| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 80th | Good |
| Demographics | 68th | Good |
| Amenities | 77th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 9322 Carlton Oaks Dr, Santee, CA, 92071, US |
| Region / Metro | Santee |
| Year of Construction | 2000 |
| Units | 58 |
| Transaction Date | 2018-04-25 |
| Transaction Price | $45,000,000 |
| Buyer | SANTEE AFFORDABLE COMMUNITIES LP |
| Seller | CARLTON VILLAS HOUSING PARTNERS LP |
9322 Carlton Oaks Dr, Santee Multifamily Investment
Neighborhood occupancy is high and ownership costs are elevated for the area, supporting durable renter demand according to WDSuite s CRE market data. A 2000 vintage positions the asset competitively versus older stock while leaving room for targeted modernization.
Located in Santee s inner-suburban fabric of the San Diego metro, the neighborhood scores an A rating and ranks 35th out of 621 metro neighborhoods, placing it competitive among San Diego-Chula Vista-Carlsbad neighborhoods. Daily needs are well served: restaurants and grocery access both sit in the top quartile nationally, and pharmacies and parks are similarly strong. Average school ratings are above national norms (around 4 out of 5), which tends to support family renter retention.
On the housing side, neighborhood occupancy is approximately 97% and has trended up over the past five years. With an occupancy rank of 210 out of 621, the area is above the metro median and competitive locally, a backdrop that supports leasing stability. Median contract rents in the neighborhood benchmark above national levels while the rent-to-income ratio around 0.18 suggests manageable affordability pressure for many tenants, aiding renewal prospects.
Tenure skews owner-heavy, with an estimated 18.6% of housing units renter-occupied. For investors, that points to a somewhat narrower renter base but can also reduce direct competition from dense multifamily clusters. Paired with elevated home values (top decile nationally), the ownership market tends to reinforce reliance on rental housing, which can support pricing power in well-managed communities.
Vintage considerations: the property s 2000 construction is newer than the neighborhood s average vintage (1992). This relative youth can enhance competitiveness versus older assets, though investors should still plan for aging systems and selective modernization to meet current renter expectations based on commercial real estate analysis from WDSuite.
Safety indicators for the neighborhood trail national and metro averages. Overall crime ranks 353 out of 621 metro neighborhoods, and national percentiles indicate the area is below average for safety. That said, recent trends show improvement, with violent and property offenses declining over the past year, which investors often consider when calibrating operating protocols and security budgets.
In practical terms, underwriting typically accounts for enhanced lighting, access control, and community management to support tenant retention. Investors may also weigh the downward trend in estimated incident rates alongside broader neighborhood strengths when assessing long-term risk.
The employment base within a short drive blends distribution, defense/aerospace, wireless technology, biopharma, and utilities. These anchors Sysco, L-3 Telemetry & RF Products, Qualcomm, Celgene, and Sempra Energy support commuter convenience and a diversified renter pool.
- Sysco foodservice distribution (7.1 miles)
- L-3 Telemetry & RF Products defense & aerospace (8.3 miles)
- Qualcomm wireless technology (12.2 miles) HQ
- Celgene Corporation biopharma (12.9 miles)
- Sempra Energy utilities (13.1 miles) HQ
This 58-unit asset offers scale in an A-rated San Diego County neighborhood with strong amenity access and above-median metro occupancy. Elevated home values and a rent-to-income ratio near 0.18 point to a renter base with capacity for renewals, while the area s owner-leaning tenure can temper new multifamily competition. Construction in 2000 provides a relative edge versus older stock and a clear path for selective value-add to meet today s renter preferences.
Within a 3-mile radius, population has grown in recent years and is projected to continue expanding, with households expected to increase materially supporting a larger tenant base and occupancy stability over the medium term. According to CRE market data from WDSuite, neighborhood occupancy and NOI performance metrics compare favorably at the metro and national levels, underscoring durable fundamentals while leaving room to enhance operations.
- A-rated neighborhood; amenity and school access support retention
- Above-metro occupancy with strong renewal backdrop and manageable affordability pressure
- 2000 vintage offers competitive positioning plus targeted value-add potential
- 3-mile demand drivers: population and household growth expand the renter pool
- Risks: below-average safety metrics and an owner-heavy tenure imply focused leasing and security management