| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 87th | Best |
| Demographics | 51st | Fair |
| Amenities | 55th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 8413 Broadway, Lemon Grove, CA, 91945, US |
| Region / Metro | Lemon Grove |
| Year of Construction | 1980 |
| Units | 82 |
| Transaction Date | 2020-04-28 |
| Transaction Price | $17,000,000 |
| Buyer | 8413 BROADWAY LLC |
| Seller | MEHR |
8413 Broadway Lemon Grove 82-Unit Multifamily Value-Add
Neighborhood indicators point to tight rental conditions and durable renter demand, according to WDSuite’s CRE market data, with occupancy strength measured at the neighborhood level rather than the property. Elevated ownership costs in this inner suburb support lease retention and pricing discipline for professionally managed assets.
Located in Lemon Grove within the San Diego metro, the neighborhood rates B+ and is competitive among 621 metro neighborhoods on overall livability. Grocery and park access track above national norms, while cafes and pharmacies are thinner; this mix supports daily convenience for residents without relying on destination retail. Median contract rents sit in the upper tier nationally, yet rent-to-income metrics signal manageable affordability pressure from an investor standpoint.
Renter demand fundamentals are a key strength. Neighborhood occupancy is exceptionally tight (measured for the neighborhood, not the property), and the share of housing units that are renter-occupied is around two-fifths, indicating a meaningful tenant base for multifamily operators. High-cost ownership relative to income in this area reinforces reliance on rental housing, which can support occupancy stability and renewal outcomes.
Within a 3-mile radius, population and households have increased over the last five years, and projections call for additional household expansion through the mid‑term, pointing to a larger tenant base. Household sizes are edging lower, which often supports absorption of smaller floor plans and sustained leasing velocity. Rising median incomes in the radius enhance rent collections and reduce volatility for stabilized assets.
Vintage across the neighborhood trends newer than 1980 on average, positioning a 1980-built, 82‑unit property as a potential value‑add play. Targeted renovations and systems updates can improve competitive positioning versus 1989‑era stock while building in operational efficiencies typical for similar San Diego inner‑suburban assets.
Safety metrics for the neighborhood sit below national medians, indicating conditions that trail the metro’s safer areas. National percentiles place violent and property offenses on the less favorable side, though recent data shows a meaningful year‑over‑year decline in property offenses, while violent incidents have ticked up. Among 621 San Diego metro neighborhoods, the area falls in the mid‑to‑lower range, underscoring the importance of professional management, lighting, and access control to support resident retention.
Proximity to diversified employers supports commuter convenience and multifamily leasing, with demand anchored by defense/aerospace, energy utilities, logistics, wireless, and biopharma roles.
- L-3 Telemetry & RF Products — defense & aerospace offices (8.7 miles)
- Sempra Energy — energy utilities (8.9 miles) — HQ
- Sysco — foodservice distribution (13.2 miles)
- Qualcomm — wireless & semiconductors (14.7 miles) — HQ
- Celgene Corporation — biopharma (14.9 miles)
8413 Broadway offers scale at 82 units and a 1980 vintage that aligns with a clear value‑add and capital‑planning thesis. Tight neighborhood occupancy and a sizable renter-occupied share indicate depth of the tenant base, while elevated home values relative to income support sustained reliance on rental housing. Based on commercial real estate analysis from WDSuite, rent levels are strong for the region yet generally balanced by incomes, which can aid collections and limit turnover risk.
Forward demand signals within a 3‑mile radius — including population growth, an increase in households, and rising incomes — point to a larger renter pool that supports occupancy stability. Renovations and operational upgrades can enhance competitiveness versus slightly newer neighborhood stock, with proximity to diversified employers bolstering leasing durability.
- Tight neighborhood occupancy supports stable leasing (neighborhood measure, not property)
- 1980 vintage presents value‑add and systems‑upgrade upside versus newer local stock
- Elevated home values reinforce renter reliance and pricing discipline
- Diverse nearby employers underpin commuting demand and retention
- Risk: safety metrics trail national medians; active management and security investments recommended