| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 81st | Good |
| Demographics | 50th | Fair |
| Amenities | 69th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3541 Kenora Dr, Spring Valley, CA, 91977, US |
| Region / Metro | Spring Valley |
| Year of Construction | 1975 |
| Units | 46 |
| Transaction Date | 2014-03-01 |
| Transaction Price | $5,650,000 |
| Buyer | Doug Wetton Properties |
| Seller | Pacifica Companies |
3541 Kenora Dr Spring Valley Multifamily Investment
Neighborhood occupancy is strong with limited vacancy and rent levels that trend above national norms, supporting durable cash flow according to WDSuite’s CRE market data. Elevated ownership costs in the area further reinforce renter reliance on multifamily housing.
This Inner Suburb neighborhood in the San Diego-Chula Vista-Carlsbad metro posts a high occupancy environment, with levels in the top quartile nationally and competitive among the metro’s 621 neighborhoods. For a 46-unit property, that backdrop supports leasing stability and modest exposure to downtime between turns.
Renter concentration is material, with roughly two-fifths of housing units renter-occupied. For investors, that indicates a meaningful tenant base and demand depth for multifamily product, while not being so rent-heavy that it signals excess turnover risk. Within a 3-mile radius, household counts have grown in recent years and are projected to continue increasing as household sizes trend smaller, which generally expands the pool of prospective renters and supports occupancy stability.
Amenity access is a local strength: grocery and pharmacy density rank in the top decile nationwide, and cafes and restaurants are above national averages. Park acreage is limited within the neighborhood footprint, which may modestly reduce recreational appeal, though regional access by short drive helps offset this. Average school ratings sit near the national middle, implying neither a tailwind nor a major drag on family-oriented demand.
Home values are elevated versus national benchmarks, which typically sustains rental demand and helps pricing power for well-managed assets. Median contract rents sit above national norms, yet rent-to-income levels remain manageable, suggesting room for thoughtful revenue management without outsized retention risk. The asset’s 1975 construction is slightly older than the neighborhood average (1977), pointing to typical 1970s systems and finishes; targeted renovations and ongoing capital planning can enhance competitiveness against newer stock.
Safety indicators are mixed and should be underwritten with care. Compared with neighborhoods nationwide, safety percentiles are on the lower side, and the area ranks below the metro median among 621 San Diego–area neighborhoods. Recent trends show a modest year-over-year decrease in estimated property offenses, while violent offense estimates have moved higher, underscoring the importance of security measures, lighting, and resident screening as part of operations.
Investors typically account for these dynamics through insurance, site-level deterrents, and partnership with local community resources. Framed appropriately in the business plan, safety considerations can be managed without derailing leasing fundamentals.
Proximity to established corporate employers supports a broad commuter tenant base and aids retention through commute convenience. Notable nearby employers include L-3 Telemetry & RF Products, Sempra Energy, Sysco, and Qualcomm.
- L-3 Telemetry & RF Products — defense & aerospace offices (10.16 miles)
- Sempra Energy — utilities & energy services (10.36 miles) — HQ
- Sysco — foodservice distribution (13.84 miles)
- Qualcomm — telecommunications & semiconductors (16.07 miles) — HQ
3541 Kenora Dr’s submarket shows sustained renter demand, with occupancy levels competitive within the San Diego-Chula Vista-Carlsbad metro and in the top quartile nationally. Elevated home values relative to national benchmarks tend to keep multifamily as a primary housing option, supporting consistent leasing and pricing power for well-kept assets. Based on commercial real estate analysis from WDSuite, neighborhood rents sit above national norms while rent-to-income remains manageable, which favors disciplined revenue management and renewal retention.
The 1975 vintage is slightly older than nearby stock, creating a straightforward value-add angle: strategic interior updates and system upgrades can close the gap to newer comparables and sustain NOI. Within a 3-mile radius, recent growth in households alongside a projected shift toward smaller household sizes points to a larger tenant base over time, even as population growth moderates. Key underwriting watch items include below-average safety percentiles, limited park access within the neighborhood, and the need to balance renovation scope with affordability to protect occupancy.
- High neighborhood occupancy and above-national rent positioning support stable cash flow
- Elevated home values reinforce multifamily demand and pricing power
- 1975 vintage offers value-add potential through targeted renovations and system upgrades
- Growing household counts within 3 miles expand the renter pool and support leasing
- Risks: below-average safety percentiles and limited park access require thoughtful operations and underwriting