| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Good |
| Demographics | 34th | Poor |
| Amenities | 79th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 845 Broadway, Chula Vista, CA, 91911, US |
| Region / Metro | Chula Vista |
| Year of Construction | 2008 |
| Units | 42 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
845 Broadway, Chula Vista CA — Multifamily Investment Outlook
Newer 2008 construction in an Urban Core pocket where elevated ownership costs sustain renter reliance, with neighborhood occupancy indicating stable demand according to WDSuite’s CRE market data.
Situated at 845 Broadway in Chula Vista’s Urban Core, the property benefits from a neighborhood rated B+ and competitive among San Diego-Chula Vista-Carlsbad metro neighborhoods (ranked 199 of 621). Grocery, pharmacy, and restaurant access are notably dense (each near the top decile nationally), while park access is strong and childcare density is among the metro’s highest. Cafe density is limited, which slightly tempers lifestyle appeal but does not materially weaken day-to-day convenience.
Multifamily fundamentals point to a stable renter base: the neighborhood’s occupancy is in the upper third nationally and has improved over the last five years, and about 55.6% of housing units are renter-occupied—supporting depth for leasing and renewals. With a median contract rent level in the upper national percentiles and a rent-to-income ratio near 0.31, affordability pressure warrants attentive lease management, but pricing power is reinforced by the area’s high-cost ownership market.
For investors, the local housing stock skews older (average vintage 1969), while the subject’s 2008 construction positions it competitively against legacy assets; mechanicals and interiors may still benefit from targeted updates to sustain positioning against newer deliveries. NOI per unit for the neighborhood ranks in a high national percentile, signaling operating performance that compares favorably with peer submarkets, according to CRE market data from WDSuite.
Within a 3-mile radius, demographics indicate a steady population with a projected increase in households and smaller average household sizes over the next five years—expanding the tenant pool and supporting occupancy stability. Median household incomes have risen meaningfully and are projected to continue growing, which supports rent collections and renewals, while elevated home values (top decile nationally) reinforce long-term reliance on multifamily housing.
Safety conditions are mixed. The neighborhood falls into a higher-crime segment of the San Diego-Chula Vista-Carlsbad metro (crime rank 144 among 621 neighborhoods, where a lower rank indicates more crime) and sits in low national safety percentiles. However, both violent and property offense rates have shown meaningful year-over-year declines, placing recent improvement trends above many U.S. neighborhoods. Investors should underwrite with realistic assumptions for security measures and tenant communications while recognizing the improving trajectory.
Proximity to major employers supports workforce housing demand and commute convenience, notably in energy utilities, defense and aerospace, biotech, wireless technology, and food distribution.
- Sempra Energy — energy utilities (8.3 miles) — HQ
- L-3 Telemetry & RF Products — defense & aerospace (14.3 miles)
- Celgene Corporation — biotech/pharma (19.7 miles)
- Qualcomm — wireless technology (20.2 miles) — HQ
- Sysco — food distribution (22.0 miles)
This 42-unit, 2008-vintage asset offers a relative quality edge over older neighborhood stock while tapping a renter base supported by high home values and strong amenity access. Neighborhood occupancy trends are solid and renter concentration (approximately 55.6% of units renter-occupied) provides depth for leasing and renewals. According to CRE market data from WDSuite, the area’s operating performance benchmarks competitively, while ownership costs continue to reinforce reliance on multifamily housing.
Forward-looking fundamentals are constructive: within a 3-mile radius, households are projected to increase as average household size declines, pointing to a larger tenant base and support for occupancy stability. Income growth is expected to remain healthy, aiding collections and renewal capacity, though affordability pressure (rent-to-income ratio near 0.31) and pockets of higher crime introduce underwriting considerations rather than deal-breakers.
- 2008 construction outcompetes older local stock; targeted updates can sustain positioning
- Renter-occupied share around 56% supports demand depth and renewal stability
- Strong amenity access and high ownership costs reinforce multifamily demand
- 3-mile area projects more households and rising incomes, supporting occupancy and collections
- Risks: affordability pressure (higher rent-to-income) and higher-crime context require prudent operations