| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Good |
| Demographics | 50th | Fair |
| Amenities | 56th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1423 E Washington Ave, El Cajon, CA, 92019, US |
| Region / Metro | El Cajon |
| Year of Construction | 1976 |
| Units | 59 |
| Transaction Date | 2011-02-07 |
| Transaction Price | $1,337,500 |
| Buyer | HOBAN HOLDINGS INC |
| Seller | MAAS SYLVIA A |
1423 E Washington Ave El Cajon Multifamily Investment
This 59-unit property built in 1976 sits in a neighborhood with above-metro occupancy at 99.1% and median household income near $120,000, according to CRE market data from WDSuite, positioning it in the top quartile nationally for occupancy stability among San Diego-Chula Vista-Carlsbad neighborhoods.
The neighborhood surrounding 1423 E Washington Ave earned a B rating and ranks in the 50th percentile nationally for demographics, supported by a median household income of $119,792 within the immediate area—placing it in the 85th percentile nationally and above the metro median among 621 San Diego-Chula Vista-Carlsbad neighborhoods. Neighborhood-level occupancy reached 99.1%, ranking in the top quartile nationally and well above typical metro benchmarks, reflecting strong tenant retention and limited turnover. Within a three-mile radius, the renter-occupied share of housing units stands at 53.1%, underpinning consistent multifamily demand. Over the next five years, the household count is projected to grow 25.1%, expanding the renter pool and supporting lease-up velocity and occupancy stability.
The property was constructed in 1976, slightly older than the neighborhood average of 1977. This vintage signals potential for value-add repositioning or capital investment in unit interiors and common areas to capture rent premiums and reduce deferred maintenance exposure. Median home values in the neighborhood reach $749,453, ranking in the 94th percentile nationally, while the rent-to-income ratio sits near the metro median. Elevated ownership costs limit accessibility to homeownership and sustain rental demand, reinforcing reliance on multifamily housing and supporting lease retention for investors.
Amenity density is mixed but functional for tenant appeal. Childcare facilities per square mile rank in the 96th percentile nationally, enhancing appeal to family renters. Pharmacy and restaurant counts rank in the 83rd and 86th percentiles nationally, respectively, supporting day-to-day convenience. Grocery store density ranks above the metro median, while café and park counts fall below regional norms. Median contract rent in the neighborhood is $2,068, placing it in the 93rd percentile nationally, reflecting pricing power in a market with limited ownership alternatives and stable income demographics.
Crime metrics for the neighborhood reflect a balanced picture. The property offense rate ranks 293rd among 621 metro neighborhoods, placing it near the middle of the distribution and in the 17th percentile nationally. Violent offense rates rank 219th locally and in the 23rd percentile nationally, indicating higher-than-average violent crime compared to neighborhoods across the country. However, the one-year trend in violent offenses shows an 11.9% decline, ranking in the 61st percentile nationally for improvement, suggesting stabilization in public safety conditions.
Investors should approach crime data as a submarket-level indicator rather than a block-specific forecast. Neighborhood-level trends provide useful context for tenant perception, lease management, and property insurance considerations. The recent improvement in violent offense trends may support tenant retention and reduce turnover costs over time, though property-level security measures and lease screening remain critical risk-management tools.
The property benefits from proximity to major corporate employers that support workforce housing demand and commute convenience for renters. Nearby anchor offices include L-3 Telemetry, Sysco, Sempra Energy's headquarters, and Qualcomm's headquarters, providing a diversified employment base across defense, logistics, utilities, and technology sectors.
- L-3 Telemetry & RF Products — defense & aerospace offices (12.1 miles)
- Sysco — food distribution & logistics (12.5 miles)
- Sempra Energy — utilities & energy services (14.3 miles) — HQ
- Qualcomm — telecommunications & technology (17.2 miles) — HQ
- Celgene Corporation — biopharmaceutical offices (17.7 miles)
1423 E Washington Ave presents a value-add opportunity in a stable San Diego submarket with above-metro occupancy and strong income demographics. The neighborhood's 99.1% occupancy rate ranks in the top quartile nationally, reflecting tight supply and tenant retention. Median household income of $119,792 places the area in the 85th percentile nationwide, supporting rent collection reliability. Within a three-mile radius, household counts are projected to grow 25.1% over the next five years, expanding the renter pool and reinforcing multifamily demand. The property's 1976 vintage, slightly older than the neighborhood average, offers capital expenditure planning opportunities for interior upgrades and common-area repositioning to capture rent premiums and reduce deferred maintenance exposure.
Elevated home values—$749,453 median, ranking in the 94th percentile nationally—limit accessibility to ownership and sustain rental demand. Median contract rent of $2,068 ranks in the 93rd percentile nationally, reflecting pricing power in a market with limited ownership alternatives. According to multifamily property research from WDSuite, the neighborhood's amenity density for childcare, pharmacies, and restaurants ranks above metro and national medians, supporting tenant appeal. Investors should weigh the property's strong occupancy and income fundamentals against near-term capital investment needs and mixed crime metrics, which require active lease management and property-level security measures.
- Neighborhood occupancy at 99.1% ranks top quartile nationally, signaling tight supply and tenant retention
- Median household income of $119,792 places area in 85th percentile nationwide, supporting rent collection reliability
- Household count projected to grow 25.1% over five years, expanding renter pool and supporting lease-up velocity
- 1976 vintage offers value-add repositioning potential through capital investment in interiors and common areas
- Risk considerations include near-term capital expenditure needs and mixed crime metrics requiring active lease management