| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 80th | Good |
| Demographics | 11th | Poor |
| Amenities | 30th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1515 Broadway, El Cajon, CA, 92021, US |
| Region / Metro | El Cajon |
| Year of Construction | 1986 |
| Units | 78 |
| Transaction Date | 2010-09-23 |
| Transaction Price | $4,424,500 |
| Buyer | BREE MANOR LLC |
| Seller | BRANTON LAWRENCE S |
1515 Broadway El Cajon Multifamily Investment Thesis
Neighborhood occupancy is near full with a high renter-occupied share, supporting leasing stability and consistent demand, according to WDSuite’s CRE market data. Elevated ownership costs in San Diego County further sustain renter reliance on multifamily housing in this El Cajon location.
The property sits in El Cajon’s urban core, where neighborhood occupancy ranks first out of 621 metro neighborhoods and is top-tier nationally, signaling exceptionally tight availability. For investors, this backdrop typically supports steady lease-up and lower downtime between turns, based on CRE market data from WDSuite.
Renter concentration is strong at the neighborhood level (renter-occupied share above most U.S. neighborhoods), indicating a deep tenant base. Within a 3-mile radius, household counts have grown in recent years and are projected to rise further alongside income gains, expanding the renter pool and supporting occupancy stability and renewal traction. Median contract rents in the 3-mile area have increased, and forward projections indicate continued rent growth, which may support pricing power where units are positioned correctly.
Local amenity access is mixed: grocery access is competitive among San Diego–Chula Vista–Carlsbad neighborhoods, while parks, pharmacies, cafes, and childcare options are more limited in the immediate neighborhood. For working households, proximity to daily-needs retail can bolster retention even as recreational amenities are thinner close-in.
The asset’s 1986 construction is newer than the area’s average vintage (1974). That relative youth can be advantageous versus older stock, though investors should still plan for modernization of aging systems and targeted renovations to meet current renter expectations and capture value-add upside.
Home values in the neighborhood rank high nationally, reflecting a high-cost ownership market. In practice, this tends to sustain multifamily demand and can support rent growth, though rent-to-income levels should be monitored at renewal to manage affordability pressure and preserve retention.
Safety indicators in the immediate neighborhood are below national norms and below the metro median. The neighborhood’s crime rank places it in a weaker position compared with many of the 621 San Diego–Chula Vista–Carlsbad neighborhoods, and national percentiles indicate it is not among the safer areas nationwide. Recent estimates also suggest a year-over-year uptick in property and violent offenses.
For underwriting, this calls for prudent measures such as lighting, access control, and resident engagement to support perception and retention. Conditions can vary block to block, so investors often weigh property-level operations and micro-location factors rather than relying solely on neighborhood aggregates.
Nearby regional employers provide a diversified employment base that supports renter demand and commute convenience, including foodservice distribution, defense and aerospace, utilities, telecommunications, and biotech—key drivers for leasing stability in this submarket.
- Sysco — foodservice distribution (11.6 miles)
- L-3 Telemetry & RF Products — defense & aerospace (12.2 miles)
- Sempra Energy — utilities (15.1 miles) — HQ
- Qualcomm — telecommunications & semiconductors (16.9 miles) — HQ
- Celgene Corporation — biotech/pharma (17.5 miles)
1515 Broadway’s investment case is anchored by exceptionally tight neighborhood occupancy and a renter-leaning housing stock that supports depth of demand. Within a 3-mile radius, households and incomes have risen and are projected to continue increasing, pointing to a larger tenant base and potential for rent growth. The asset’s 1986 vintage is newer than much of the nearby stock, offering a platform for targeted value-add to enhance competitiveness.
High home values in San Diego County reinforce long-term reliance on rentals, while proximity to diverse employers underpins leasing durability. At the same time, investors should plan for affordability management (rent-to-income) and standard safety-focused operations. According to commercial real estate analysis from WDSuite, these dynamics collectively suggest stable occupancy potential with disciplined asset management.
- Near full neighborhood occupancy supports lease-up and renewal stability.
- Renter-occupied share and 3-mile household growth indicate a deepening tenant base.
- 1986 vintage provides value-add potential versus older local stock.
- High-cost ownership market tends to sustain multifamily demand and pricing power.
- Risks: affordability pressure and below-average neighborhood safety require proactive management.