| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 77th | Fair |
| Demographics | 73rd | Good |
| Amenities | 63rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5360 Marengo Ave, La Mesa, CA, 91942, US |
| Region / Metro | La Mesa |
| Year of Construction | 2000 |
| Units | 92 |
| Transaction Date | 2025-07-31 |
| Transaction Price | $22,000,000 |
| Buyer | PATHFINDER LA MESA HOLDINGS LLC |
| Seller | 5360 PATRICIAN LLC |
5360 Marengo Ave, La Mesa CA Multifamily Thesis
Renter demand is supported by a high neighborhood renter-occupied share and elevated ownership costs, according to WDSuite’s CRE market data, suggesting durable leasing fundamentals near term. This inner-suburb location in La Mesa offers convenience and depth of tenant base without relying on downtown volatility.
Positioned in an inner-suburb of the San Diego–Chula Vista–Carlsbad metro, the neighborhood carries an A- rating and ranks 120 out of 621 metro neighborhoods, placing it competitive among San Diego–Chula Vista–Carlsbad neighborhoods. Daily needs are well covered: grocery options are dense and restaurants are plentiful (both strong nationally), while parks and childcare access score high; cafes and pharmacies are less dense, so residents rely more on nearby corridors.
For multifamily investors, tenure and pricing dynamics are favorable. The neighborhood shows a high share of renter-occupied housing units (64.5%), indicating depth in the tenant base and support for absorption and renewal activity. Median home values sit high versus the nation and value-to-income ratios are elevated (both in the 90th+ national percentiles), which tends to sustain renter reliance on multifamily housing and can support pricing power. At the same time, rent-to-income ratios benchmark relatively low nationally, a positive for resident retention and lease management.
Occupancy at the neighborhood level is in the lower half nationally, pointing to the need for proactive leasing and renewals; however, strong amenity access and a substantial renter pool help underpin demand. The average local housing vintage is 1976, while this asset was built in 2000—newer relative to nearby stock—supporting competitive positioning versus older properties, though selective modernization may still be accretive.
Demographic statistics aggregated within a 3-mile radius show modest population growth in recent years and a faster increase in households, with forecasts calling for additional household gains and rising incomes through 2028. This points to a larger tenant base over time and supports occupancy stability and rent growth potential, based on CRE market data from WDSuite.
Safety indicators benchmark below national averages for both violent and property crime, so investors should underwrite prudent security measures and resident experience initiatives. Within the last year, property offense estimates trended down, while violent offense estimates moved higher—mixed signals that warrant continued monitoring rather than block-level conclusions.
In metro context, the area is not among the lowest-risk San Diego neighborhoods, but it is also not the weakest outlier. A balanced approach—lighting, access control, and community engagement—can help support retention and reputation while aligning with underwriting assumptions.
Proximity to diversified employers supports a steady commuter renter base and helps leasing resilience. Notable nearby employers include defense and aerospace, utilities, distribution, semiconductors, and biotech.
- L-3 Telemetry & RF Products — defense & aerospace offices (7.2 miles)
- Sempra Energy — utilities (9.0 miles) — HQ
- Sysco — food distribution (11.2 miles)
- Qualcomm — semiconductors & telecom (13.0 miles) — HQ
- Celgene Corporation — biotech/pharma (13.3 miles)
5360 Marengo Ave is a 92-unit asset built in 2000, newer than much of the surrounding housing stock. That relative vintage can enhance competitiveness versus older properties, with scope for targeted upgrades as systems age. The neighborhood’s high renter-occupied share and elevated home values contribute to durable multifamily demand, while rent-to-income ratios that benchmark lower nationally can support retention. According to CRE market data from WDSuite, neighborhood occupancy trails national averages, so execution will hinge on leasing focus and resident experience to capture demand from a sizable renter pool.
Within a 3-mile radius, households and incomes have grown and are forecast to continue rising, pointing to a larger, higher-earning tenant base and reinforcing long-term demand. Amenity access (grocers, restaurants, parks, schools) outperforms national norms, and proximity to diversified employment nodes supports day-to-day leasing and renewals.
- Newer 2000 vintage relative to nearby stock, with potential value-add via selective modernization.
- High neighborhood renter-occupied share and elevated home values reinforce rental demand depth.
- Lower rent-to-income ratios nationally support retention and lease management.
- 3-mile household and income growth expand the tenant base and support long-term absorption.
- Risks: neighborhood safety benchmarks below national averages and occupancy is softer—requires active leasing and resident experience focus.