| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Good |
| Demographics | 64th | Good |
| Amenities | 46th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 8961 N Magnolia Ave, Santee, CA, 92071, US |
| Region / Metro | Santee |
| Year of Construction | 1979 |
| Units | 67 |
| Transaction Date | 2011-03-01 |
| Transaction Price | $7,285,000 |
| Buyer | THE MAZZOLA REVOCABLE FAMILY TRUST |
| Seller | MMGER PARTNERSHIP |
8961 N Magnolia Ave, Santee CA Multifamily Investment
Stabilized neighborhood fundamentals and a high-cost ownership market support durable renter demand, according to WDSuite’s CRE market data. For investors, the area’s strong occupancy and income profile point to steady leasing with selective value-add upside.
Situated in Santee within the San Diego-Chula Vista-Carlsbad metro, the neighborhood rates B+ and is competitive among metro neighborhoods (ranked 216 of 621), signaling balanced location fundamentals for workforce and middle-income renters. Neighborhood occupancy is high, supporting income stability for multifamily assets, and neighborhood NOI per unit trends sit in the top decile nationally, based on CRE market data from WDSuite.
Livability inputs are favorable for family renters: average school ratings are in the top quartile nationally, and park access also ranks in the top quartile. Everyday retail is present, though cafe and pharmacy density is limited compared with urban cores. Median contract rents for the neighborhood sit in the national top decile, reflecting strong pricing relative to the U.S. while still benefiting from broad regional housing demand.
Tenure patterns indicate a sizable renter-occupied share within a 3-mile radius, supporting depth of the tenant base for 1–3 bedroom product. Within the same 3-mile radius, recent years show modest population growth and an increase in households, with forward-looking data pointing to continued household gains even as average household size trends lower — a setup that can expand the local renter pool and support occupancy stability.
Ownership costs in the neighborhood are elevated versus national norms (home values are in the 90th+ percentile), which tends to sustain reliance on multifamily rentals and can aid retention and pricing power. At the same time, rent-to-income dynamics are more manageable than many coastal peers, which can help mitigate near-term affordability pressure and reduce turnover risk.
The asset’s 1979 vintage is older than the neighborhood’s average construction year. For investors, that points to practical capital planning and targeted renovations to modernize systems and finishes — with potential to capture rent premiums in a market where occupancy is strong and renter demand is durable.
Neighborhood safety benchmarks trend below the national median (around the 34th percentile nationwide), while remaining competitive among San Diego metro neighborhoods (ranked 248 of 621). Recent trends are mixed: property offense estimates declined by roughly one-quarter year over year, while violent offense estimates ticked up modestly. Investors should underwrite with a focus on on-site security design, lighting, and operations, and monitor metro and neighborhood trendlines over time.
Proximity to regional employers supports commuter convenience and multifamily renter demand, led by distribution, defense, technology, utilities, and biotech employers listed below.
- Sysco — food distribution (8.3 miles)
- L-3 Telemetry & RF Products — defense & aerospace (9.8 miles)
- Qualcomm — technology (13.8 miles) — HQ
- Sempra Energy — utilities (14.1 miles) — HQ
- Celgene Corporation — biotech (14.6 miles)
8961 N Magnolia Ave presents an older-vintage, 67-unit asset positioned in a neighborhood with high occupancy, strong income characteristics, and nationally competitive NOI-per-unit performance. Elevated ownership costs and solid school and park ratings reinforce steady family and workforce renter demand. Based on commercial real estate analysis from WDSuite, neighborhood rents sit well above national norms while rent-to-income dynamics remain manageable relative to many coastal peers, supporting cash flow durability with disciplined lease management.
The 1979 construction suggests a clear value-add path through targeted renovations and system updates to sharpen competitive positioning against newer stock. Forward-looking 3-mile data indicates continued household growth alongside smaller household sizes, which can expand the renter pool and support occupancy stability. Investors should balance these strengths with prudent underwriting around safety benchmarking and the neighborhood’s limited cafe/pharmacy density.
- High neighborhood occupancy and top-decile NOI-per-unit trends point to durable cash flow potential.
- Elevated home values support sustained multifamily demand and lease retention.
- 1979 vintage offers value-add and capital planning levers to enhance rents and competitiveness.
- 3-mile household growth with smaller household sizes suggests a broader tenant base over time.
- Risks: safety sits below the national median and amenity depth is thinner; underwrite for security and resident services.