| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 77th | Fair |
| Demographics | 61st | Fair |
| Amenities | 94th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 31755 Alvarado Blvd, Union City, CA, 94587, US |
| Region / Metro | Union City |
| Year of Construction | 1984 |
| Units | 75 |
| Transaction Date | 1997-02-06 |
| Transaction Price | $4,800,000 |
| Buyer | ADRIENNE ALVARADO PARTNERS |
| Seller | ADRIENNE VILLAGE |
31755 Alvarado Blvd, Union City CA Multifamily Thesis
In an ownership-heavy pocket of Union City, neighborhood occupancy runs in the mid-90s and home values are elevated, supporting durable renter demand according to WDSuite’s CRE market data. Metrics cited reflect neighborhood conditions, not this specific property.
Union City’s Alvarado corridor offers strong daily-life convenience, with grocery, parks, pharmacies, and dining density placing the neighborhood in the top quartile nationally for amenities. Cafés and childcare access also score competitively, a mix that supports retention for working households and commuter renters.
Within the Oakland–Berkeley–Livermore metro, the neighborhood ranks 51st of 469 and carries an A rating, signaling competitive fundamentals among metro peers. Neighborhood occupancy is about 96.7%, indicating steady absorption and limited downtime between turns for well-positioned assets.
Home values in the neighborhood are high relative to national benchmarks, a context that tends to reinforce reliance on multifamily housing and support pricing power for quality units. With a rent-to-income ratio near 0.14, affordability pressure appears manageable at the neighborhood level, aiding lease stability and renewal potential.
Demographic figures aggregated within a 3-mile radius show virtually flat household counts recently but a projected increase in households by 2028 alongside smaller average household sizes. Even as the broader population is projected to contract, more, smaller households can expand the renter pool and support occupancy stability for appropriately positioned properties.
Safety indicators compare favorably: the neighborhood sits in the top quartile nationally for overall safety, with property offense rates improving year over year and violent offense measures trending lower. These are neighborhood-level trends and should be paired with property-specific due diligence.
Nearby corporate bases across logistics, advanced manufacturing, and technology broaden the renter catchment and support leasing stability for workforce and professional tenants. Employers listed below reflect the commute-shed serving the neighborhood.
- Caterpillar — industrial equipment offices (3.6 miles)
- Ryder — logistics (5.3 miles)
- Sanmina Corporation — electronics manufacturing (7.7 miles)
- Synnex — IT distribution (8.2 miles) — HQ
- Facebook — social media (8.6 miles) — HQ
31755 Alvarado Blvd is a 75-unit, 1984-vintage multifamily asset positioned in an ownership-heavy Union City neighborhood where elevated home values and high neighborhood occupancy underpin steady renter demand. The 1984 construction is slightly newer than the neighborhood average, suggesting competitive positioning versus older stock, while prudent investors should plan for selective system updates or modernization to capture value-add upside. Neighborhood occupancy trends remain robust and, according to CRE market data from WDSuite, operate above many national benchmarks, supporting consistent leasing.
Within a 3-mile radius, household counts are expected to rise even as average household size declines, which can broaden the tenant base and support lease-up and renewal. High local incomes and a neighborhood rent-to-income ratio near 0.14 point to manageable affordability pressure, while the metro-competitive amenity mix (parks, dining, childcare) supports retention and day-to-day livability. Key risks to underwrite include potential lease-up sensitivity in an ownership-leaning area and capital planning for a mid-1980s asset.
- High neighborhood occupancy and elevated ownership costs support durable rental demand
- 1984 vintage offers competitive positioning with targeted value-add and systems upgrades
- 3-mile household growth with smaller household sizes expands the renter pool
- Amenity-rich location (parks, dining, childcare) aids retention and leasing stability
- Risks: ownership-heavy tenure may temper velocity; capital needs typical for mid-1980s assets