| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Good |
| Demographics | 48th | Fair |
| Amenities | 34th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 121 N Ramona St, Ramona, CA, 92065, US |
| Region / Metro | Ramona |
| Year of Construction | 1987 |
| Units | 52 |
| Transaction Date | 2021-08-26 |
| Transaction Price | $11,323,500 |
| Buyer | 121 N RAMONA CA LP |
| Seller | 621 STARLIGHT GROVE LLC |
121 N Ramona St Ramona Multifamily Investment
Neighborhood occupancy trends are competitive within the San Diego metro, suggesting steady renter demand for a 52-unit asset, according to WDSuite’s CRE market data. Elevated ownership costs locally support multifamily retention dynamics in Ramona.
Situated in suburban Ramona within the San Diego–Chula Vista–Carlsbad metro, the neighborhood shows occupancy that is competitive among metro peers (ranked 228 of 621) and in the top quintile nationally by percentile. This supports a stable leasing backdrop for multifamily assets when evaluating comps and expected absorption, based on CRE market data from WDSuite.
Renter-occupied housing comprises roughly one-third of units in the neighborhood, indicating a moderate renter base and depth for workforce-oriented product. Within a 3-mile radius, the renter share trends slightly higher, which helps sustain demand across a range of unit types and price points and can support occupancy stability through cycles.
Livability is anchored by everyday retail: grocery and pharmacy access track above national midpoints, while restaurant density is comparable to similar suburban areas. Cafe and park density is limited, so amenity-driven premiums may be harder to capture than in denser, core submarkets; investors should calibrate underwriting toward convenience-driven rather than lifestyle-driven leasing.
Home values in the neighborhood sit in a high national percentile, creating a high-cost ownership market that tends to reinforce reliance on multifamily rentals and can aid lease retention. The property’s 1987 vintage is slightly newer than the local average stock (early 1980s), offering relative competitiveness versus older buildings, though investors should still plan for system updates and common-area refreshes as part of long-term capital strategy.
Demographics aggregated within a 3-mile radius show households increasing while average household size trends lower, pointing to more households forming even as population has been flat to slightly down. Forward-looking projections indicate household and income growth over the next five years, which supports a larger tenant base and pricing resiliency for well-maintained properties.
Safety indicators compare below national averages, with overall and violent offense metrics in lower national percentiles. Notably, property offense rates have improved year over year and trend above national midpoints for improvement, which is a constructive signal. Investors should underwrite standard security, lighting, and access controls typical for suburban assets while recognizing the positive direction in property crime trends.
Nearby employment spans food distribution, wireless and technology, aerospace/defense, biotechnology, and utilities, supporting commute convenience and renter retention for workforce households. Employers include Sysco, Qualcomm, L-3 Telemetry & RF Products, Celgene, and Sempra Energy.
- Sysco — food distribution (12.2 miles)
- Qualcomm — wireless & technology (20.7 miles) — HQ
- L-3 Telemetry & RF Products — defense & aerospace (21.0 miles)
- Celgene Corporation — biotechnology (22.0 miles)
- Sempra Energy — utilities (27.5 miles) — HQ
121 N Ramona St offers a 1987-vintage, 52-unit footprint in a suburban San Diego metro neighborhood where occupancy performance is competitive among local peers and in high national percentiles, supporting steady leasing and cash flow durability. Elevated home values create a high-cost ownership environment that tends to sustain multifamily demand and lease retention, while a moderate renter concentration points to a stable tenant base. According to CRE market data from WDSuite, household counts within a 3-mile radius have been rising and are projected to continue growing alongside incomes, which supports long-term renter pool expansion and pricing power for well-positioned assets.
The asset’s slightly newer vintage relative to the neighborhood average provides competitive positioning versus older stock, though prudent capital planning for modernization remains advisable. Amenity density is limited locally, so underwriting should emphasize convenience access (grocery/pharmacy) over lifestyle premiums, and safety metrics warrant standard operational controls even as property offenses trend downward.
- Competitive neighborhood occupancy supports leasing stability
- High-cost ownership market reinforces sustained renter demand
- 1987 vintage offers relative competitiveness with value-add potential
- Risk: limited amenity density and below-average safety percentiles require prudent operations