| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 81st | Good |
| Demographics | 58th | Fair |
| Amenities | 55th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2930 Fletcher Pkwy, El Cajon, CA, 92020, US |
| Region / Metro | El Cajon |
| Year of Construction | 1973 |
| Units | 96 |
| Transaction Date | 2022-06-22 |
| Transaction Price | $48,250,000 |
| Buyer | BMF V CA COLONNADE FLETCHER HILLS LLC |
| Seller | B9 MF 2950 FLETCHER LLC |
2930 Fletcher Pkwy El Cajon Multifamily Opportunity
Neighborhood occupancy is elevated and supported by a high-cost ownership landscape in San Diego County, according to WDSuite’s CRE market data, suggesting durable renter demand. Rents trend toward the upper tier for the metro, while schools and daily amenities test above national midpoints, helping sustain leasing fundamentals at the neighborhood level.
The property sits in an Inner Suburb of the San Diego–Chula Vista–Carlsbad metro that ranks 193 out of 621 neighborhoods (competitive among San Diego neighborhoods) with a B+ neighborhood rating. Daily needs are convenient, with grocery and pharmacy access testing above national midpoints, and parks and restaurants landing in the top quartile nationally—factors that generally support resident retention and leasing.
Neighborhood multifamily performance is solid: neighborhood occupancy is high (top-quartile nationally), pointing to tight supply and steady absorption rather than outsized lease-up risk. Within a 3-mile radius, the share of renter-occupied housing is around the mid-40s, indicating a deep tenant base that typically supports consistent renewal activity.
Schools in the area average around 4 out of 5 and score in the upper national percentiles, which can enhance family-oriented demand and longer tenure. Elevated home values and a high value-to-income ratio for the neighborhood reinforce reliance on rental housing, which can translate to steadier occupancy and pricing power for well-managed assets.
The asset’s 1973 vintage is older than the neighborhood’s average construction year, which points to capital planning and value-add potential. Targeted interior and system upgrades can improve competitive positioning against newer stock while capturing demand from households prioritizing location and access to employment corridors.
Safety metrics for the neighborhood sit below national averages, with national percentiles indicating a comparatively higher incidence of both property and violent offenses versus many U.S. neighborhoods. Within the San Diego metro context, indicators suggest the area is not among the top-performing safety cohorts, so investors should incorporate prudent security measures and monitor trajectory as part of underwriting.
Recent year estimates show increases in both property and violent offense rates at the neighborhood level. Framing this in risk terms, thoughtful asset management—lighting, access control, and resident engagement—can help support retention and minimize operational disruption without relying on block-level assumptions.
Proximity to defense, food distribution, energy utilities, and technology employers supports a broad workforce renter base and commute convenience for residents. The list below reflects nearby anchors most relevant to leasing stability in this submarket.
- L-3 Telemetry & RF Products — defense & aerospace offices (7.8 miles)
- Sysco — food distribution (9.9 miles)
- Sempra Energy — energy utilities (10.8 miles) — HQ
- Qualcomm — wireless technology (13.0 miles) — HQ
- Celgene Corporation — biopharmaceuticals (13.5 miles)
2930 Fletcher Pkwy is a 96-unit, 1973-vintage asset positioned in an Inner Suburb where neighborhood occupancy trends remain elevated and renter demand is reinforced by a high-cost ownership market. Based on CRE market data from WDSuite, the neighborhood posts top-quartile national marks for occupancy alongside strong parks, restaurant density, and above-average school ratings—elements that typically underpin renewal rates and lease stability.
Within a 3-mile radius, population and household counts have expanded and are projected to continue growing, with smaller household sizes over time pointing to a larger renter pool. The older vintage relative to neighborhood stock highlights value-add and capital planning potential, while the area’s employment access—from defense and utilities to technology—supports day-to-day leasing. Key risks include a safety profile that trails national averages and the need for ongoing CapEx to maintain competitive positioning against newer product.
- High neighborhood occupancy and healthy renter base support income stability
- Elevated home values reinforce reliance on rentals, aiding pricing power and retention
- 1973 vintage offers value-add potential with targeted renovations and systems upgrades
- Diverse nearby employers (defense, energy, tech) bolster leasing fundamentals
- Risks: below-average safety metrics and ongoing CapEx needs to remain competitive