| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Good |
| Demographics | 60th | Fair |
| Amenities | 58th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4302 Palm Ave, La Mesa, CA, 91941, US |
| Region / Metro | La Mesa |
| Year of Construction | 1972 |
| Units | 75 |
| Transaction Date | 2018-08-31 |
| Transaction Price | $14,000,000 |
| Buyer | La Mesa Investors 1 LLC |
| Seller | L & M Properties L P, Private Investor, Sergey Melnikov, Price/unit and /sf |
4302 Palm Ave La Mesa 75-Unit Multifamily Investment
Neighborhood fundamentals point to steady renter demand and above-median occupancy, according to WDSuite’s CRE market data, with a high-cost ownership market supporting leasing durability. The asset’s Urban Core location in La Mesa offers income-backed demand and retention potential relative to broader metro trends.
Positioned in La Mesa’s Urban Core, the neighborhood is competitive among San Diego-Chula Vista-Carlsbad neighborhoods (ranked 184 of 621), indicating solid overall performance without relying on outsized single drivers. Parks and open space score in the top decile nationally, while grocery access sits above national averages; cafes and pharmacies are comparatively sparse, which investors should factor into resident convenience expectations.
For schools, the area’s average rating is modest but slightly above national norms, which can aid family-oriented renter retention. Median neighborhood occupancy is above the national median, and the renter-occupied share of housing units is high (56.8%), signaling a deep tenant base that supports leasing stability. Elevated home values relative to incomes (top-tier value-to-income positioning) underscore a high-cost ownership market that tends to sustain multifamily demand and pricing power.
Demographic statistics are aggregated within a 3-mile radius and show recent population growth with households increasing and household sizes gradually trending smaller, expanding the potential renter pool and supporting occupancy. Income levels have risen meaningfully over the last five years, which supports rent levels and reduces affordability pressure risk; median contract rents are above national norms and have shown multi-year growth.
From a vintage standpoint, the 1972 construction is slightly older than the neighborhood average (1975), pointing to potential value-add through interior modernization and building systems planning, while offering a path to differentiate versus older stock nearby. These dynamics, supported by WDSuite’s multifamily property research, frame an investment profile driven by durable demand rather than speculative growth.
Safety conditions track below national averages on violent crime measures, while property crime sits closer to mid-pack nationally. Importantly, recent data show property crime trending down year over year, suggesting gradual improvement; investors should plan for standard security and lighting enhancements typical of Urban Core assets and monitor local policing and community programs for continued progress.
Compared with the broader San Diego metro, the neighborhood reflects mixed but manageable risk levels rather than extremes. For underwriting, this typically supports stable operations with prudent on-site management practices and well-communicated resident policies.
Nearby employment anchors span aerospace and defense, energy utilities, foodservice distribution, and technology—sectors that broaden the renter base and support retention through commute convenience.
- L-3 Telemetry & RF Products — aerospace & defense (8.3 miles)
- Sempra Energy — energy utilities (9.0 miles) — HQ
- Sysco — foodservice distribution (12.6 miles)
- Qualcomm — technology & wireless (14.3 miles) — HQ
- Celgene Corporation — biotechnology (14.5 miles)
4302 Palm Ave aligns with neighborhood dynamics that support occupancy stability: a high renter-occupied share, above-median neighborhood occupancy, and a high-cost ownership market that sustains rental demand. According to CRE market data from WDSuite, neighborhood NOI-per-unit performance trends in the national top quartile, and median rents sit above national norms, reinforcing a foundation for income durability rather than short-term speculation.
The property’s 1972 vintage suggests clear value-add pathways—interior updates and selective building systems upgrades—to capture rent premiums in a market where incomes have risen and household counts are growing within a 3-mile radius. Investors should underwrite routine Urban Core operating considerations, including safety management and capital planning, but the combination of renter demand depth and proximity to diverse employment centers provides a balanced, long-term thesis.
- Renter demand depth supported by high renter-occupied share and elevated ownership costs
- Above-median neighborhood occupancy and nationally strong NOI-per-unit trends
- 1972 vintage offers value-add and modernization potential for rent lift
- 3-mile demographic growth and rising incomes support leasing and retention
- Risks: below-average safety metrics and older systems require proactive management and capex