| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 84th | Best |
| Demographics | 35th | Poor |
| Amenities | 65th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3280 Olive St, Lemon Grove, CA, 91945, US |
| Region / Metro | Lemon Grove |
| Year of Construction | 1975 |
| Units | 64 |
| Transaction Date | 2025-09-30 |
| Transaction Price | $14,250,000 |
| Buyer | ORSETT SERRA GROVE LLC |
| Seller | VICKERY LLC |
3280 Olive St Lemon Grove Multifamily Opportunity
Neighborhood occupancy runs in the upper-90s with steady renter demand, according to WDSuite’s CRE market data. For investors, the combination of tight leasing conditions and an inner-suburban location points to durable income with selective value-add upside.
This inner-suburban Lemon Grove location scores above the metro median overall (rank 255 of 621, rating B), with housing and amenity fundamentals that are favorable for multifamily. Grocery and pharmacy access are top quartile nationally, supporting daily convenience and helping properties compete for renewals.
Amenity depth is a practical advantage: the neighborhood sits in the top quartile nationally for overall amenities, with restaurants and pharmacies near the 99th percentile and parks coverage strong by national standards. While cafes and childcare are thinner locally, the broader San Diego market fills many of those needs within a reasonable drive.
Leasing conditions are tight: neighborhood occupancy is around 98%, which supports income stability and reduces downtime risk. The property’s 1975 vintage is older than the neighborhood’s average construction year of 1984, suggesting scope for targeted renovations to enhance competitiveness and support rent positioning against newer stock.
Within a 3-mile radius, household counts have grown and are projected to rise further, with average household size trending smaller. This combination points to a larger tenant base and ongoing renter pool expansion. Home values rank in the upper national percentiles and the value-to-income ratio is elevated, indicating a high-cost ownership market that tends to sustain reliance on multifamily rentals and can reinforce lease retention. At the same time, rent-to-income levels imply affordability pressure for some renters, which argues for disciplined lease management and renewal strategies.
Safety indicators trail both metro and national benchmarks for this neighborhood (crime rank 363 of 621; low national percentiles), so underwriting should account for perception and operating practices that support resident confidence. Recent trends are directionally improving, with both property and violent offense rates declining year over year, which may support gradual stabilization if momentum continues.
Investors should frame safety in comparative terms across the San Diego metro: the area is below the metro average today but has shown recent improvement, suggesting potential for incremental progress alongside active property management and community engagement.
Proximity to established corporate employers supports a stable renter base and commute convenience, notably in utilities, aerospace, distribution, communications technology, and biotech — specifically Sempra Energy, L-3 Telemetry & RF Products, Sysco, Qualcomm, and Celgene.
- 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 — communications technology (14.3 miles) — HQ
- Celgene Corporation — biotech (14.4 miles)
3280 Olive St offers a balanced value-add angle in an inner-suburban San Diego setting where neighborhood occupancy remains tight and daily-needs amenities are strong. According to CRE market data from WDSuite, local home values and the value-to-income ratio are high by national standards, which typically sustains multifamily demand and supports lease retention even as renters weigh ownership alternatives. The 1975 vintage is older than nearby stock, pointing to targeted renovations and systems updates as levers to improve competitive positioning and revenue.
Demographic indicators aggregated within a 3-mile radius show rising household counts alongside smaller household sizes, expanding the renter pool over the medium term. Affordability pressure (high rent-to-income at the neighborhood level) and below-metro safety metrics are the primary risks to underwrite, but strong amenity access and proximity to diverse employment nodes help support occupancy stability.
- Tight neighborhood occupancy and deep daily-needs amenities support income durability
- Older 1975 vintage creates clear value-add pathways via unit/interior and systems upgrades
- High-cost ownership context reinforces multifamily demand and renewal potential
- Expanding 3-mile household base and smaller household sizes point to renter pool growth
- Risks: affordability pressure (rent-to-income) and below-metro safety metrics require disciplined leasing and active management