| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 86th | Best |
| Demographics | 70th | Poor |
| Amenities | 37th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 495 Ignacio Blvd, Novato, CA, 94949, US |
| Region / Metro | Novato |
| Year of Construction | 1975 |
| Units | 20 |
| Transaction Date | 2024-05-21 |
| Transaction Price | $6,625,000 |
| Buyer | NCP MULTIFAMILY 2 LLC |
| Seller | 495 IGNACIO ASSOCIATES LLC |
495 Ignacio Blvd, Novato CA Multifamily Investment
Neighborhood multifamily occupancy runs high, supporting stable collections and leasing, according to WDSuite’s CRE market data. With regional job access across Marin and the North Bay, the property sits in a renter market where demand is reinforced by a high-cost ownership landscape.
Located in Novato’s inner suburb fabric of Marin County, the asset benefits from neighborhood fundamentals that skew toward stability rather than rapid turnover. The neighborhood’s overall rating sits in the mid range (C+) among 58 metro neighborhoods, signaling balanced livability with room for targeted improvements that can differentiate a well-managed asset.
Operationally, investor focus should be on occupancy and renter depth. The neighborhood’s occupancy is strong (ranked 8 out of 58 metro neighborhoods), placing it in the top quartile locally and aligning with a 90th-percentile standing nationally for tightness — a backdrop that typically supports rent collections and renewal capture. Renter-occupied housing accounts for roughly two-fifths of neighborhood units (41.3%), indicating a meaningful but not saturated renter base that helps sustain demand for a 20-unit community.
Local amenities are mixed. Grocery access is competitive among San Rafael–area neighborhoods (ranked 22 of 58), while restaurants score above the metro median (19 of 58). Other convenience categories such as parks, pharmacies, and cafes are thinner in the immediate area, suggesting that property-level amenities and well-maintained common areas can play an outsized role in retention and lease-up.
Home values in the neighborhood test at the high end (98th percentile nationally), and value-to-income metrics are also elevated (94th percentile). For multifamily investors, a high-cost ownership market tends to reinforce reliance on rentals, supporting pricing power and lease retention when paired with quality operations. Household incomes also sit well above national norms (94th percentile), and rent-to-income in the neighborhood is measured at 0.18, a level that can help manage affordability pressure for renewals.
Within a 3-mile radius, demographics show a growing and increasingly affluent tenant base: population expanded over the last five years and is projected to increase further by 2028, with households expected to rise and incomes trending higher. This trajectory points to a larger tenant base and supports occupancy stability and rent growth potential for well-positioned units, based on CRE market data from WDSuite.
Comparable neighborhood safety data are not available in WDSuite for this specific location at this time. Investors typically benchmark neighborhood conditions against city and county trends and conduct standard due diligence, including reviewing recent public safety reports and touring at different times of day, to assess tenant experience and retention risk.
Regional employment is anchored by San Francisco Financial District and SoMa corporate offices within a commutable radius, supporting demand from professionals who value North Bay living. Key employers in reach include Wells Fargo, Ameriprise Financial, Salesforce, Pfizer, and PG&E Corp., which collectively broaden the white-collar renter pool and can aid retention.
- Wells Fargo — banking (20.4 miles) — HQ
- Ameriprise Financial — financial services (20.4 miles)
- Salesforce.com — software/cloud (20.5 miles) — HQ
- Pfizer — pharmaceuticals (20.7 miles)
- PG&E Corp. — utilities (20.7 miles) — HQ
The property’s 1975 construction is older than the neighborhood’s average vintage, creating a straightforward value-add angle: programmatic unit renovations and systems upgrades can sharpen competitiveness against newer stock while supporting rent positioning. Tight neighborhood occupancy — top quartile among 58 metro neighborhoods — and a high-cost ownership environment (98th-percentile home values) favor sustained renter demand and renewal capture for well-operated assets.
Within a 3-mile radius, population and households are expanding, incomes are rising, and median contract rent is projected to grow — dynamics that translate into a larger tenant base and support for occupancy stability. Based on commercial real estate analysis using WDSuite as the data source, this submarket’s combination of strong renter reliance and high-income households offers a durable backdrop, with execution risk centered on renovation scope and amenity positioning.
- Tight neighborhood occupancy and top-quartile local ranking support collections and renewal capture.
- High-cost ownership market reinforces renter demand and pricing power for quality units.
- 1975 vintage offers value-add potential through targeted interior and systems upgrades.
- 3-mile growth in population, households, and incomes expands the renter pool, supporting occupancy stability.
- Risks: thinner immediate amenity mix and capex needs require disciplined renovation and asset management.