| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 82nd | Best |
| Demographics | 52nd | Poor |
| Amenities | 57th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1486 S Novato Blvd, Novato, CA, 94947, US |
| Region / Metro | Novato |
| Year of Construction | 1972 |
| Units | 58 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1486 S Novato Blvd Novato Multifamily with Stable Demand
Neighborhood occupancy trends remain steady and supported by a high-cost ownership market, according to WDSuite’s CRE market data, suggesting durable renter demand for a 58‑unit asset in Marin County.
Located in an Inner Suburb pocket of Novato within the San Rafael metro, the property benefits from neighborhood fundamentals that favor renter demand. Neighborhood occupancy is in the mid‑90s and competitive among San Rafael neighborhoods (ranked above the metro median out of 58 neighborhoods), according to CRE market data from WDSuite. The area’s renter-occupied share is roughly half of housing units and sits in the top quartile among San Rafael neighborhoods, indicating a meaningful tenant base for multifamily.
Amenity access is anchored by grocery options that lead the metro (ranked 1st out of 58) and test in the top percentiles nationally, supporting daily convenience and lease retention. By contrast, cafes and pharmacies are thinner locally, so residents may rely on nearby nodes for those needs. Average school ratings for the neighborhood trail national norms, which is worth underwriting for family-oriented demand.
Home values and the value-to-income ratio both sit in the 90th-plus national percentiles, signaling a high-cost ownership market that tends to sustain rental demand and pricing power for well‑managed assets. At the same time, the neighborhood’s rent-to-income ratio is low relative to most U.S. neighborhoods, which can support retention and reduce near‑term affordability pressure in lease management.
Within a 3‑mile radius, demographics show a modest population contraction over the last five years alongside stable household sizes, while forward-looking estimates indicate household counts could trend higher even as population growth remains subdued. For investors, that combination points to a steady or expanding tenant pool driven by household formation patterns rather than raw population gains, which can help support occupancy stability.
The asset’s 1972 vintage is older than the neighborhood’s average construction year. That typically calls for targeted capital planning but also opens value‑add pathways through interior upgrades and system modernization to compete effectively against newer stock.
Neighborhood-level crime metrics were not available in WDSuite for this location at the time of analysis. Investors typically benchmark safety by comparing neighborhood trends to broader metro patterns and by evaluating property-level measures (lighting, access control, and visibility) as part of due diligence.
Given the absence of ranked data, a prudent approach is to review recent trend reports from local agencies and property comps in the San Rafael metro, focusing on stability over time rather than single-year variability.
Proximity to major San Francisco employers supports commuter demand and leasing durability, with a concentration in banking, software, utilities, pharmaceuticals, and financial services that aligns with professional renter profiles.
- Wells Fargo — banking (22.7 miles) — HQ
- Ameriprise Financial — financial services (22.7 miles)
- Salesforce.com — software (22.8 miles) — HQ
- Pfizer — pharmaceuticals (22.9 miles)
- PG&E Corp. — utilities (22.9 miles) — HQ
This 58‑unit, 1972 asset in Novato aligns with stable neighborhood fundamentals: solid occupancy, a sizable renter-occupied housing base, and strong grocery access that supports daily convenience. High ownership costs in the neighborhood—well above national norms—reinforce reliance on rental housing, while lower relative rent-to-income levels point to achievable retention with disciplined rent management, based on CRE market data from WDSuite.
Within a 3‑mile radius, recent trends show soft population growth but the potential for household counts to rise, implying a steady or expanding tenant base even without outsized in‑migration. The vintage creates room for targeted value‑add to enhance competitiveness and capture pricing relative to newer stock, while underwriting should account for thinner cafe/pharmacy density and school scores below national averages.
- Stable neighborhood occupancy and competitive standing within the San Rafael metro support cash flow consistency.
- High-cost ownership market sustains renter demand and pricing power for well‑positioned units.
- Lower rent-to-income levels indicate manageable affordability pressure and potential for strong lease retention.
- 1972 vintage presents value‑add and system modernization opportunities to improve competitive positioning.
- Risks: limited cafe/pharmacy density, softer school ratings, and modest near‑term population trends warrant conservative underwriting.