing demand, led by energy and technology companies anchoring the regional economy.
- Sempra Energy — utilities and energy services (7.8 miles)
- Sempra Energy — utilities and energy services (8.5 miles) — HQ
- L-3 Telemetry & RF Products — defense and aerospace (14.3 miles)
- Qualcomm — technology and telecommunications (20.3 miles) — HQ
This 108-unit asset benefits from strong rental housing fundamentals in an urban core location where renter-occupied units comprise 92% of the housing stock. According to CRE market data from WDSuite, the neighborhood maintains 94.4% occupancy with projected household growth of 36.7% through 2028, supporting tenant demand stability. The 2000 construction year positions the property with reduced near-term capital needs compared to the area's 1969 average building vintage.
High home values relative to incomes reinforce rental demand by maintaining elevated ownership barriers. However, rent-to-income ratios at 0.31 indicate affordability pressure that requires careful lease management and renewal strategies. The location provides access to major employers including Sempra Energy and Qualcomm headquarters within commuting distance.
- Strong rental housing demand with 92% renter-occupied units in urban core location
- Newer 2000 construction reduces capital expenditure needs versus neighborhood average
- Projected 36.7% household growth through 2028 supports tenant base expansion
- High ownership costs maintain rental market reliance among area residents
- Rent-to-income pressures require active lease management and retention strategies