| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 80th | Good |
| Demographics | 67th | Poor |
| Amenities | 51st | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 646 Canyon Rd, Novato, CA, 94947, US |
| Region / Metro | Novato |
| Year of Construction | 1989 |
| Units | 84 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
646 Canyon Rd Novato Multifamily Investment
This 84-unit property benefits from strong neighborhood NOI performance and high-income demographics, with median household income of $118,055 supporting rental demand in Marin County's competitive market.
Located in Novato's inner suburban setting, this neighborhood demonstrates solid fundamentals for multifamily investment. The area ranks in the top quartile among 58 metro neighborhoods for NOI per unit at $15,352, reflecting strong operational performance. With a median household income of $118,055 representing the 85th percentile nationally, the demographic profile supports stable rental demand despite higher rent-to-income ratios.
The property's 1989 construction year aligns with the neighborhood average of 1981, indicating consistent building stock that may present value-add renovation opportunities for investors focused on capital improvements. Demographics within a 3-mile radius show 28% of housing units are renter-occupied, creating a substantial tenant base of over 4,600 rental units. Median contract rents of $2,453 rank 31st among metro neighborhoods, reflecting competitive pricing power in this high-income market.
Neighborhood occupancy rates of 91.5% remain stable, though down 6.7 percentage points over five years, indicating some softening that warrants monitoring for lease management. The area offers solid amenity access with grocery stores and childcare facilities ranking in the 80th percentile nationally for density, supporting tenant retention. However, limited park access ranks last among metro neighborhoods, which may impact long-term competitive positioning.
The neighborhood demonstrates moderate safety metrics with property crime rates of 30.6 incidents per 100,000 residents, ranking 15th among 58 metro neighborhoods and placing in the 79th percentile nationally. This indicates relatively low property crime compared to neighborhoods nationwide. Violent crime rates are similarly positioned at 14.1 incidents per 100,000 residents, ranking 25th metro-wide and reaching the 64th percentile nationally.
While recent trends show some volatility with violent crime increasing significantly year-over-year, the absolute rates remain relatively low compared to national standards. Property crime trends show modest increases of 2% annually, suggesting stable conditions for tenant retention and property management operations.
The San Francisco Bay Area employment base provides substantial workforce housing demand, with major corporate headquarters and offices located approximately 23 miles south in the financial district.
- Wells Fargo — financial services (23.1 miles) — HQ
- Ameriprise Financial — financial services (23.1 miles)
- Salesforce.com — technology (23.2 miles) — HQ
- PG&E Corp. — utilities (23.3 miles) — HQ
- McKesson — healthcare services (23.4 miles) — HQ
This 84-unit Novato property offers compelling fundamentals anchored by exceptional neighborhood NOI performance and high-income demographics. According to CRE market data from WDSuite, the area ranks in the top quartile among metro neighborhoods for NOI per unit at $15,352, while median household income of $118,055 places residents in the 85th percentile nationally. The 1989 construction vintage aligns with neighborhood norms and presents value-add renovation opportunities for investors seeking to enhance unit quality and rental premiums.
Demographics within a 3-mile radius show stable household formation with 28% renter occupancy supporting a tenant base of over 4,600 rental units. Forecast data indicates household income growth of 22% over five years, reinforcing rental demand sustainability. However, investors should monitor recent occupancy softening and elevated rent-to-income ratios that may pressure renewal rates and require strategic lease management.
- Top quartile NOI performance among 58 metro neighborhoods at $15,352 per unit
- High-income demographics with median household income of $118,055
- Value-add potential from 1989 construction vintage and renovation opportunities
- Substantial rental market with 4,600+ renter-occupied units within 3-mile radius
- Risk consideration: Recent occupancy decline and elevated rent-to-income ratios require active lease management