| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 86th | Best |
| Demographics | 70th | Poor |
| Amenities | 37th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 521 Alameda Del Prado, Novato, CA, 94949, US |
| Region / Metro | Novato |
| Year of Construction | 1974 |
| Units | 20 |
| Transaction Date | 2014-03-28 |
| Transaction Price | $7,100,000 |
| Buyer | PROFESSIONAL INVESTORS 21 LLC |
| Seller | PROFESSIONAL INVESTORS SECURITY FUND III |
521 Alameda Del Prado Novato Multifamily Investment
Neighborhood occupancy is strong with stability supported by a moderate renter base, according to WDSuite’s CRE market data. Elevated ownership costs in Marin County help sustain rental demand for well-run assets in Novato.
This inner-suburban pocket of Novato offers steady multifamily fundamentals that appeal to investors focused on durable cash flow. Neighborhood occupancy is high (measured for the neighborhood, not the property) and ranks 8 of 58 in the San Rafael metro, which is competitive among metro neighborhoods and in the top quartile nationally by percentile. Renter-occupied share in the neighborhood is about two-fifths, indicating a meaningful tenant base without being overly saturated, which can support leasing continuity and retention strategies.
Livability indicators point to day-to-day convenience rather than heavy urban density. Restaurants per square mile rank 19 of 58 (competitive locally; 75th percentile nationally) and grocery access ranks 22 of 58 (competitive locally; 68th percentile nationally). Immediate cafe, park, and pharmacy counts are limited within the neighborhood, which suggests residents rely on nearby corridors for these amenities. For investors, this typically favors assets with on-site functionality and strong property management to support resident satisfaction.
Housing and income metrics are supportive of pricing power. Neighborhood housing quality metrics rank 7 of 58 (top tier locally; 86th percentile nationally). Home values sit in a high-cost ownership market (98th percentile nationally) and the value-to-income ratio is also elevated (94th percentile), conditions that generally reinforce renter reliance on multifamily housing and can help support occupancy stability. At the same time, neighborhood rent-to-income is comparatively manageable (lower national percentile), which can mitigate near-term affordability pressure and bolster lease retention.
Vintage and value-add context: the asset’s 1974 construction is older than the neighborhood’s average 1983 year, pointing to potential capital planning needs alongside renovation and repositioning upside to compete against newer stock. Within a 3-mile radius, WDSuite data shows recent population growth with a larger increase projected over the next five years, along with a notable rise in household counts and a higher future share of renter-occupied units. These trends indicate a larger tenant base and support for demand depth over a medium-term hold.
Comparable crime benchmarks for this neighborhood are not available in WDSuite for the current period. Investors typically evaluate safety by comparing neighborhood trends to metro and national baselines when those datasets are present.
In the absence of ranked data, a prudent approach is to underwrite using property-level controls (access, lighting, maintenance) and to review public sources and local law enforcement reports for directional context before finalizing assumptions.
A concentration of major corporate headquarters roughly 20–21 miles south supports commuter demand and can aid leasing stability for workforce renters. The employers below represent large financial services, technology, and utilities anchors within a commutable radius.
- Wells Fargo — banking HQ (20.2 miles) — HQ
- Salesforce.com — cloud software HQ (20.3 miles) — HQ
- PG&E Corp. — utilities HQ (20.5 miles) — HQ
- McKesson — healthcare distribution HQ (20.5 miles) — HQ
- Charles Schwab — financial services HQ (20.6 miles) — HQ
521 Alameda Del Prado is a 20-unit, 1974-vintage asset positioned in a high-cost Marin County ownership market where neighborhood occupancy is strong and renter demand is supported by a meaningful renter-occupied share. According to commercial real estate analysis from WDSuite, the neighborhood sits competitively within the San Rafael metro on occupancy, and home values rank high nationally—factors that typically sustain reliance on multifamily housing and support pricing power when operations are well-managed.
Demographic tailwinds within a 3-mile radius point to a larger tenant base ahead: population has grown recently with additional gains projected, household counts are expected to rise, and the renter share is forecast to increase—signals that can underpin demand, lease retention, and revenue optimization. The 1974 vintage suggests clear value-add pathways and capital planning opportunities to improve competitiveness versus newer stock.
- Competitive neighborhood occupancy and high-cost ownership market support rental demand
- 3-mile area shows population and household growth, expanding the tenant base
- Elevated incomes and manageable rent-to-income ratios aid retention and pricing discipline
- 1974 vintage presents value-add and modernization upside with targeted capex
- Risk: limited immediate cafes/parks and older building systems require asset-specific operations and capex