| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 75th | Fair |
| Demographics | 19th | Poor |
| Amenities | 79th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 668 W Washington Ave, El Cajon, CA, 92020, US |
| Region / Metro | El Cajon |
| Year of Construction | 1986 |
| Units | 38 |
| Transaction Date | 2014-10-03 |
| Transaction Price | $6,100,000 |
| Buyer | ALLIANCE PROPERTIES LP |
| Seller | MMGER PARTNERSHIP |
668 W Washington Ave El Cajon Multifamily Investment
Renter demand is durable with neighborhood occupancy holding solid and renter concentration among the highest in the metro, according to WDSuite’s CRE market data. This positioning supports steady leasing while allowing for targeted value-add at a 1986-vintage asset.
The property sits in an Urban Core neighborhood of the San Diego–Chula Vista–Carlsbad metro with a B- neighborhood rating. Amenity access is a relative strength: restaurants and daily-needs retail score in the top quartile nationally, and the area is competitive among San Diego neighborhoods for grocery and pharmacy density. Park access is limited, which can affect lifestyle appeal, but proximity to services and food options offsets some of that for renters prioritizing convenience.
Occupancy in the surrounding neighborhood trends above many U.S. areas (top third nationally), and the renter-occupied share is exceptionally high — near the top nationally — indicating a deep tenant base and consistent multifamily demand. Compared with metro peers (621 neighborhoods total), overall neighborhood performance is around the metro median, suggesting stable but not overheated fundamentals.
Within a 3-mile radius, demographics point to incremental renter pool expansion: population has inched up in recent years while household counts have grown faster, implying slightly smaller household sizes and more households entering the rental market. Forward-looking WDSuite data indicates continued increases in households and incomes by 2028, which supports occupancy stability and rent growth management.
Vintage matters for positioning: built in 1986 versus a neighborhood average stock from the mid-1970s, this asset is newer than much of the local inventory. That typically helps competitiveness against older product, while still leaving room for targeted modernization of systems and finishes to drive rent premiums and retention.
Home values in the neighborhood are elevated relative to national norms, reinforcing reliance on multifamily housing. At the same time, rent-to-income levels are on the higher side locally, which calls for disciplined lease management to balance pricing power with retention risk.
Safety signals are mixed and should be monitored in underwriting. Relative to neighborhoods nationwide, the area sits below the national median for safety, with violent and property offense rates indicating a weaker position. Within the San Diego–Chula Vista–Carlsbad metro (621 neighborhoods total), the neighborhood’s safety standing is below the metro median.
Recent trend data from WDSuite shows property offenses declining year over year, while violent offense estimates have ticked up. Investors may want to factor in measures that support resident comfort and retention — such as lighting, access control, and community engagement — and track whether the downward property-crime trend persists.
The location benefits from access to a diversified employment base that supports workforce housing demand and commute convenience, including L-3 Telemetry & RF Products, Sysco, Sempra Energy, Qualcomm, and Celgene.
- L-3 Telemetry & RF Products — defense & aerospace (9.9 miles)
- Sysco — foodservice distribution (11.3 miles)
- Sempra Energy — energy utilities (12.2 miles) — HQ
- Qualcomm — wireless & semiconductors (15.1 miles) — HQ
- Celgene Corporation — biopharma offices (15.6 miles)
This 38-unit, 1986-vintage asset in El Cajon is positioned for steady performance supported by a deep renter base and solid neighborhood occupancy. According to CRE market data from WDSuite, the surrounding neighborhood posts occupancy in the upper tier nationally with one of the metro’s highest renter concentrations, helping sustain leasing velocity and retention. Newer-than-average vintage versus local stock provides a competitive edge, while selective renovations can unlock further rent premiums.
Macro-local dynamics are constructive: within a 3-mile radius, household counts have been rising and are projected to continue growing alongside incomes, supporting continued multifamily demand. Elevated ownership costs in the neighborhood underpin reliance on rentals, though higher rent-to-income levels argue for careful pricing and renewal strategies. Safety metrics trail metro medians, so prudent operating practices and capital planning remain important.
- Deep renter base and solid neighborhood occupancy support leasing stability
- 1986 vintage is newer than local average, with value-add and modernization upside
- 3-mile area shows growing households and rising incomes, reinforcing demand and retention
- Elevated ownership costs sustain multifamily reliance and potential pricing power
- Risks: higher rent-to-income levels and below-metro safety metrics require disciplined leasing and Opex planning