| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 83rd | Best |
| Demographics | 39th | Poor |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 9233 Kenwood Dr, Spring Valley, CA, 91977, US |
| Region / Metro | Spring Valley |
| Year of Construction | 1979 |
| Units | 28 |
| Transaction Date | 2014-07-07 |
| Transaction Price | $3,650,000 |
| Buyer | CARV PROPERTIES LLC |
| Seller | L M REAL PROPERTIES LLC |
9233 Kenwood Dr Spring Valley Multifamily Investment
Neighborhood occupancy in Spring Valley has generally held in the mid-90% range, supporting steady leasing for a 28-unit asset, according to WDSuite’s CRE market data. Pricing power is helped by a high-cost ownership market in San Diego County, while renter demand is reinforced by a balanced renter base.
Positioned in Spring Valley’s inner-suburban setting within the San Diego-Chula Vista-Carlsbad metro, the property benefits from a renter-occupied housing share of roughly half of units in the neighborhood (ranked high versus national peers), which indicates a deep tenant base for multifamily operators. Neighborhood occupancy trends score in the upper-third nationally, signaling relatively resilient leasing even through market cycles, based on CRE market data from WDSuite.
Local amenities are limited within the immediate neighborhood (amenity availability ranks lower versus most of the metro’s 621 neighborhoods), so residents often look to adjacent corridors for retail and services. For investors, this typically translates to a value proposition centered on housing convenience rather than lifestyle retail, with retention driven by proximity to jobs and the broader San Diego network rather than on-block amenity density.
Home values rank in the top decile nationally, a hallmark of a high-cost ownership market in San Diego County. That context tends to sustain rental demand and can support lease stability and renewal rates for well-managed multifamily, particularly when paired with rent-to-income levels that are not excessively stretched in the neighborhood. This combination helps underpin occupancy and reduces volatility risk compared with lower-cost, more ownership-competitive submarkets.
Within a 3-mile radius, demographics point to a growing renter pool: recent years show increases in population, households, and families, with projections indicating additional household growth and higher incomes over the next five years. Smaller average household sizes are also expected, implying more households supported by the same population base—an investor-relevant pattern that can expand the addressable tenant base and support occupancy stability.
Safety metrics indicate the neighborhood performs below national averages, with overall crime measures clustering in lower national percentiles. Within the metro context (621 neighborhoods), the area’s crime ranking sits on the less favorable side of the distribution, which investors typically factor into marketing, security, and tenant-experience planning.
Trend-wise, recent data show a year-over-year decline in violent incidents, suggesting gradual improvement even as levels remain elevated compared with many U.S. neighborhoods. Operators often mitigate risk through property-level measures and by emphasizing access to broader San Diego employment nodes that underpin demand despite mixed safety readings.
The employment base nearby skews toward energy, aerospace/defense, logistics, and technology—industries that support steady multifamily renter demand through diverse, year-round jobs. Notable nearby employers include L-3 Telemetry & RF Products, Sempra Energy, Sysco, Qualcomm, and Celgene Corporation.
- L-3 Telemetry & RF Products — defense & aerospace offices (9.6 miles)
- Sempra Energy — utilities & energy (9.7 miles) — HQ
- Sysco — foodservice distribution (13.6 miles)
- Qualcomm — wireless & semiconductors (15.5 miles) — HQ
- Celgene Corporation — biopharma offices (15.7 miles)
9233 Kenwood Dr offers 28 units in an inner-suburban San Diego County location where neighborhood occupancy is solid and the renter base is deep relative to national peers. The surrounding ownership market is high-cost, which tends to reinforce reliance on multifamily housing and can support lease retention for well-managed assets. According to CRE market data from WDSuite, local rent levels are generally supported by incomes while not appearing excessively stretched, a backdrop that favors steady operations over time.
Built in 1979, the asset may warrant targeted capital planning for systems and interiors. That vintage also presents value-add potential through modernization and common-area enhancements aimed at tenant retention and rent optimization. With household growth and rising incomes projected within a 3-mile radius, demand drivers appear durable, though investors should account for limited on-block amenities and mixed safety readings when underwriting marketing and operating expenses.
- Steady neighborhood occupancy and a renter-leaning housing mix support demand stability.
- High-cost ownership market in San Diego County helps sustain multifamily renter reliance and renewal potential.
- 1979 vintage presents value-add upside via renovations and systems upgrades to sharpen competitive positioning.
- Household growth and higher incomes within 3 miles expand the tenant base and support occupancy.
- Risks: limited immediate amenities and below-average safety metrics may require enhanced operations and marketing.