| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 82nd | Best |
| Demographics | 52nd | Poor |
| Amenities | 57th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 24 Cowbarn Ln, Novato, CA, 94947, US |
| Region / Metro | Novato |
| Year of Construction | 1974 |
| Units | 90 |
| Transaction Date | 2012-09-26 |
| Transaction Price | $266,000 |
| Buyer | FERRO FAMILY TRUST |
| Seller | THE CARRICO FAMILY FOUNDATION |
24 Cowbarn Ln, Novato CA Multifamily Investment
Neighborhood-level occupancy is elevated and steady, supporting income durability for a 90-unit asset, according to WDSuite’s CRE market data. Located in Marin County, where a high-cost ownership market underpins renter demand, the setting favors retention and consistent leasing.
Livability indicators point to durable renter demand in an Inner Suburb setting within the San Rafael metro. Neighborhood occupancy is strong and competitive among San Rafael neighborhoods (18 of 58), signaling stable leasing conditions rather than volatility. Median contract rents sit in higher national tiers, which, alongside a rent-to-income ratio near 0.29, suggests watchpoints on affordability but also pricing power when units are well-maintained.
Local amenity access is a relative strength: grocery density ranks first among 58 metro neighborhoods and is top quartile nationally, while parks access is also above average. By contrast, café and pharmacy density are limited within the neighborhood footprint, so residents may rely on nearby areas for those needs. Average school ratings trend below the metro median, which investors should factor into marketing and unit-mix strategies for family-oriented demand.
Vintage context: the property was built in 1974 versus a neighborhood average around 1977. The slightly older vintage points to routine capital planning and potential value-add via interior updates, common-area refreshes, and selective system modernization to remain competitive against newer stock.
Within a 3-mile radius, demographics show a stable population base with a projected increase by 2028 and a forecast rise in households, indicating a larger tenant base over time and supporting occupancy stability. Income distribution skews toward higher-earning households relative to many U.S. neighborhoods, and elevated home values (top national tier at the neighborhood level) reinforce reliance on multifamily rentals, aiding lease retention and moderating direct competition from ownership.
Comparable safety ranking data for this neighborhood are not available in WDSuite’s current release. Investors commonly benchmark safety using city and county trend lines and property-level history to assess resident retention and operating practices; applying the same disciplined review here is prudent.
Access to major San Francisco financial and technology employers supports commuter convenience and leasing stability for professional renter households. Nearby anchors include Wells Fargo, Salesforce, McKesson, PG&E Corp., and Charles Schwab.
- Wells Fargo — banking & financial services (21.3 miles) — HQ
- Salesforce.com — enterprise software (21.5 miles) — HQ
- McKesson — healthcare distribution (21.6 miles) — HQ
- PG&E Corp. — utilities (21.6 miles) — HQ
- Charles Schwab — brokerage & financial services (21.7 miles) — HQ
24 Cowbarn Ln benefits from Marin County’s high-cost ownership backdrop and competitive neighborhood occupancy, a combination that supports consistent renter demand. Based on CRE market data from WDSuite, occupancy ranks favorably within the metro while neighborhood home values remain elevated nationally, reinforcing multifamily reliance and lease retention when product quality is maintained.
Constructed in 1974, the asset presents potential value-add through focused renovations and systems upgrades to sharpen positioning versus newer supply. Within a 3-mile radius, a projected increase in households and stable-to-growing population points to renter pool expansion, which can support occupancy stability and measured rent growth where affordability allows.
- Competitive neighborhood occupancy supports stable leasing relative to many San Rafael peers
- High-cost ownership market sustains renter reliance and aids retention
- 1974 vintage offers renovation and repositioning upside
- 3-mile demographic outlook indicates a larger tenant base over the forecast period
- Risks: affordability pressure and below-median school ratings may influence unit mix and pricing strategy