| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 80th | Good |
| Demographics | 11th | Poor |
| Amenities | 30th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 849 N 3rd St, El Cajon, CA, 92021, US |
| Region / Metro | El Cajon |
| Year of Construction | 2000 |
| Units | 52 |
| Transaction Date | 2021-10-14 |
| Transaction Price | $10,375,000 |
| Buyer | BROADWAY 1 PRESERVATION LP |
| Seller | BROADWAY APARTMENTS PHASE II |
849 N 3rd St El Cajon Multifamily Investment
This 52-unit property built in 2000 sits in a neighborhood with full occupancy rates and strong rental demand. Commercial real estate analysis indicates the area maintains above-average grocery access while serving a growing renter base within the San Diego metro.
This El Cajon neighborhood ranks in the top quartile nationally for housing metrics among 621 metro neighborhoods, supported by full neighborhood occupancy rates and a 61.5% rental share that places it in the 94th percentile nationally. The area maintains strong grocery access with 4.07 stores per square mile, ranking 111th regionally and in the 94th percentile nationally, supporting tenant retention through essential amenity access.
Built in 2000, the property represents newer construction compared to the neighborhood average of 1974, potentially reducing near-term capital expenditure requirements. Demographic data aggregated within a 3-mile radius shows a population of 131,180 with 51.4% renter-occupied housing units, creating substantial rental demand depth for multifamily properties.
Median household income of $79,436 within the 3-mile radius has grown 30.9% over five years, with projections indicating continued growth to $106,139 by 2028. This income trajectory, combined with median home values of $625,000 in the immediate neighborhood, reinforces rental demand as elevated ownership costs sustain renter reliance on multifamily housing. The rent-to-income ratio suggests affordability pressures that require careful lease management considerations.
Forward-looking demographics project household growth from 42,758 to 52,643 units by 2028, representing a 23.1% increase that expands the potential tenant base. Median contract rents are forecast to grow 36.7% to $2,290, indicating pricing power potential, though operators should monitor renewal rates given the current rent-to-income dynamics.
The neighborhood's safety profile shows mixed indicators that warrant consideration in investment analysis. Property crime rates rank 378th among 621 metro neighborhoods, placing it near the middle of the regional distribution, while violent crime metrics rank 351st, indicating above-median crime levels compared to other San Diego area neighborhoods.
Recent trends show property crime increased 42.8% year-over-year, ranking 595th among metro neighborhoods for this change metric, while violent crime rose 22.9%. These trends place the area in the lower percentiles nationally for safety metrics, suggesting operators should factor security considerations into property management strategies and tenant retention efforts.
The San Diego metro's diverse employment base includes major corporate offices within commuting distance, supporting workforce housing demand for multifamily properties. Key regional employers span technology, energy, and financial services sectors.
- Sysco — food service distribution (11.6 miles)
- L-3 Telemetry & RF Products — defense technology (12.2 miles)
- Sempra Energy — utilities and energy services (15.0 miles) — HQ
- Qualcomm — telecommunications technology (16.9 miles) — HQ
This 52-unit property built in 2000 benefits from neighborhood-level full occupancy and strong rental demand fundamentals in the San Diego metro. The area's 94th percentile ranking for grocery access and substantial renter population base of 51.4% create favorable tenant retention dynamics, while the property's newer vintage compared to the 1974 neighborhood average may reduce near-term capital expenditure requirements.
Demographic projections within the 3-mile radius indicate household growth of 23.1% by 2028, expanding the potential tenant base from 42,758 to 52,643 households. According to CRE market data from WDSuite, median household income growth of 30.9% over five years, with continued increases projected, supports rental demand sustainability despite current affordability pressures that require active lease management.
- Full neighborhood occupancy rates and 61.5% rental share in 94th percentile nationally
- Property built in 2000 versus 1974 neighborhood average, potentially reducing maintenance costs
- Projected 23.1% household growth by 2028 expanding tenant base
- Strong grocery access ranking supports tenant retention through essential amenities
- Risk consideration: Recent crime increases and rent-to-income pressures require active management