| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 85th | Best |
| Demographics | 69th | Good |
| Amenities | 25th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 9249 Carlton Oaks Dr, Santee, CA, 92071, US |
| Region / Metro | Santee |
| Year of Construction | 1973 |
| Units | 80 |
| Transaction Date | 2011-03-28 |
| Transaction Price | $1,350,000 |
| Buyer | L 14050 LLC |
| Seller | JOBE MARY |
9249 Carlton Oaks Dr Santee Multifamily Value-Add
Neighborhood occupancy trends point to durable renter demand and pricing resilience, according to WDSuite’s CRE market data, with a value-add path supported by an older 1973 vintage in a high-cost ownership pocket of East County San Diego.
Santee’s suburban setting delivers a balance of stability and demand that appeals to workforce renters. Neighborhood occupancy is above the metro median and in the top quartile nationally, indicating relatively steady leasing conditions for multifamily operators (based on WDSuite’s CRE market data for the neighborhood, not this specific property). The area’s neighborhood rating of B and mid-pack standing (ranked 284 among 621 San Diego metro neighborhoods) suggest competitive fundamentals without relying on marquee urban drivers.
Amenities skew practical rather than dense: restaurants per square mile sit around the 80th percentile nationally, and grocery access trends near the 69th percentile, while parks, cafes, and pharmacies are comparatively limited. Public school quality averages roughly 4.0/5 and ranks in the 84th percentile nationally, a factor that often supports retention for family-oriented renters.
The asset’s 1973 construction is older than the neighborhood’s average stock (2004), pointing to potential capital planning needs alongside value-add upside through interior and common-area modernization to compete against newer product.
Within a 3-mile radius, demographics signal a growing tenant base: population and households have expanded in recent years, with projections calling for additional population growth and a sizable increase in households over the next five years. A modest decline in average household size implies more, smaller households entering the market — a pattern that typically supports multifamily absorption and occupancy stability.
Ownership costs are elevated for the area relative to national norms, which tends to sustain renter reliance on multifamily housing and can aid lease retention. At the same time, the neighborhood’s renter-occupied share sits around one-quarter of housing units, indicating demand is present but not overwhelmingly renter-heavy; operators may want to emphasize product positioning and amenities to capture the existing renter pool.
Safety indicators for the neighborhood trend mixed. Compared with neighborhoods nationwide, recent readings place the area below the national median for safety; however, year-over-year data show notable declines in both violent and property offense rates, an improvement trend that supports a more stable operating backdrop over time.
Within the San Diego metro, the neighborhood’s safety standing is not among the top cohorts, but the recent downward trajectory in estimated offense rates — including a strong one-year decrease in violent offenses — is a constructive signal to monitor. Investors should underwrite to current conditions while recognizing the improving trend line rather than assuming continued rapid gains.
Proximity to major employment nodes underpins renter demand, with access to food distribution, aerospace/defense, technology, and energy employers that support steady leasing and commute convenience.
- Sysco — food distribution (7.0 miles)
- L-3 Telemetry & RF Products — defense & aerospace offices (8.0 miles)
- Qualcomm — technology (12.0 miles) — HQ
- Celgene Corporation — biopharma offices (12.7 miles)
- Sempra Energy — utilities & energy (12.9 miles) — HQ
This 80-unit, 1973-vintage community in Santee aligns with a value-add thesis supported by steady neighborhood occupancy, high-cost ownership dynamics, and projected household growth within a 3-mile radius. According to CRE market data from WDSuite, the neighborhood’s occupancy is above the metro median and top quartile nationally, while national-percentile measures for restaurants and schools provide family-friendly and daily-needs appeal despite gaps in parks and cafes.
Older physical plant relative to the local 2004 average points to capex and modernization needs, but also to room for operational and finish-level upgrades to improve competitive positioning against newer stock. Elevated home values reinforce renter reliance on multifamily housing, while a moderate renter concentration suggests disciplined marketing and amenity programming can capture demand without over-building to a transient base. Key risks to underwrite include older-vintage systems and safety metrics that, while improving, trail national medians.
- Occupancy above metro median supports income stability and leasing visibility
- 1973 vintage offers clear value-add and repositioning pathways versus newer local stock
- High-cost ownership market reinforces renter reliance and potential retention
- 3-mile population and household growth expand the tenant base and support absorption
- Risks: older systems capex, amenity gaps, and safety metrics below national median despite improvement