| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 88th | Best |
| Demographics | 60th | Fair |
| Amenities | 88th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 10267 Mast Blvd, Santee, CA, 92071, US |
| Region / Metro | Santee |
| Year of Construction | 1975 |
| Units | 38 |
| Transaction Date | 2020-09-10 |
| Transaction Price | $7,175,000 |
| Buyer | F & F MAST LP |
| Seller | R A R PROPERTY LLC |
10267 Mast Blvd Santee Multifamily Investment
Neighborhood-level occupancy is currently at full levels with top-tier NOI per unit performance, according to WDSuite’s CRE market data, indicating durable renter demand rather than asset-specific effects. Rents and home values in the area are elevated for the metro, which supports pricing power while requiring disciplined lease management.
Located in Santee’s inner-suburban fabric of the San Diego-Chula Vista-Carlsbad metro, the neighborhood rates highly for investment fundamentals (A rating; rank 52 of 621). Amenities and daily needs score in the top quartile among 621 metro neighborhoods, with restaurants and pharmacies indexed well above national averages, reinforcing renter convenience and retention. Average school ratings are also above national norms, supporting family-oriented demand.
For investors evaluating competitive position, the neighborhood’s occupancy is among the strongest in the metro (ranked 1 of 621), signaling tight supply and consistent lease-up performance at the neighborhood level, not the property. Neighborhood-level NOI per unit also sits near the top of the metro (96th percentile nationally), aligning with strong operating fundamentals.
Tenure skews mixed with a meaningful renter base: the share of housing units that are renter-occupied is substantial at the neighborhood level, indicating depth for multifamily demand. Elevated home values relative to incomes in the neighborhood support ongoing reliance on rental housing, which can translate to steadier occupancy and pricing resilience for professionally managed assets.
Demographic statistics aggregated within a 3-mile radius show recent population and household growth, with forecasts pointing to further increases in households and rising incomes. This points to a larger tenant base over the next few years and supports occupancy stability, even as household sizes ease modestly—a pattern that typically sustains demand for smaller units and professionally managed rentals.
Vintage matters for capital planning: the property was built in 1975, slightly older than the neighborhood’s average construction year (1981). That age profile usually warrants targeted renovations and system upgrades, creating value-add potential to improve competitiveness against newer stock.
Safety indicators should be considered in underwriting. The neighborhood’s crime rank places it below the metro median among 621 San Diego-area neighborhoods, and national percentiles suggest it trails safer areas nationwide. However, recent data show a year-over-year decline in property offenses at the neighborhood level, indicating some improvement in trend even if overall safety remains a watch item.
Investors typically address this with pragmatic measures: professional management, lighting/security upgrades, and tenant screening. Framed appropriately, these steps can support leasing stability and resident retention compared to similarly ranked peer locations.
Proximity to major employers helps sustain renter demand and retention through commute convenience. Key nodes within a reasonable drive include food distribution, aerospace/defense, life sciences, utilities, and a large wireless technology headquarters.
- Sysco — food distribution (7.3 miles)
- L-3 Telemetry & RF Products — defense & aerospace (9.6 miles)
- Qualcomm — wireless technology (13.3 miles) — HQ
- Celgene Corporation — life sciences (14.1 miles)
- Sempra Energy — utilities (14.4 miles) — HQ
This 38-unit, 1975-vintage asset sits in a neighborhood with exceptional occupancy and strong operating benchmarks at the neighborhood level, supported by high household incomes and well-above-average amenities. Elevated home values reinforce reliance on rental housing, while 3-mile demographics point to a larger tenant base ahead, supporting leasing continuity. According to CRE market data from WDSuite, the neighborhood ranks at the top of the metro for occupancy and compares favorably on NOI per unit, suggesting stable performance potential with prudent operations.
The asset’s older vintage implies targeted CapEx and value-add potential to keep pace with newer competitors. Safety metrics are weaker than metro leaders, so underwriting should incorporate management controls and operational safeguards. On balance, the combination of neighborhood operating strength, income growth within a 3-mile radius, and proximity to diversified employment nodes underpins a pragmatic long-term thesis.
- Neighborhood-level occupancy ranks at the top of the metro, supporting lease-up and retention
- Elevated home values and incomes sustain rental demand and pricing discipline
- 3-mile demographics indicate a growing tenant base and income gains that support rent growth management
- 1975 vintage offers value-add potential via renovations and system upgrades
- Risk: safety ranks below metro leaders; plan for security and professional management to mitigate