| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Poor |
| Demographics | 30th | Poor |
| Amenities | 81st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1018 E Lexington Ave, El Cajon, CA, 92020, US |
| Region / Metro | El Cajon |
| Year of Construction | 1977 |
| Units | 23 |
| Transaction Date | 2023-02-02 |
| Transaction Price | $5,730,000 |
| Buyer | BB SUNSHINE LLC |
| Seller | EL CAJON INVESTOR 2 LLC |
1018 E Lexington Ave El Cajon Multifamily Investment
This 23-unit property built in 1977 sits in a neighborhood with 97.3% occupancy and strong rental demand, with 84% of housing units renter-occupied according to CRE market data from WDSuite.
The property is located in an Urban Core neighborhood ranking in the 85th percentile nationally for occupancy rates, with neighborhood-level occupancy at 97.3%. This El Cajon area shows 84% of housing units are renter-occupied, ranking in the 99th percentile among San Diego metro neighborhoods and indicating strong rental demand fundamentals.
Built in 1977, this property aligns with the neighborhood's average construction year of 1976, presenting potential value-add opportunities through strategic capital improvements and unit upgrades. The area demonstrates solid rental market dynamics with median contract rents of $1,626, though investors should monitor affordability pressures given the rent-to-income ratio challenges in the immediate neighborhood.
Demographics within a 3-mile radius show a population of approximately 142,445 with household growth projected to increase 24.7% through 2028, expanding the renter pool. The neighborhood ranks in the top quartile nationally for amenity density, with 12.6 grocery stores per square mile and strong restaurant and pharmacy access supporting tenant retention. Average unit size of 691 square feet positions the property competitively for the local rental market.
Net operating income averages $9,636 per unit in the neighborhood, ranking in the 77th percentile nationally. However, investors should consider the area's below-average household income levels when evaluating rental pricing strategies and tenant screening criteria.
Crime metrics indicate elevated property and violent offense rates compared to national averages, with the neighborhood ranking in lower percentiles for safety measures among the 621 San Diego metro neighborhoods. Property offense rates rank 574th out of 621 metro neighborhoods, while violent crime rates place in the bottom quartile nationally.
Investors should factor security considerations into property management strategies and capital planning. Enhanced lighting, security systems, and tenant screening protocols may be appropriate given the local crime environment. These safety metrics should be weighed against the strong occupancy fundamentals and rental demand when evaluating overall investment risk.
The surrounding employment base includes major corporate offices and headquarters within commuting distance, supporting workforce housing demand for the property's tenant profile.
- L-3 Telemetry & RF Products — defense & aerospace (11.1 miles)
- Sysco — food distribution services (11.7 miles)
- Sempra Energy — utilities HQ (13.5 miles)
- Qualcomm — technology HQ (16.2 miles)
- Celgene Corporation — biotechnology (16.7 miles)
This 23-unit El Cajon property offers exposure to a rental-dominant market with 97.3% neighborhood occupancy and strong demographic tailwinds. The 1977 construction vintage presents value-add opportunities through strategic renovations and unit improvements. Household growth projections of 24.7% through 2028 within the 3-mile radius support expanding rental demand, while the property's average unit size of 691 square feet aligns with local market preferences.
Commercial real estate analysis from WDSuite indicates the neighborhood's 84% renter-occupied housing share ranks in the 99th percentile metro-wide, demonstrating entrenched rental demand. However, investors should carefully evaluate rent growth potential given below-average area income levels and monitor security considerations in capital planning decisions.
- High occupancy fundamentals with 97.3% neighborhood rate ranking 85th percentile nationally
- Strong rental demand supported by 84% renter-occupied housing units
- Value-add potential through renovations of 1977-vintage units
- Projected household growth of 24.7% expanding tenant base through 2028
- Risk factors include elevated crime rates and below-average area incomes requiring careful management