| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 84th | Best |
| Demographics | 35th | Poor |
| Amenities | 65th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3274 Main St, Lemon Grove, CA, 91945, US |
| Region / Metro | Lemon Grove |
| Year of Construction | 1987 |
| Units | 20 |
| Transaction Date | 2003-03-21 |
| Transaction Price | $1,650,000 |
| Buyer | LANGLEY JAMES |
| Seller | SHEA PATRICK C |
3274 Main St Lemon Grove CA Multifamily Opportunity
Neighborhood-level occupancy is strong and renter demand is deep, according to WDSuite’s CRE market data, positioning this 20-unit asset for steady leasing in San Diego County. The Inner Suburb location offers daily-needs access and supports retention without relying on destination amenities.
Located in Lemon Grove’s Inner Suburb fabric, the neighborhood carries a B rating and ranks above the metro median among 621 San Diego neighborhoods, indicating broadly supportive fundamentals for workforce-oriented multifamily.
Daily-needs access is a standout: grocery, restaurant, and pharmacy density sits in the high national percentiles (around the top decile), which helps day-to-day convenience and tenant retention. Park access also trends strong nationally. Conversely, cafe and childcare density is thin locally, so the amenity mix skews practical rather than lifestyle-driven.
From an operations lens, the neighborhood’s occupancy is in the top decile nationally, and renter concentration is very high, signaling a deep tenant base and stable lease-up dynamics for comparable assets. Median contract rents in the area have trended upward over the last five years, and current levels sit above many U.S. neighborhoods, which is consistent with broader San Diego pricing.
Within a 3-mile radius, population has held steady while households have increased in recent years, with forecasts calling for further household growth by 2028. This pattern points to slightly smaller household sizes and a larger renter pool over time—conditions that typically support occupancy stability and absorption. Elevated home values relative to incomes in the metro context suggest a high-cost ownership market that can sustain reliance on multifamily rentals, bolstering depth of demand.
The property’s 1987 vintage is slightly newer than the neighborhood’s early-1980s average, offering competitive positioning versus older stock while still leaving room for targeted modernization and value-add planning (interiors, common areas, and aging systems) to enhance revenue durability.
Safety performance is mixed when compared with regional and national benchmarks. Relative to 621 San Diego metro neighborhoods, crime ranks below the metro median, indicating conditions that warrant prudent security and property management practices. Nationally, the area sits in lower safety percentiles, particularly on violent incidents, though recent year-over-year estimates indicate double-digit declines in property offenses and a mid–single-digit decline in violent offenses—an improving but still cautious backdrop.
Investors should underwrite with appropriate risk controls—lighting, access management, and partnership with local resources—while recognizing that trending improvements can support stability if maintained.
Nearby employers span utilities, defense and aerospace, distribution, wireless/semiconductors, and biotech—diverse sectors that support a broad renter base and commute convenience for workforce tenants.
- Sempra Energy — utilities (7.8 miles) — HQ
- L-3 Telemetry & RF Products — defense & aerospace offices (8.2 miles)
- Sysco — food distribution (13.5 miles)
- Qualcomm — wireless & semiconductors (14.4 miles) — HQ
- Celgene Corporation — biotech (14.5 miles)
This 20-unit, 1987-vintage asset benefits from a neighborhood with high occupancy, very strong renter concentration, and day-to-day amenities that favor retention. Within a 3-mile radius, households have grown and are projected to expand further by 2028, indicating a gradually enlarging tenant base. Elevated ownership costs in the metro context reinforce reliance on rentals, supporting demand durability and pricing power, while the property’s slightly newer vintage versus local averages leaves room for targeted value-add and systems modernization.
According to commercial real estate analysis from WDSuite, neighborhood-level rents and occupancy outperform many U.S. areas, aligning with San Diego’s broader strength. We would frame upside around interior upgrades and operational execution, balanced against affordability pressure and prudent safety planning to maintain stability.
- High neighborhood occupancy and very deep renter concentration support leasing stability
- Strong daily-needs access (grocery, pharmacy, restaurants) aids retention and convenience
- 1987 vintage offers value-add potential via targeted interior and systems updates
- 3-mile household growth and projected expansion point to a larger tenant base by 2028
- Risks: affordability pressure and below-metro safety ranking require conservative underwriting