| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 84th | Best |
| Demographics | 76th | Good |
| Amenities | 98th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3599 Pennsylvania Ave, Fremont, CA, 94536, US |
| Region / Metro | Fremont |
| Year of Construction | 1981 |
| Units | 61 |
| Transaction Date | 2020-05-20 |
| Transaction Price | $71,500,000 |
| Buyer | DP FREMONT MONROE LP |
| Seller | RANCHO SOL V LUNA APTS LP |
3599 Pennsylvania Ave Fremont Multifamily Investment
This 61-unit property built in 1981 benefits from Fremont's high-income renter base and strong tech employment corridor. The neighborhood ranks in the top quartile nationally for amenities and maintains 85% rental occupancy according to CRE market data from WDSuite.
This Fremont neighborhood demonstrates exceptional amenity density, ranking 6th among 469 metro neighborhoods with 98th percentile national performance. The area features 13.7 grocery stores per square mile, 58.3 restaurants per square mile, and comprehensive childcare options at 10.3 facilities per square mile - all supporting strong tenant retention fundamentals.
Built in 1981, the property aligns with the neighborhood's 1989 average construction year, positioning it for potential value-add opportunities through strategic renovations and unit upgrades. The area maintains 85% rental occupancy with a 99th percentile national ranking, indicating robust rental demand from the tech-heavy employment base.
Demographics within a 3-mile radius show median household income of $155,634 with 35% of households earning above $200,000 annually. Forecasted growth projects household count increases of 33.6% through 2028, expanding the renter pool substantially. Current median contract rent of $2,729 reflects strong pricing power, though the 26% rent-to-income ratio suggests affordability pressures that require careful lease management.
Home values averaging $1.1 million reinforce rental demand, as elevated ownership costs sustain renter reliance on multifamily housing. The neighborhood's 45.5% renter-occupied housing units provide a stable tenant base, while proximity to major tech employers supports consistent occupancy and renewal rates.
Property crime rates in this neighborhood rank 418th among 469 metro neighborhoods, indicating higher-than-average incidents that investors should factor into security considerations and insurance planning. However, recent trends show improvement with property crime declining 34.7% year-over-year, suggesting positive momentum.
Violent crime rates perform better relative to the metro, ranking 345th among 469 neighborhoods with a 27.5% year-over-year decline. While crime metrics warrant attention in due diligence, the improving trends and strong economic fundamentals help offset security concerns for long-term investment positioning.
The property benefits from proximity to major technology and manufacturing employers within the Silicon Valley corridor, providing stable workforce housing demand for high-income professionals.
- Sanmina Corporation — electronics manufacturing (3.1 miles)
- Synnex — technology distribution (3.9 miles) — HQ
- Lam Research — semiconductor equipment (4.4 miles) — HQ
- Thermo Fisher Scientific — life sciences (5.0 miles)
- Boston Scientific — medical devices (6.1 miles)
This 61-unit Fremont property offers compelling fundamentals driven by the area's top-quartile amenity ranking and 85% neighborhood rental occupancy. The 1981 construction vintage presents value-add renovation opportunities to capture upside from the high-income tenant base, where 35% of households earn above $200,000 annually. Forecasted household growth of 33.6% through 2028 supports expanding rental demand, while $1.1 million median home values sustain renter reliance on multifamily housing options.
Proximity to major tech employers including Lam Research and Synnex headquarters provides workforce housing stability for well-compensated professionals. According to multifamily property research from WDSuite, the neighborhood's 98th percentile amenity density and improving crime trends create a favorable operating environment, though investors should monitor the 26% rent-to-income ratio for potential affordability pressures on lease renewals.
- Top-quartile amenity density supports strong tenant retention and renewal rates
- 33.6% forecasted household growth expands the rental demand pool through 2028
- Value-add renovation potential from 1981 vintage targeting high-income renters
- Proximity to tech headquarters provides stable workforce housing demand
- Risk consideration: Monitor affordability pressures from 26% rent-to-income ratio