| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 77th | Fair |
| Demographics | 73rd | Good |
| Amenities | 63rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5353 Baltimore Dr, La Mesa, CA, 91942, US |
| Region / Metro | La Mesa |
| Year of Construction | 1972 |
| Units | 106 |
| Transaction Date | 2022-10-31 |
| Transaction Price | $141,000,000 |
| Buyer | WRPV XIV VERANDA LA MESA LLC |
| Seller | PUR VERANDA LLC |
5353 Baltimore Dr, La Mesa — 1972 Value‑Add Multifamily
Neighborhood renter concentration and elevated ownership costs point to durable demand, according to WDSuite’s CRE market data, while the 1972 vintage suggests clear renovation and repositioning angles.
Located in La Mesa’s inner‑suburban fabric of the San Diego metro, the neighborhood rates A- and ranks 120 of 621 metro neighborhoods—top quartile locally—signaling strong overall fundamentals for workforce and middle‑income renters. Grocery and dining access is a relative strength (both competitive at the metro level), while parks test well for quality-of-life. Cafés and pharmacies are less dense nearby, so day‑to‑day convenience leans more toward essentials than boutique options.
Schools in the area average roughly 4 out of 5, which is above many metro peers, supporting family renter appeal. High median home values and a value‑to‑income ratio in the top tier nationally indicate a high‑cost ownership market; for investors, that typically sustains reliance on multifamily housing and can support pricing power when operations are well executed.
Tenure data show a high share of renter‑occupied housing units in the neighborhood (among the highest within the metro), which deepens the tenant base and supports leasing stability. At the same time, neighborhood occupancy is below the national median, making asset‑level execution—unit finishes, amenity mix, and management—important to capture demand. The property’s 1972 construction year is older than the neighborhood average vintage, creating straightforward value‑add and capital planning opportunities to improve competitive positioning.
Within a 3‑mile radius, WDSuite indicates modest recent population growth with faster household growth and a trend toward slightly smaller household sizes—factors that can expand the renter pool and support steady absorption. Household incomes have risen meaningfully in recent years, which can aid rent collections and renewal capture, while keeping an eye on rent‑to‑income levels to manage retention risk.
Safety metrics are mixed when benchmarked nationally: violent and property offense rates sit below the national median for safety, but recent trends show improvement in property offenses over the past year, according to WDSuite. Compared with the San Diego metro, the neighborhood’s crime standing is mid‑pack, so investors typically underwrite enhanced lighting, access control, and on‑site presence to support resident comfort and retention.
Nearby employers span defense technology, energy utilities, logistics, and wireless, reinforcing a diversified employment base that supports renter demand and commute convenience for residents. The list below reflects key names within a practical commuting shed.
- L-3 Telemetry & RF Products — defense & aerospace offices (6.9 miles)
- Sempra Energy — energy utilities (8.8 miles) — HQ
- Sysco — foodservice distribution (11.1 miles)
- Qualcomm — wireless technology (12.7 miles) — HQ
- Celgene Corporation — biopharma offices (13.0 miles)
This 106‑unit, 1972 asset offers a classic value‑add profile in an inner‑suburban San Diego location where renter‑occupied housing is prevalent and ownership costs are elevated. Based on CRE market data from WDSuite, neighborhood occupancy trends sit below national medians, putting a premium on hands‑on management and targeted upgrades; however, strong neighborhood ratings, solid school averages, and broad amenity access point to durable renter demand once product is competitively positioned.
Within a 3‑mile radius, WDSuite shows population growth alongside faster household growth and a gradual shift toward smaller households—factors that typically expand the renter pool and support lease‑up and renewals. The older vintage creates clear renovation and systems‑upgrade pathways to drive NOI, with pricing power supported by a high‑cost ownership landscape and rising area incomes, while monitoring rent‑to‑income to balance growth with retention.
- High renter‑occupied share supports a deep tenant base and leasing stability.
- 1972 vintage provides value‑add and capital planning levers to enhance competitiveness.
- Elevated ownership costs locally reinforce multifamily demand and potential pricing power.
- Household growth within 3 miles indicates renter pool expansion that can support occupancy.
- Risks: neighborhood occupancy below national median and mixed safety benchmarks require active management and amenity/finish upgrades.