| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 78th | Good |
| Demographics | 27th | Poor |
| Amenities | 81st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 924 N Ave, National City, CA, 91950, US |
| Region / Metro | National City |
| Year of Construction | 1975 |
| Units | 33 |
| Transaction Date | 1998-08-21 |
| Transaction Price | $1,475,000 |
| Buyer | MORAWA WALTER |
| Seller | MAZIS SPEROS |
924 N Ave National City CA Multifamily Investment
Neighborhood renter concentration and steady occupancy offer a durable tenant base for a 33-unit asset, according to WDSuite’s CRE market data. Investors should view this submarket as demand-supported by urban amenities with pricing power influenced by a high-cost ownership market.
The property sits in an Urban Core neighborhood of the San Diego–Chula Vista–Carlsbad metro with a B neighborhood rating and a rank of 239 among 621 metro neighborhoods — competitive among San Diego neighborhoods. Amenity access is a core strength: cafes and grocery options rank near the top locally (each in the top quartile nationally), and restaurants are also dense, supporting walkable daily needs and leasing appeal.
Local housing dynamics favor multifamily. The share of renter-occupied housing units in the neighborhood is high (66.3%), indicating a deep tenant base that can support absorption and renewals. Neighborhood occupancy is around the metro median and has improved over the past five years, a supportive backdrop for maintaining stabilized operations across cycles.
Construction patterns skew slightly newer than the subject’s 1975 vintage (neighborhood average year built is 1983). For investors, the older vintage points to capital planning and potential value-add through interior and system upgrades to enhance competitive positioning versus newer stock.
Within a 3-mile radius, households have increased while average household size has edged down, signaling shifts that can expand the renter pool and support occupancy stability. Elevated home values in the neighborhood (top decile nationally) create a high-cost ownership market, which tends to sustain rental demand and strengthen lease retention for well-located multifamily, based on CRE market data from WDSuite. Note that park access is limited locally and average school ratings track below national norms, factors to consider in positioning and resident profile.
Safety indicators trail broader benchmarks. Relative to neighborhoods nationwide, overall crime sits in lower national percentiles, and violent and property offenses trend weaker than national averages. Compared with the San Diego–Chula Vista–Carlsbad metro, the neighborhood ranks in the lower half (crime rank 561 out of 621), indicating it is below the metro median. Recent year-over-year estimates show upticks in reported offenses, suggesting investors should underwrite prudent security, lighting, and access-control measures and reflect this in operating assumptions.
Nearby employment includes energy, financial services, aerospace/defense, and life sciences, supporting commuter convenience and diversified renter demand for workforce-oriented housing.
- Sempra Energy — energy (4.4 miles)
- Wells Fargo ATM — financial services (4.8 miles)
- Sempra Energy — energy (5.0 miles) — HQ
- L-3 Telemetry & RF Products — defense & aerospace offices (10.3 miles)
- Celgene Corporation — life sciences (15.9 miles)
924 N Ave is a 33-unit, 1975-vintage asset in a competitive San Diego metro neighborhood where renter concentration is high and occupancy trends have improved over five years. Dense retail and daily-needs amenities support leasing velocity, while elevated home values at the neighborhood level reinforce reliance on multifamily housing and help sustain renewal potential. According to CRE market data from WDSuite, neighborhood occupancy is around the metro median, which, combined with a deep renter pool, underpins operational stability.
The 1975 construction suggests clear value-add pathways — interior updates and system modernization can sharpen positioning against newer stock. Underwriting should also account for below-average school ratings, limited park access, and safety metrics that trail metro and national norms; prudent capex and property management can mitigate these risks.
- High renter-occupied share at the neighborhood level supports a deep tenant base and renewal stability
- Amenity-rich Urban Core location aids absorption and pricing discipline
- 1975 vintage offers value-add potential via unit and system upgrades
- Elevated neighborhood home values reinforce demand for multifamily over ownership
- Risks: safety metrics below metro/national norms, limited parks, and weaker school ratings warrant conservative underwriting