| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Poor |
| Demographics | 50th | Fair |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2000 E Main St, El Cajon, CA, 92021, US |
| Region / Metro | El Cajon |
| Year of Construction | 1988 |
| Units | 61 |
| Transaction Date | 2022-06-29 |
| Transaction Price | $26,650,000 |
| Buyer | MASSANDRA CANYON SPRINGS OWNER LLC |
| Seller | CANYON R & S LP |
2000 E Main St El Cajon Multifamily Value‑Add Potential
Positioned in an inner‑suburban pocket of San Diego County with a high-cost ownership backdrop, the asset benefits from a durable renter base and operational upside tied to its 1988 vintage. These dynamics are supported by neighborhood occupancy indicators, according to WDSuite’s CRE market data.
Neighborhood and Demand Context
The property sits in an inner suburban area of El Cajon where home values rank in the higher tier nationally, reinforcing reliance on rental housing and supporting pricing power over time. Neighborhood occupancy is reported at 93.2% (neighborhood metric, not the property), which aligns with steady leasing conditions and suggests manageable vacancy risk in typical cycles.
Within a 3-mile radius, 44.8% of housing units are renter‑occupied, indicating a sizable tenant base for multifamily. Population and household counts have edged higher in recent years and are projected to continue growing through 2028, pointing to a larger renter pool and support for occupancy and renewals. Median household incomes in the 3‑mile area have risen meaningfully, which can bolster rent collections and reduce turnover sensitivity.
The neighborhood’s average construction year skews newer (2002), while this asset was built in 1988—older than nearby stock—creating a clear path for value‑add through targeted renovations and systems updates to stay competitive against more recent comparables. Average school ratings in the area trend below national averages and local retail/amenity density is modest, so marketing should emphasize access to major employment nodes and relative rent positioning rather than walkable conveniences.
Median contract rents within 3 miles have increased over the last five years, and rent‑to‑income ratios in the neighborhood data remain comparatively favorable, which supports lease retention and measured rent growth. These signals, based on WDSuite’s multifamily property research, point to demand durability even as residents face elevated ownership costs across the San Diego metro.
Safety Context
Neighborhood safety indicators point to conditions that are below national averages, with crime metrics ranking in the lower percentiles nationwide. Within the San Diego–Chula Vista–Carlsbad metro, the neighborhood’s crime rank sits in the less competitive half among 621 neighborhoods, signaling that investors should underwrite security measures and insurance assumptions conservatively.
Recent trends show a year‑over‑year improvement in violent‑offense estimates, while property‑offense measures have seen an uptick. Taken together, these mixed signals suggest monitoring trendlines over multiple periods and validating assumptions with on‑the‑ground diligence rather than drawing conclusions from a single year.
Employment Nodes Supporting Renter Demand
Proximity to major employers in distribution, defense/aerospace, utilities, semiconductors, and biotech underpins workforce housing demand and supports leasing stability for El Cajon assets. The list below highlights nearby anchors relevant to commuting residents.
- Sysco — foodservice distribution (11.4 miles)
- L-3 Telemetry & RF Products — defense & aerospace (12.8 miles)
- Sempra Energy — utilities (16.1 miles) — HQ
- Qualcomm — semiconductors & wireless (17.2 miles) — HQ
- Celgene Corporation — biotechnology (17.9 miles)
Why Invest
This 61‑unit, 1988‑vintage asset presents a straightforward value‑add story in a high‑cost ownership market of San Diego County. Neighborhood occupancy indicators are stable, and a sizable 3‑mile renter base, rising household incomes, and projected population and household growth through 2028 bolster the case for sustained demand and retention. The asset’s older vintage relative to nearby stock (average 2002) highlights runway for interior upgrades and building‑systems planning to enhance competitive positioning.
Elevated home values and a favorable rent‑to‑income backdrop support measured rent growth without over‑reliance on outsized lease trade‑outs, while proximity to diversified employment nodes provides depth to the tenant pool. According to commercial real estate analysis from WDSuite, these factors align with durable leasing fundamentals over a full cycle, while safety variability and limited walkable amenities remain underwriting considerations.
- High‑cost ownership market reinforces renter reliance and supports pricing power
- 1988 vintage relative to newer neighborhood stock creates clear value‑add potential
- Stable neighborhood occupancy and 3‑mile renter concentration support leasing durability
- Diverse regional employers underpin workforce demand and commute convenience
- Risks: safety metrics below national averages and modest amenity density warrant conservative underwriting