| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 76th | Fair |
| Demographics | 21st | Poor |
| Amenities | 63rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 303 E Madison Ave, El Cajon, CA, 92020, US |
| Region / Metro | El Cajon |
| Year of Construction | 1980 |
| Units | 27 |
| Transaction Date | 2022-05-03 |
| Transaction Price | $9,500,000 |
| Buyer | 610 INVESTMENTS 21-4 LLC |
| Seller | HARIZ SAM A |
303 E Madison Ave El Cajon Multifamily Investment
Renter demand is supported by a high renter-occupied share in the surrounding neighborhood and stable, near‑median occupancy, according to WDSuite’s CRE market data. This positioning can aid leasing consistency while allowing room for operational improvements.
Located in El Cajon within the San Diego metro, the neighborhood shows steady renter demand characteristics. Neighborhood occupancy trends sit around the national middle, and the share of renter‑occupied housing units is elevated, indicating a broader tenant base for multifamily assets. Median contract rents in the area have risen over the past five years, reflecting durable pricing power even as residents face some affordability pressure.
Everyday convenience is a relative strength: grocery and pharmacy access ranks competitively among 621 metro neighborhoods, and restaurant density scores in the upper tier nationally. However, the area has limited park and cafe density, suggesting fewer lifestyle amenities immediately nearby. Average school ratings track below national norms, which investors may factor into marketing strategy and resident profile targeting.
From a housing stock standpoint, neighborhood vintage is broadly similar to the metro’s early‑1980s average, which helps the asset compete with like‑kind properties while still leaving room for targeted modernization. In commercial real estate analysis terms, this balance—solid daily‑needs access with selective amenity gaps—supports workforce housing positioning and value‑add strategies focused on unit finishes and common‑area improvements.
Demographic statistics are aggregated within a 3‑mile radius. Population and household counts have inched up recently, with forecasts pointing to further household growth through the mid‑term. Rising median incomes and a growing share of higher‑earning households expand the local renter pool, supporting occupancy stability and renewal capture for well‑managed communities.
Safety indicators for the neighborhood trend below national averages, with crime measures ranking in the lower tiers nationally. Within the San Diego metro context (621 neighborhoods), this area performs below the metro median. Investors typically underwrite to this by emphasizing on‑site security, lighting, and resident screening, and by positioning the asset toward renters prioritizing commute convenience and everyday services.
Proximity to major employers supports renter demand and commute convenience, led by defense/aerospace, food distribution, energy utilities, and technology. The list below highlights nearby anchors that can help sustain a broad tenant base and renewal stability.
- L-3 Telemetry & RF Products — defense & aerospace offices (10.35 miles)
- Sysco — food distribution (10.86 miles)
- Sempra Energy — energy utilities (13.13 miles) — HQ
- Qualcomm — technology & R&D (15.29 miles) — HQ
- Celgene Corporation — biotech offices (15.85 miles)
This mid‑size, 27‑unit community in El Cajon benefits from a high neighborhood renter concentration and broadly steady occupancy, creating a meaningful tenant base for leasing and renewals. Daily‑needs access is a comparative advantage—grocery, pharmacy, and restaurant density test well versus national benchmarks—supporting resident satisfaction and lease retention. Elevated ownership costs in the area tend to reinforce reliance on rental housing, sustaining demand for professionally managed multifamily assets, based on CRE market data from WDSuite.
Key underwriting considerations include measured affordability pressure (rent‑to‑income levels warranting attentive renewal and pricing strategies), lower‑rated schools, and safety metrics that trail national norms. These factors align with a workforce‑housing thesis where targeted unit upgrades, amenity tuning, and cost discipline can drive NOI without over‑reliance on outsized rent growth assumptions.
- High renter‑occupied share in the neighborhood supports a deeper tenant base and occupancy stability.
- Strong daily‑needs access (grocery, pharmacy, restaurants) aids leasing velocity and renewals.
- Elevated ownership costs in the area help sustain multifamily demand over time.
- Risks: affordability pressure, below‑average school ratings, and safety metrics below national norms require active asset management.