| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 87th | Best |
| Demographics | 80th | Fair |
| Amenities | 29th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 115 Cielo Ln, Novato, CA, 94949, US |
| Region / Metro | Novato |
| Year of Construction | 1998 |
| Units | 88 |
| Transaction Date | 2010-05-01 |
| Transaction Price | $16,055,000 |
| Buyer | DAV - J Crooked Oak LLC |
| Seller | Oak Grove Apartments |
115 Cielo Ln Novato Multifamily Investment with Stable Demand
Neighborhood occupancy is consistently high and renter demand is reinforced by a high-cost ownership market, according to CRE market data from WDSuite. For investors, this points to steady leasing conditions and durable cash flow potential relative to broader Bay Area dynamics.
Positioned in suburban Novato within the San Rafael metro, the property benefits from neighborhood-level occupancy strength measured for the neighborhood, not the asset. Among 58 metro neighborhoods, the area ranks first for occupancy, signaling reliable lease-up and retention relative to local peers, per WDSuite. Median contract rents in the neighborhood sit near the top of national ranges, while the rent-to-income profile trends favorable for retention compared with many high-cost markets.
Construction year for the asset is 1998, newer than the local average vintage of 1980. This positioning generally supports competitive appeal versus older stock, while investors should still plan for selective modernization as systems age. The neighborhood’s renter-occupied share is about 37% of housing units, indicating a meaningful tenant base that supports multifamily absorption without implying oversaturation.
Within a 3-mile radius, WDSuite’s demographics indicate recent population growth and a projected increase in both population and households over the next five years, expanding the renter pool and supporting occupancy stability. Forecasts within this radius point to larger household counts and a slightly larger average household size, suggesting more renters entering the market and sustained demand for mid-size units around the community’s average footprint.
Local amenities are serviceable but not urban-dense, with grocery and restaurants competitive among San Rafael neighborhoods and schools rated above average nationally. The neighborhood’s average school score sits in the top quartile nationwide, which can aid family retention and reduce turnover risk. Elevated home values in Marin County characterize a high-cost ownership market, which tends to sustain reliance on rental housing and supports pricing power for well-managed properties.
Safety indicators are mixed when viewed locally versus nationally. Within the San Rafael metro (58 neighborhoods), the area’s crime rank sits at 12th, indicating higher incident levels than many local peers. Nationally, however, the neighborhood performs above average: violent offense indicators are in the top quartile for safety compared with neighborhoods nationwide, and property offense indicators are better than the national median. Recent trends show improvement in violent incidents alongside a modest uptick in property-related activity, which warrants routine asset-level security and lighting reviews.
Regional employment access supports renter demand, with major finance, technology, utilities, and life sciences employers within commuting range. The following anchors provide diversified white-collar and professional employment that can underpin leasing and retention:
- Wells Fargo — banking (19.6 miles) — HQ
- Ameriprise Financial — financial services (19.6 miles)
- Salesforce.com — software (19.7 miles) — HQ
- Pfizer — pharmaceuticals (19.8 miles)
- PG&E Corp. — utilities (19.8 miles) — HQ
115 Cielo Ln combines neighborhood occupancy strength with an employment-rich commute shed and a high-cost ownership landscape that sustains multifamily demand. Based on CRE market data from WDSuite, the neighborhood ranks at the top of the metro for occupancy (neighborhood metric), while national percentiles show schools and income levels supportive of rent collections and lease stability. Elevated local home values reduce competition from for-sale alternatives, improving tenant retention prospects.
Built in 1998, the asset is newer than the area’s average vintage, offering competitive positioning versus older stock and potential to unlock value through targeted updates rather than full-scale repositioning. Within a 3-mile radius, population and household growth projections point to a larger tenant base over the next five years, reinforcing occupancy resilience and pricing power for well-managed units near the property’s average size.
- Neighborhood occupancy leadership supports stable leasing and retention
- 1998 vintage offers competitive edge with selective modernization upside
- High-cost ownership market in Marin reinforces reliance on rentals
- 3-mile population and household growth expand the renter pool
- Risk: property crime trends require ongoing security and tenant communication