| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 78th | Good |
| Demographics | 93rd | Best |
| Amenities | 96th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 331 Prospect St, La Jolla, CA, 92037, US |
| Region / Metro | La Jolla |
| Year of Construction | 2000 |
| Units | 23 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
331 Prospect St La Jolla Multifamily Investment
This 23-unit property built in 2000 sits in a premium La Jolla neighborhood ranking in the top 1% of San Diego metro neighborhoods. Commercial real estate analysis from WDSuite shows the area maintains exceptional median home values above $1.7 million, reinforcing rental demand in this high-barrier-to-ownership market.
La Jolla represents one of San Diego's most established residential markets, with this neighborhood ranking 3rd among 621 metro neighborhoods and earning an A+ overall rating. The area demonstrates exceptional amenity density, ranking in the 97th percentile nationally with 51 restaurants per square mile and strong access to parks, groceries, and childcare services. School ratings average 5.0 out of 5, ranking first in the metro, which supports family tenant retention.
The property's 2000 construction year positions it as newer than the neighborhood average of 1982, potentially reducing near-term capital expenditure requirements compared to older area buildings. Rental housing comprises 48% of neighborhood units, creating a substantial renter base, while elevated home values above $1.7 million reinforce rental demand by keeping ownership costs out of reach for many households.
Demographics within a 3-mile radius show 37% of households earning above $200,000 annually, with median household income of $154,000. Population projections through 2028 indicate 5.4% growth and a 32% increase in total households, expanding the potential tenant pool. However, current neighborhood-level occupancy sits at 74%, below typical market levels, suggesting careful lease management and competitive positioning will be essential for maintaining stable cash flows.
Median contract rents in the neighborhood reach $2,644, ranking in the 98th percentile nationally, though rent-to-income ratios indicate affordability pressures that require attention to tenant retention strategies. The area's net operating income per unit averages $17,661, ranking 14th among metro neighborhoods and reflecting the premium rental market positioning.
Safety metrics present a mixed profile requiring investor consideration. The neighborhood ranks 394th of 621 metro neighborhoods for overall crime, placing it in the 27th percentile nationally. Property crime rates are elevated at approximately 6,624 incidents per 100,000 residents annually, ranking in the bottom percentile nationwide, though these rates have declined 13% over the past year.
Violent crime rates of 572 incidents per 100,000 residents rank 506th of 621 metro neighborhoods, placing the area in the 8th percentile nationally. While these metrics suggest heightened security considerations, the premium market positioning and strong demographic profile indicate tenant demand remains resilient. Investors should factor appropriate security measures and insurance considerations into operating budgets and tenant retention strategies.
The La Jolla area benefits from proximity to major San Diego employers, particularly in biotechnology and telecommunications sectors that support high-income professional tenants.
- Celgene Corporation — biotechnology (4.9 miles)
- Qualcomm — telecommunications technology (6.1 miles)
- Qualcomm — telecommunications technology headquarters (6.2 miles) — HQ
- L-3 Telemetry & RF Products — defense technology (8.5 miles)
- Sempra Energy — utilities headquarters (10.8 miles) — HQ
This La Jolla property offers access to one of San Diego's premier rental markets, supported by exceptional demographics and high barriers to homeownership. The 2000 construction vintage provides modern building systems while avoiding the capital intensity of older neighborhood stock. According to CRE market data from WDSuite, the area's $17,661 average NOI per unit ranks among the top 3% of metro neighborhoods, reflecting strong rental pricing power despite current occupancy challenges.
Demographic projections show 32% household growth through 2028 within the 3-mile radius, with median household income forecast to reach $221,000. However, current neighborhood occupancy of 74% and elevated crime metrics require active management attention. The property's position in a top-tier school district and premium amenity environment should support tenant quality and retention among high-income professionals.
- Premium market positioning with $2,644 median rents ranking 98th percentile nationally
- Strong demographic growth with 32% household increase projected through 2028
- High-barrier ownership market with $1.7M+ median home values reinforcing rental demand
- Below-market occupancy at 74% requires active lease management and competitive positioning
- Elevated crime metrics necessitate security considerations and insurance planning