| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 76th | Fair |
| Demographics | 21st | Poor |
| Amenities | 63rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 340 Wells Ave, El Cajon, CA, 92020, US |
| Region / Metro | El Cajon |
| Year of Construction | 1982 |
| Units | 31 |
| Transaction Date | 1996-08-08 |
| Transaction Price | $331,500 |
| Buyer | THE MIRAMAR INVESTMENT TRUST |
| Seller | BALLANTYNE LTD |
340 Wells Ave El Cajon Multifamily Investment
Positioned in an urban core pocket of El Cajon with a deep renter base and a high-cost ownership landscape, this asset benefits from steady neighborhood occupancy and durable demand, according to WDSuite’s CRE market data.
The immediate neighborhood rates C+ and sits above the national median for housing fundamentals, with neighborhood NOI per unit trending above national norms. Occupancy is roughly in line with the national median, which supports stable leasing in typical cycles rather than relying on outsized growth to perform.
Renter concentration is high at the neighborhood level, with roughly two-thirds of housing units renter-occupied. For multifamily owners, that indicates a broad tenant pool and consistent demand depth for workforce and mid-market units. At the same time, the neighborhood’s rent-to-income profile suggests some affordability pressure, which argues for attentive lease management and renewal strategies.
Daily-needs access is a relative strength: grocery and pharmacy density ranks near the top among 621 San Diego metro neighborhoods, and restaurants are also plentiful. By contrast, cafes and parks are limited locally. Average school ratings trail national norms, so family-oriented leasing may hinge more on unit quality, commute convenience, and pricing than on school draw.
Within a 3-mile radius, demographics show a stable population with a recent uptick in households and a projected increase in both incomes and household counts over the next five years. That points to gradual renter pool expansion supporting occupancy stability and absorption, based on CRE market data from WDSuite.
Safety trends warrant monitoring. The neighborhood’s crime positioning is in the lower tier compared with San Diego’s 621 neighborhoods and sits below national safety norms (around the lower quintiles nationally). Recent year-over-year indicators show increases in both property and violent incidents, underscoring the need for prudent on-site security measures and resident experience management.
Proximity to key employment nodes supports renter demand and retention, with commute access to aerospace and defense electronics, food distribution, utilities, wireless and semiconductors, and biotech employers.
- L-3 Telemetry & RF Products — defense & aerospace electronics (10.4 miles)
- Sysco — food distribution (10.9 miles)
- Sempra Energy — utilities (13.1 miles) — HQ
- Qualcomm — wireless & semiconductors (15.3 miles) — HQ
- Celgene Corporation — biotechnology (15.9 miles)
This 31-unit asset is positioned in an urban core location where neighborhood occupancy sits near the national median and renter concentration is high, supporting a broad tenant base. Elevated home values in the area point to a high-cost ownership market, which tends to sustain multifamily demand and reduce competitive pressure from entry-level for-sale options.
According to commercial real estate analysis from WDSuite, the neighborhood posts above-median housing fundamentals with strong daily-needs access (groceries, pharmacies) and solid restaurant density. Offsetting factors include below-average school ratings, limited parks/cafes, and safety metrics that rank weaker within the metro, suggesting the need for active management, resident engagement, and thoughtful pricing to balance affordability pressure with retention.
- Broad tenant base: high share of renter-occupied units supports consistent leasing
- Demand durability: elevated ownership costs reinforce reliance on rental housing
- Operational stability: neighborhood occupancy trends near the national median
- Daily-needs access: strong grocery/pharmacy and restaurant density underpin convenience
- Risks to underwrite: weaker safety and school ratings, plus affordability pressure affecting renewals