| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 87th | Best |
| Demographics | 80th | Fair |
| Amenities | 29th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 135 Cielo Ln, Novato, CA, 94949, US |
| Region / Metro | Novato |
| Year of Construction | 1998 |
| Units | 25 |
| Transaction Date | 2016-02-25 |
| Transaction Price | $20,692,500 |
| Buyer | OF 11 SCRIPPS SUMMIT SOLE M LLC |
| Seller | DAV J CROOKED OAK LLC |
135 Cielo Ln Novato Multifamily Investment Opportunity
Neighborhood occupancy remains exceptionally tight and home values are elevated, supporting durable renter demand in suburban Novato, according to CRE market data from WDSuite. For investors, this points to stable leasing conditions with pricing set by a high-cost ownership market rather than by new supply.
Located in suburban Novato within the San Rafael, CA metro, the neighborhood posts a 100% occupancy rate at the neighborhood level, ranked 1 out of 58 metro neighborhoods and in the top percentile nationally. For investors, that signals steady renewal potential and minimal lease-up friction relative to many U.S. locations.
Renter concentration in the neighborhood is moderate (share of units that are renter-occupied), ranking 20 of 58 and above national norms. Combined with an Above metro median housing performance profile (housing ranked 3 of 58; high national percentile), this suggests a sufficiently deep tenant base to support stabilized multifamily operations.
Home values in the neighborhood sit at a high national percentile, and median asking rents are also at the high end of U.S. markets. In a high-cost ownership environment, multifamily properties tend to benefit from reinforced rental reliance, aiding retention and supporting disciplined rent management. Average school ratings are strong (ranked 15 of 58; high national percentile), which can bolster longer-term tenancy for family-oriented product types.
The average neighborhood construction year is 1980, while this property was built in 1998. Being newer than much of the nearby stock can be a competitive advantage against older assets; however, investors should still plan for systems modernization typical of late-1990s vintage as part of capital planning.
Within a 3-mile radius, demographic data indicate recent population growth with further gains forecast, along with an expected increase in households. This points to a larger renter pool over the medium term, supporting occupancy stability and absorption. Neighborhood rent-to-income levels indicate manageable affordability pressure relative to comparable premium markets, which can aid lease retention while still requiring thoughtful pricing strategies.
Amenity access trends are mixed: restaurant density is competitive among metro peers, while cafes and pharmacies rank lower within the 58-neighborhood metro comparison. Investors should underwrite a more suburban, car-oriented living pattern but can lean on strong regional employment access and household incomes to support demand.
Safety indicators are generally favorable in national context, with the neighborhood positioned above the U.S. average and approaching top quartile nationally for violent offense rates. Within the San Rafael, CA metro, the crime rank stands at 12 out of 58 neighborhoods; a lower rank in this framework indicates comparatively higher reported crime versus many local peers, so investors should benchmark security measures to metro expectations.
Recent trends point to improvement in violent incidents, while property-related offenses show some year-over-year variability. Taken together, the area profiles as nationally safer than average but mixed versus nearby neighborhoods; prudent on-site lighting, access control, and resident engagement can help support leasing stability.
Regional employment is anchored by financial services, utilities, technology, and healthcare headquarters roughly 19–20 miles away, supporting demand from commuters who prioritize suburban living with access to San Francisco job centers. The list below highlights nearby employers most relevant to workforce-driven renter demand.
- Wells Fargo — banking HQ (19.6 miles) — HQ
- Ameriprise Financial — financial services (19.6 miles)
- Salesforce.com — enterprise software (19.7 miles) — HQ
- Pfizer — pharmaceuticals (19.8 miles)
- PG&E Corp. — utilities (19.8 miles) — HQ
This 25-unit property at 135 Cielo Ln, built in 1998, benefits from neighborhood-level occupancy that ranks 1 of 58 in the San Rafael metro and sits in the top national percentile—an indicator of strong leasing resiliency. Elevated home values and premium rents in the neighborhood support continued renter reliance on multifamily, while solid school ratings and income levels help with retention and lease stability. According to CRE market data from WDSuite, the neighborhood also posts high national percentiles for housing quality and NOI per unit benchmarks, reinforcing the case for steady performance.
Vintage is newer than the neighborhood average (1998 vs. 1980), providing competitive positioning versus older stock while still warranting thoughtful capital planning for aging systems and modernization. Within a 3-mile radius, recent and forecast population and household growth point to renter pool expansion, supporting long-run occupancy and absorption. The submarket’s suburban amenity profile and commute access to regional employers around 20 miles away align with demand from households prioritizing schools, space, and stability.
- Neighborhood occupancy is ranked 1 of 58 and top percentile nationally, supporting renewal-driven stability.
- High-cost ownership market reinforces rental demand and aids pricing discipline.
- 1998 vintage competes well versus older local stock; plan for systems updates to unlock value.
- 3-mile demographics indicate population and household growth, expanding the tenant base.
- Risks: suburban amenity gaps, crime rank less favorable than some metro peers, and premium rents require careful affordability and retention management.