| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 88th | Best |
| Demographics | 60th | Fair |
| Amenities | 88th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 9700 Magnolia Park Dr, Santee, CA, 92071, US |
| Region / Metro | Santee |
| Year of Construction | 1985 |
| Units | 88 |
| Transaction Date | --- |
| Transaction Price | $9,900,000 |
| Buyer | CON AM ASSET MANAGEMENT CORP |
| Seller | CASITAS DEL SOL INVESTORS LTD |
9700 Magnolia Park Dr Santee Multifamily Investment
Neighborhood occupancy is exceptionally tight and renter demand is supported by high local incomes, according to WDSuite’s CRE market data, positioning this asset for stable leasing in an inner-suburban San Diego context.
Located in Santee (Inner Suburb), the neighborhood rates competitive among San Diego-Chula Vista-Carlsbad neighborhoods (52 of 621) with an A overall score, reflecting strong fundamentals for multifamily investors. Neighborhood occupancy is measured at 100% and ranks 1 of 621 — a clear signal of tight supply at the neighborhood level, not the property, which supports pricing power and lease retention through cycles.
Amenities skew favorable: parks density sits in the top national percentiles, and restaurants, pharmacies, and cafes are also well represented, enhancing day-to-day convenience for residents. Average school ratings at 4.0 (84th percentile nationally) broaden the appeal to family renters, which can support longer tenures. Median household incomes land in the upper national percentiles, reinforcing the depth of qualified renter households.
Tenure patterns indicate a meaningful renter-occupied share at the neighborhood level, supporting a deeper tenant base for an 88-unit property. Median contract rents are elevated versus national norms, while the neighborhood rent-to-income ratio around 0.23 suggests manageable affordability pressure relative to income, aiding renewal dynamics and reducing turnover risk.
Within a 3-mile radius, population has grown modestly over the past five years and households are projected to increase further alongside slightly smaller household sizes — a combination that typically expands the renter pool and supports occupancy stability. Home values are elevated for the area, which tends to reinforce reliance on multifamily options and underpins sustained demand for rentals.
Vintage context: the property’s 1985 construction is somewhat newer than the neighborhood’s average 1981 stock, offering a competitive position versus older assets while leaving room for selective modernization to capture value-add upside and operational efficiencies.
Safety indicators for the neighborhood trail both national and metro norms, with crime metrics positioned in lower national percentiles and below the metro median among 621 San Diego-Chula Vista-Carlsbad neighborhoods. Investors should underwrite with prudent assumptions and consider operational measures that support resident confidence and retention.
Recent trend data is mixed but shows some constructive movement: estimated property offenses declined year over year, which can help stabilize perception over time. As always, evaluate site-level security, lighting, and management practices alongside neighborhood trends.
Proximity to diversified employers supports a broad renter base and commute convenience, including foodservice distribution, defense and aerospace, wireless technology, biopharma, and utilities.
- Sysco — foodservice distribution (7.0 miles)
- L-3 Telemetry & RF Products — defense & aerospace (9.2 miles)
- Qualcomm — wireless technology (12.8 miles) — HQ
- Celgene Corporation — biopharma (13.6 miles)
- Sempra Energy — utilities (14.1 miles) — HQ
This 1985, 88-unit asset benefits from neighborhood occupancy measured at 100% and ranked 1 of 621 within the San Diego-Chula Vista-Carlsbad metro, indicating tight local supply that supports lease-up, retention, and steady operations. Elevated household incomes and a meaningful renter-occupied share provide depth to the tenant base, while high area home values tend to sustain reliance on rental housing. According to CRE market data from WDSuite, neighborhood-level NOI per unit sits in top national percentiles, underscoring strong operating potential at the submarket scale.
Forward demand drivers include modest population growth and a projected increase in households within a 3-mile radius, which should expand the renter pool. The asset’s slightly newer vintage versus the neighborhood average positions it competitively against older stock, with targeted modernization creating potential value-add upside. Key underwriting considerations include neighborhood safety trends and maintaining affordability balance to protect renewal rates.
- Tight neighborhood occupancy and competitive metro ranking support pricing power
- Upper-percentile household incomes and renter concentration deepen demand
- Elevated ownership costs reinforce reliance on multifamily rentals
- 1985 vintage offers competitive positioning with selective value-add potential
- Risk: below-metro safety metrics warrant proactive property-level management