| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 77th | Fair |
| Demographics | 73rd | Good |
| Amenities | 63rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5721 Lake Murray Blvd, La Mesa, CA, 91942, US |
| Region / Metro | La Mesa |
| Year of Construction | 1978 |
| Units | 30 |
| Transaction Date | 2018-05-10 |
| Transaction Price | $1,288,500 |
| Buyer | WELL STELLA ANNE |
| Seller | KATSOULAS DINO MICHAEL |
5721 Lake Murray Blvd La Mesa Multifamily Investment
This 30-unit property built in 1978 sits in a neighborhood with 64.5% renter occupancy and above-average net operating income per unit, according to CRE market data from WDSuite.
Located in La Mesa's inner suburban setting, this neighborhood ranks in the top 20% nationally for amenities and maintains strong fundamentals for multifamily operators. The area demonstrates 64.5% renter occupancy among housing units, ranking in the 95th percentile nationally and supporting consistent rental demand. Median contract rents of $1,848 reflect the 89th percentile nationwide, while neighborhood-level net operating income averages $11,757 per unit, placing it in the 87th percentile among metro areas.
Demographics within a 3-mile radius show a stable tenant base with 133,887 residents and modest population growth of 1.7% over five years. The area maintains balanced age distribution with 28.6% of residents aged 18-34 and median household income of $93,540. Projected growth through 2028 anticipates 8.3% population increase and 37% household growth, expanding the potential renter pool. Home values averaging $667,888 reinforce rental demand as elevated ownership costs sustain renter reliance on multifamily housing.
Built in 1978, the property aligns with the neighborhood's average construction year of 1976, indicating potential value-add opportunities through strategic capital improvements and modernization. The area benefits from strong amenity density including 4.17 grocery stores per square mile (94th percentile nationally) and 4.17 childcare facilities per square mile (98th percentile nationally), supporting tenant retention and appeal.
The neighborhood's safety profile shows mixed indicators that warrant standard due diligence. Property crime rates of 893 incidents per 100,000 residents rank 180th among 621 metro neighborhoods, placing it in the 25th percentile nationally. However, property crime has declined 12.8% year-over-year, indicating improving trends. Violent crime rates of 188 incidents per 100,000 residents rank 250th among metro neighborhoods, though this metric increased 30.6% over the past year.
Overall crime ranking places the area at 263rd among 621 San Diego metro neighborhoods, representing the 33rd percentile nationally. Investors should factor these metrics into tenant screening, property management protocols, and insurance considerations while monitoring ongoing trend improvements in property crime rates.
The surrounding employment base includes established corporate offices and headquarters within reasonable commuting distance, supporting workforce housing demand for the property's tenant profile.
- L-3 Telemetry & RF Products — defense technology (6.8 miles)
- Sempra Energy — utilities HQ (9.0 miles)
- Sysco — food service distribution (10.7 miles)
- Qualcomm — telecommunications technology HQ (12.5 miles)
- Celgene Corporation — biotechnology (12.8 miles)
This La Mesa property offers compelling fundamentals in a neighborhood that ranks in the A- category among San Diego metro areas. The 64.5% renter occupancy rate significantly exceeds national averages and demonstrates sustained rental demand, while neighborhood-level NOI performance in the 87th percentile indicates strong operating conditions. Built in 1978, the property presents value-add potential through strategic renovations and unit upgrades to capture higher rents in a market where median contract rents reach $1,848.
Demographic projections within the 3-mile radius support long-term investment thesis, with 37% household growth anticipated through 2028 and median household income projected to increase 34% to $125,385. High home values averaging $667,888 reinforce rental demand as ownership costs keep households in the rental market. However, investors should monitor the current 88.5% neighborhood occupancy rate, which has declined 9.7 percentage points over five years, and factor ongoing safety considerations into property management strategies.
- Strong renter demand with 64.5% rental occupancy ranking 95th percentile nationally
- Above-average NOI performance at $11,757 per unit (87th percentile)
- Value-add potential through 1978 vintage property modernization
- Projected 37% household growth through 2028 expanding tenant base
- Risk consideration: neighborhood occupancy trends declining, requiring active lease management