| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 77th | Fair |
| Demographics | 55th | Fair |
| Amenities | 68th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3917 Conrad Dr, Spring Valley, CA, 91977, US |
| Region / Metro | Spring Valley |
| Year of Construction | 1974 |
| Units | 112 |
| Transaction Date | 2021-08-26 |
| Transaction Price | $27,888,000 |
| Buyer | 3917 CONRAD CA LP |
| Seller | 615 CONRAD VILLAS LLC |
3917 Conrad Dr Spring Valley 112-Unit Multifamily
Neighborhood occupancy trends are steady and sit above the metro median, while a high-cost ownership landscape supports durable rental demand, according to WDSuite's CRE market data. This positioning favors stable leasing with room for value-add execution.
Positioned in Spring Valley's inner-suburban fabric of the San Diego–Chula Vista–Carlsbad metro, the property benefits from neighborhood fundamentals that are competitive among 621 metro neighborhoods (overall rank 237 of 621). Amenity access trends positive: grocery, parks, and restaurant density track above national averages, while cafes and pharmacies are thinner locally. For investors, this mix typically supports day-to-day convenience without paying prime urban premiums.
Neighborhood occupancy is above the metro median (rank 287 of 621), signaling demand resilience through cycles. Average neighborhood NOI per unit trends in the top quartile nationally, reinforcing that comparable assets in this area have supported solid operating performance historically, based on CRE market data from WDSuite.
Vintage context matters: built in 1974, this asset is older than the neighborhood's average vintage (1979). That points to typical capital planning needs and potential value-add or systems modernization to strengthen competitive positioning against newer stock.
Tenure dynamics show a lower renter-occupied share in the immediate neighborhood (27.9% of housing units), which can mean deeper ownership pockets nearby and some competition with entry-level ownership. However, within a 3-mile radius the renter-occupied share is materially higher (about four in ten), broadening the prospective tenant base and supporting steady absorption.
Home values in the neighborhood sit in the upper tail nationally, and the value-to-income ratio is also elevated. In investor terms, this is a high-cost ownership market that tends to reinforce reliance on multifamily rentals and can aid lease retention. At the same time, rent-to-income measures sit near the national midpoint, suggesting balanced affordability pressure that supports day-to-day pricing and renewal strategies.
Demographic statistics aggregated within a 3-mile radius indicate population growth over the past five years, continued gains in household counts, and rising incomes, with projections calling for more households and slightly smaller average household sizes. These dynamics typically translate into a larger tenant base and steady renter pool expansion, supporting occupancy stability and long-term leasing fundamentals.
Safety indicators for the neighborhood track below national averages, with national percentiles suggesting higher reported incidents relative to many U.S. neighborhoods. Compared with the San Diego–Chula Vista–Carlsbad metro, the area does not sit among the stronger-ranked safety clusters, so underwriting should account for operational measures that support resident comfort and asset reputation.
Recent year-over-year trends point to increases in both property and violent offenses at the neighborhood level. While conditions can vary block to block and over time, prudent investors typically factor in security, lighting, and community engagement line items, and monitor municipal policing and neighborhood initiatives over the hold period.
Nearby employment anchors include defense and aerospace, energy utilities, foodservice distribution, biopharma, and wireless technology firms, supporting a diversified renter base and commute-friendly appeal for workforce households.
- L-3 Telemetry & RF Products — defense & aerospace (9.96 miles)
- Sempra Energy — energy utilities (10.53 miles) — HQ
- Sysco — foodservice distribution (13.38 miles)
- Qualcomm — wireless technology (15.80 miles) — HQ
- Celgene Corporation — biopharma (16.07 miles)
This 112-unit, 1974-vintage community in Spring Valley offers exposure to a high-cost ownership market with steady renter demand. Neighborhood occupancy trends sit above the metro median, and broader 3-mile demographics point to recent growth in population and households with rising incomes—a backdrop that supports tenant-base depth, retention, and ongoing absorption. According to CRE market data from WDSuite, comparable neighborhoods here demonstrate solid operating benchmarks and top-quartile NOI tendencies, while proximity to diversified employers underpins day-to-day leasing.
The asset's earlier vintage suggests clear value-add and capital planning pathways—kitchen/bath updates, common-area refresh, and system modernization—to compete against newer product. Key risks include below-average safety indicators and school ratings, plus a lower renter concentration immediately around the property; mitigants include the larger 3-mile renter pool and ownership-cost pressures that sustain multifamily demand.
- Above-metro-median neighborhood occupancy supports stable leasing
- High-cost ownership market reinforces reliance on rentals and retention
- 3-mile demographics show growing households and rising incomes, expanding the tenant base
- 1974 vintage offers value-add and systems-upgrade potential to enhance competitiveness
- Risks: safety metrics below national averages, modest school ratings, and lower immediate renter concentration