| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 82nd | Best |
| Demographics | 57th | Fair |
| Amenities | 44th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2854 Grove Way, Castro Valley, CA, 94546, US |
| Region / Metro | Castro Valley |
| Year of Construction | 2007 |
| Units | 20 |
| Transaction Date | 2016-12-22 |
| Transaction Price | $10,500,000 |
| Buyer | LOS ROBLES PARTNERSHIP LP |
| Seller | GROVE WAY INVESTMENTS LLC |
2854 Grove Way Castro Valley Multifamily Investment
Neighborhood renter demand is reinforced by high renter concentration and above-average occupancy stability, according to CRE market data from WDSuite. Elevated ownership costs in Alameda County further support leasing durability for well-positioned assets.
Located in Castro Valley within the Oakland–Berkeley–Livermore metro, the neighborhood shows solid fundamentals for workforce-oriented rentals. Neighborhood occupancy is in the top quartile nationally, indicating steadier lease-up and retention versus many U.S. submarkets, per WDSuite’s CRE market data. The share of housing units that are renter-occupied is among the highest nationally, signaling a deep tenant base and support for multifamily absorption. Median home values are also elevated relative to U.S. norms, which tends to sustain renter reliance on multifamily housing and can support pricing power when managed thoughtfully.
Amenity access is mixed. Grocery access is a strength — competitive among 469 Oakland–Berkeley–Livermore neighborhoods and in the top national percentiles — supporting day-to-day convenience that residents value. By contrast, cafes, parks, and pharmacies are less dense locally, so on-site amenities and thoughtful resident services can help differentiate the asset.
Vintage positioning is favorable for this property. Built in 2007, it is newer than the neighborhood’s older housing stock (1970 average), which typically improves competitive standing on unit finishes and building systems. Investors should still plan for mid-life capital items and selective modernization to align with current renter expectations without overcapitalizing.
Within a 3-mile radius, population has edged higher over the past five years while household sizes have grown modestly; forward-looking estimates point to a slight population dip but a notable increase in household counts as average household size trends lower. For investors, that suggests a potentially larger tenant base even if population growth softens, supporting occupancy stability and steady leasing velocity. Household incomes in the area are strong by national standards, and rent-to-income metrics indicate manageable affordability pressure, aiding renewals and reducing turnover risk.
Safety conditions are mixed when viewed against metro and national benchmarks. The neighborhood’s safety rank sits below the metro median among 469 Oakland–Berkeley–Livermore neighborhoods, and national comparisons place it below average safety overall. That said, property offenses have trended downward year over year, an encouraging sign that aligns with improving conditions in parts of the East Bay, while violent offense measures remain an area to monitor.
For underwriting, consider pragmatic measures: emphasize secure access, lighting, and resident engagement, and underwrite to conservative insurance and loss assumptions while recognizing recent improvement in property crime trends.
Proximity to established employers supports a broad commuter tenant base and can enhance lease retention. Nearby employment anchors include Ryder, Caterpillar, Chevron, The Clorox Company, and Ross Stores.
- Ryder — logistics & fleet services (4.3 miles)
- Caterpillar — industrial equipment offices (5.1 miles)
- Chevron — energy (7.5 miles) — HQ
- The Clorox Company — consumer products (8.7 miles)
- Ross Stores — retail headquarters & corporate (9.7 miles) — HQ
2854 Grove Way offers investors exposure to a renter-driven pocket of Alameda County where neighborhood occupancy trends are stronger than national norms and the share of renter-occupied units is high. Elevated home values in the area reinforce reliance on rental housing, supporting demand depth and pricing resilience. Based on CRE market data from WDSuite, the property’s micro-market benefits from strong grocery access and a diversified commuter base.
Constructed in 2007, the asset is newer than much of the surrounding housing stock, providing an edge on functional layouts and building systems while still presenting mid-life value-add opportunities through targeted renovations. Within a 3-mile radius, near-term population growth has been modest, and forecasts point to smaller household sizes and more households — dynamics that can expand the renter pool and support occupancy, though investors should remain mindful of mixed safety readings and uneven amenity depth beyond groceries.
- High renter concentration and above-average neighborhood occupancy support leasing stability
- 2007 construction provides competitive positioning with selective value-add upside
- Elevated ownership costs in the East Bay sustain multifamily demand and pricing power
- Strong grocery access and proximity to major employers underpin day-to-day livability
- Risks: below-median safety versus metro peers and thinner amenity mix outside groceries