| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 84th | Best |
| Demographics | 35th | Poor |
| Amenities | 65th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3240 Olive St, Lemon Grove, CA, 91945, US |
| Region / Metro | Lemon Grove |
| Year of Construction | 1980 |
| Units | 50 |
| Transaction Date | 2019-08-16 |
| Transaction Price | $10,650,000 |
| Buyer | 3240 Olive Property LLC |
| Seller | Dego Inc, Private Investor, Scott DeGoler, Price/unit and /sf |
3240 Olive St, Lemon Grove Multifamily Value-Add
Neighborhood occupancy remains high and demand is supported by strong daily-needs access, according to WDSuite s CRE market data. For investors, the core takeaway is steady renter demand with potential to enhance revenue through targeted upgrades rather than lease-up risk.
Located in Lemon Grove within the San Diego metro, the property sits in an inner-suburban neighborhood rated B and positioned above the metro median for overall performance (rank 255 out of 621 neighborhoods). Daily-needs access is a clear strength: grocery and pharmacy density rank near the top of the metro, with restaurants also competitive at the national level, supporting resident convenience and day-to-day leasing stability.
Neighborhood multifamily occupancy is 98.2%, which signals tight conditions at the neighborhood level rather than the property itself, based on CRE market data from WDSuite. This occupancy backdrop, paired with rent growth over the past five years, points to durable demand fundamentals even as operators remain attentive to renewal management.
Within a 3-mile radius, demographics indicate a large renter base and continued household formation over the next five years, with forecasts calling for more households and smaller average household size — a pattern that generally supports multifamily absorption and lease retention. The renter-occupied share across this 3-mile area is roughly 47%, suggesting depth in the tenant pool for a 50-unit asset.
Amenity access compares favorably: the neighborhood is top quartile among 621 San Diego metro neighborhoods for overall amenities, with grocery, pharmacy, and restaurant concentrations in the 99th national percentile helping sustain renter appeal. While school data are limited in this dataset, the broader livability profile — daily retail, parks, and services — underpins consistent leasing demand.
Safety trends should be evaluated with care. The neighborhood s crime profile sits below the metro average, ranking in the lower half among 621 San Diego metro neighborhoods, and performs in lower national percentiles relative to peer neighborhoods nationwide. Recent trend data from WDSuite show year-over-year decreases in both violent and property incidents, which is constructive, but investors should still incorporate appropriate security, lighting, and monitoring into underwriting and asset plans.
The surrounding employment base includes regional utilities, defense/aerospace, food distribution, and technology headquarters within a commutable radius, supporting renter demand and lease stability for workforce and professional tenants: Sempra Energy, L-3 Telemetry & RF Products, Sysco, and Qualcomm.
- Sempra Energy — utilities (7.8 miles) — HQ
- L-3 Telemetry & RF Products — defense & aerospace (8.2 miles)
- Sysco — food distribution (13.6 miles)
- Qualcomm — wireless/semiconductors (14.4 miles) — HQ
3240 Olive St is a 50-unit asset built in 1980, slightly older than the neighborhood average, which points to practical value-add potential through targeted interior and systems upgrades. The surrounding neighborhood shows tight occupancy at the neighborhood level, strong daily-needs access, and a sizable renter pool within 3 miles, supporting ongoing leasing momentum. According to CRE market data from WDSuite, neighborhood occupancy remains elevated versus many metro peers, while local amenity density compares favorably nationwide — both helpful to retention and pricing power.
Forward-looking demographics within 3 miles indicate growth in households and a smaller average household size, expanding the tenant base and supporting occupancy stability. At the same time, an elevated rent-to-income environment and below-metro-average safety metrics warrant conservative affordability and Opex planning. Overall, the combination of durable demand drivers and actionable renovation upside forms a balanced long-term thesis.
- Tight neighborhood occupancy supports stable leasing and renewal potential.
- Strong daily-needs access (grocery/pharmacy/restaurants) enhances renter convenience and retention.
- 1980 vintage offers value-add opportunity through targeted interiors and building systems modernization.
- 3-mile household growth and smaller household sizes broaden the renter pool over time.
- Risks: affordability pressure and below-metro-average safety metrics call for disciplined underwriting and asset management.