| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 84th | Best |
| Demographics | 26th | Poor |
| Amenities | 58th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 922 S Sunshine Ave, El Cajon, CA, 92020, US |
| Region / Metro | El Cajon |
| Year of Construction | 1979 |
| Units | 20 |
| Transaction Date | 2021-11-04 |
| Transaction Price | $4,650,000 |
| Buyer | SIMONS DANIEL |
| Seller | SUNSHINE INVESTOR 1 LLC |
922 S Sunshine Ave El Cajon 20-Unit Multifamily
Neighborhood fundamentals point to strong renter demand and occupancy stability, according to WDSuite’s CRE market data, with the area showing high renter concentration and tight vacancies versus broader metro trends.
This Urban Core location in El Cajon benefits from everyday convenience that supports resident retention. Grocery and pharmacy access are strengths (neighborhood grocery density ranks competitive among San Diego-Chula Vista-Carlsbad neighborhoods and is in a high national percentile), while restaurant options are respectable. Café and park density are notably thin, so on-site amenities and nearby retail become more important to the resident experience.
Renter demand indicators are a key positive. The neighborhood’s occupancy is exceptionally tight (ranked best in the metro and top nationally), and the share of housing units that are renter-occupied is in the top decile nationwide—both signals of a deep tenant base and leasing durability for multifamily. Median contract rents in the neighborhood and within a 3-mile radius have risen materially over the past five years, reinforcing pricing power for well-managed assets.
Within a 3-mile radius, recent population growth has been modest and household counts have increased, with forecasts showing further household expansion even as average household size edges lower. For investors, that combination points to a steady or expanding renter pool and supports occupancy stability and absorption for units that are competitively positioned on finishes and price.
Vintage also matters. Built in 1979, the property is slightly older than the neighborhood’s average construction year. That can create value-add potential through targeted renovations and systems upgrades, while still competing effectively given the area’s tight rental market. Elevated home values versus local incomes in the neighborhood context suggest a high-cost ownership market, which tends to sustain reliance on rental housing and can aid lease retention for well-located assets.
Safety metrics indicate the neighborhood sits below the national median for safety, and it is not among the metro’s lowest-crime areas. However, recent year-over-year trends show declines in both property and violent offense rates, an incremental positive for investor risk assessments. Interpreting local rank in the San Diego-Chula Vista-Carlsbad metro (219 out of 621 neighborhoods), the area is more impacted than many peers, though not at the bottom of the distribution. Nationally, percentiles point to room for improvement, but the directional trend is improving.
For underwriting, consider practical measures such as lighting, access control, and resident engagement to support tenant retention. Compare insurance, security, and operational line items to similar Urban Core assets in the metro, and monitor ongoing trend data as part of asset management.
Nearby employers provide a diversified employment base that supports renter demand and commute convenience, including aerospace/defense, food distribution, energy, life sciences, and technology. The bullets below list representative anchors by proximity.
- L-3 Telemetry & RF Products — defense & aerospace offices (10.3 miles)
- Sysco — food distribution (11.8 miles)
- Sempra Energy — energy (12.4 miles) — HQ
- Qualcomm — technology & wireless (15.6 miles) — HQ
- Celgene Corporation — life sciences (16.0 miles)
This 20-unit, 1979-vintage asset aligns with a neighborhood marked by tight occupancy, high renter concentration, and rising rents, supporting a case for durable cash flow with selective value-add. According to CRE market data from WDSuite, the neighborhood posts the metro’s strongest occupancy and sits in high national percentiles for renter share and essential retail access, indicating depth of tenant demand. Elevated ownership costs in the surrounding area further reinforce reliance on multifamily, aiding lease retention and pricing power for assets that are well maintained.
Within a 3-mile radius, recent increases in household counts—and forecasts for further household expansion alongside slightly smaller household sizes—suggest a larger tenant base over time. For a late-1970s property, targeted renovations and systems modernization can capture rent premiums while remaining competitive against older stock. Underwriting should account for resident affordability pressure and local safety considerations, balanced by the area’s demonstrated leasing strength and employer diversity across aerospace, energy, and tech.
- Tight neighborhood occupancy and high renter concentration support leasing stability
- 1979 vintage presents clear value-add potential through interior and systems updates
- Elevated ownership costs sustain multifamily demand and retention potential
- 3-mile household growth and forecast expansion indicate a larger tenant base
- Key risks: resident affordability pressure, safety considerations, and limited parks/cafés nearby