| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Good |
| Demographics | 61st | Fair |
| Amenities | 55th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 118 14th St, Ramona, CA, 92065, US |
| Region / Metro | Ramona |
| Year of Construction | 1990 |
| Units | 50 |
| Transaction Date | 2021-08-24 |
| Transaction Price | $9,851,000 |
| Buyer | 118 14TH CA LP |
| Seller | 643 VALLE DEL SOL LLC |
118 14th St, Ramona CA Multifamily Investment Thesis
Neighborhood occupancy is tight and renter demand appears durable for this Ramona asset, according to WDSuite’s CRE market data. High-cost ownership dynamics in San Diego County support lease retention and pricing discipline at the neighborhood level rather than at the property.
The neighborhood surrounding 118 14th St is suburban with a B+ rating and ranks 195 out of 621 across the San Diego-Chula Vista-Carlsbad metro, placing it above the metro median for overall performance. Neighborhood occupancy is 99.1%, indicating stable lease-up conditions at the neighborhood level, not the property. A renter-occupied share around the mid-40s provides a meaningful tenant base and supports ongoing demand for multifamily product.
Local convenience is competitive among San Diego neighborhoods, with restaurants and grocery availability benchmarking in the upper national percentiles. Average school ratings score in a higher national bracket as well, suggesting broader family appeal relative to many areas nationwide. Childcare and park access are thinner within the immediate neighborhood, so prospective tenants may rely on options in adjacent areas.
Home values sit in a high-cost ownership market (upper-90s national percentile), which tends to reinforce renter reliance on multifamily housing and can aid lease retention. At the same time, rent-to-income levels trend relatively manageable compared with many U.S. neighborhoods, a combination that can help stabilize occupancy and reduce turnover risk from affordability pressure.
Construction vintage in the area averages early 1990s. With a 1990 build, this property is slightly older than nearby stock, creating typical value-add angles (interiors, common areas, systems) and capital planning considerations to remain competitive versus newer comparables.
Within a 3-mile radius, population softened modestly in recent years while household counts edged higher and are projected to expand further, implying smaller household sizes and a wider renter pool over time. This trajectory supports a larger tenant base and can underpin occupancy stability as new households enter the market.
Safety performance is below the metro average, with the neighborhood’s crime rank at 440 out of 621 within the San Diego metro. Compared with neighborhoods nationwide, safety falls into lower percentiles, indicating elevated incidents versus national norms. Recent data also indicates modest increases in both property and violent offense rates year over year. These conditions warrant prudent underwriting for security measures and tenant screening, and may influence insurance and operating budgets.
Nearby employment anchors span distribution, semiconductors, defense, biotech, and utilities, supporting workforce housing demand and commute convenience for residents. The list below highlights key employers within typical commuting distance that can contribute to tenant retention.
- Sysco — foodservice distribution (12.4 miles)
- Qualcomm — semiconductors & telecom (21.0 miles) — HQ
- L-3 Telemetry & RF Products — defense & aerospace (21.2 miles)
- Celgene Corporation — biotechnology/pharma (22.3 miles)
- Sempra Energy — utilities (27.7 miles) — HQ
This 50-unit, 1990-vintage asset is positioned in a suburban Ramona neighborhood with tight occupancy and a meaningful renter base. The local ownership market is high-cost by national standards, which tends to sustain multifamily demand and support lease retention. According to CRE market data from WDSuite, neighborhood occupancy remains elevated relative to many U.S. areas, while rent-to-income levels appear comparatively manageable—an attractive pairing for operators focused on steady cash flow and disciplined renewals.
The vintage creates clear value-add and capital planning paths to stay competitive against newer stock in the San Diego metro. Within a 3-mile radius, households have increased and are projected to expand further, pointing to a larger tenant base and potential leasing resilience. Investors should underwrite security and operating needs given safety metrics that trail national norms and account for thinner park and childcare access in the immediate area.
- Tight neighborhood occupancy and a sizable renter-occupied base support demand stability
- High-cost ownership market reinforces reliance on rentals and aids retention
- 1990 vintage offers value-add and CapEx levers to enhance competitiveness
- 3-mile household growth outlook suggests a widening renter pool over time
- Risk: Safety ranks below metro and national benchmarks; plan for security and insurance impacts