| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 77th | Fair |
| Demographics | 73rd | Good |
| Amenities | 63rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5445 Baltimore Dr, La Mesa, CA, 91942, US |
| Region / Metro | La Mesa |
| Year of Construction | 1973 |
| Units | 56 |
| Transaction Date | 2022-10-31 |
| Transaction Price | $141,000,000 |
| Buyer | WRPV XIV VERANDA LA MESA LLC |
| Seller | PUR VERANDA LLC |
5445 Baltimore Dr, La Mesa Multifamily Opportunity
Neighborhood data points to durable renter demand supported by a high renter-occupied share and elevated ownership costs, according to WDSuite’s CRE market data. Investors should expect steady tenant interest even as neighborhood occupancy trends are closer to national norms.
Situated in La Mesa’s inner-suburban setting within the San Diego metro, the property sits in a neighborhood rated A- and ranked 120 out of 621 metro neighborhoods — competitive locally and supported by multiple top-quartile national indicators. Restaurant and grocery access are strong, and both parks and childcare density test in the top quartile nationally, reinforcing everyday convenience that can aid leasing and retention.
Average school ratings are in the top quartile nationally (4.0 out of 5), a positive signal for family-oriented renters. While cafes and pharmacies are less concentrated in the immediate area, the broader amenity mix trends favorable compared with many U.S. neighborhoods.
Renter-occupied housing represents a large share of units in the neighborhood, indicating depth of the tenant base for multifamily. At the same time, the neighborhood’s occupancy rate is below national averages, so operators should emphasize proactive leasing, renewals, and unit turns to sustain performance.
The asset’s 1973 construction is slightly older than the neighborhood’s average vintage. For investors, that typically translates to value-add potential through interior upgrades and modernization of building systems, paired with prudent capital planning to remain competitive against newer supply.
Within a 3-mile radius, population and households have grown in recent years, with forecasts calling for additional population growth and a notable increase in households. This points to renter pool expansion and supports demand for rental units, especially as average household size trends modestly lower.
Home values are elevated relative to national benchmarks, and the value-to-income ratio ranks near the top of U.S. neighborhoods. In high-cost ownership markets, multifamily often benefits from sustained reliance on rentals, which can support pricing power for well-positioned assets; operators should still monitor rent-to-income levels to manage retention risk.
Safety indicators trail national averages and the neighborhood ranks in the lower half among 621 San Diego metro neighborhoods, suggesting investors should plan for prudent security measures. Notably, property offenses have been trending down year over year in the neighborhood, indicating some improvement; underwriting should focus on comparative trends at the neighborhood level rather than block-specific assumptions.
Nearby employment centers include defense/aerospace, energy utilities, food distribution, and technology/life sciences, which support a diversified renter base and commute-friendly demand. Listed below are L-3 Telemetry & RF Products, Sempra Energy, Sysco, Qualcomm, and Celgene.
- L-3 Telemetry & RF Products — defense & aerospace (6.8 miles)
- Sempra Energy — energy utilities (8.8 miles) — HQ
- Sysco — food distribution (11.0 miles)
- Qualcomm — telecommunications & semiconductors (12.6 miles) — HQ
- Celgene Corporation — biopharma offices (12.9 miles)
This 56‑unit, 1973-vintage property offers a clear value‑add path in an inner-suburban La Mesa location where renter demand is underpinned by a high renter-occupied share, strong school ratings, and elevated ownership costs. Based on CRE market data from WDSuite, the neighborhood scores well on restaurants, groceries, parks, and childcare access, while occupancy is closer to national averages — a profile that rewards active leasing and resident retention strategies.
Within a 3‑mile radius, recent gains in population and households, along with forward projections for further growth, point to renter pool expansion that can support occupancy and rent performance. Execution focus should balance pricing power opportunities with careful management of rent-to-income pressure and continued attention to safety and property operations.
- Inner-suburban location with top-quartile amenities and strong schools to support family renter appeal
- Deep tenant base signaled by high renter-occupied housing share in the neighborhood
- 1973 vintage enables value‑add through renovations and systems modernization
- Risks: occupancy nearer national norms, below-average safety indicators, and affordability pressure require hands-on management