| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 93rd | Best |
| Demographics | 62nd | Poor |
| Amenities | 62nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 111 Merrydale Rd, San Rafael, CA, 94903, US |
| Region / Metro | San Rafael |
| Year of Construction | 2001 |
| Units | 54 |
| Transaction Date | 2016-03-25 |
| Transaction Price | $30,100,000 |
| Buyer | Sunrise San Rafael Senior |
| Seller | Faherty Family Trust |
111 Merrydale Rd, San Rafael Multifamily Investment
Neighborhood fundamentals indicate tight multifamily occupancy and a high renter-occupied housing share, according to WDSuite s CRE market data for the surrounding area. For investors, this points to durable renter demand at the neighborhood level rather than the individual property.
The property sits in San Rafael s Urban Core, where neighborhood metrics point to steady apartment demand and strong operating performance relative to the metro. Neighborhood occupancy is among the strongest locally, and average NOI per unit trends rank at the top of San Rafael s 58 neighborhoods a positive signal for income durability, per WDSuite. Elevated neighborhood renter concentration further supports a deep tenant base and leasing velocity.
Livability inputs are supportive for retention. Grocery access ranks 9th of 58 metro neighborhoods and falls into a high national percentile, while parks density ranks 6th of 58 and is in the top quartile nationally. Restaurant density ranks 11th of 58 and also sits in a high national percentile, indicating day-to-day convenience within the neighborhood context. By contrast, cafes and pharmacies are limited within the immediate neighborhood, which may shift some convenience trips to nearby areas.
Vintage positioning is favorable. With a 2001 construction year, the asset is newer than the neighborhood s average vintage (1980s) and should be competitively positioned versus older stock. Investors should still underwrite for periodic system updates or light modernization to sustain pricing power against newer deliveries.
Within a 3-mile radius, demographic data indicate high incomes and a renter pool supported by a high-cost ownership market. Elevated home values in the neighborhood context reinforce reliance on multifamily housing, supporting lease retention and pricing power. Looking ahead, 3-mile forecasts show a modest increase in population and a rise in total households with slightly smaller household sizes, which can expand the near-term renter base and support occupancy stability.
Safety indicators compare favorably at the national level. WDSuite s CRE market data show the neighborhood scoring above the national average on overall safety measures, with violent and property offense rates benchmarking in strong national percentiles. Recent trends point to a year-over-year improvement in violent incidents, suggesting incremental stability. As always, investors should evaluate block-level patterns and property operations, but the broader neighborhood profile compares well against many U.S. neighborhoods.
Nearby corporate offices within roughly 16 miles support a diverse professional renter base and bolster leasing stability, notably in financial services and healthcare. The following employers illustrate the commutable job nodes relevant to this neighborhood.
- Wells Fargo banking & financial services (15.6 miles) HQ
- Ameriprise Financial financial services (15.6 miles)
- Salesforce.com enterprise software (15.8 miles) HQ
- Pfizer pharmaceuticals (15.9 miles)
- McKesson healthcare distribution (15.9 miles) HQ
111 Merrydale Rd offers scale at 54 units with neighborhood fundamentals that favor occupancy stability and income resilience. Based on CRE market data from WDSuite, the surrounding neighborhood ranks among the stronger performers in San Rafael for occupancy and NOI per unit, while a high renter-occupied share indicates depth in the tenant base. The property s 2001 vintage positions it competitively versus older local stock, with potential to capture premiums through targeted upgrades rather than full repositioning.
Within a 3-mile radius, projections indicate modest population growth and an increase in total households alongside slightly smaller household sizes factors that can expand the renter pool and support leasing. Elevated ownership costs in the neighborhood context tend to sustain reliance on multifamily housing, supporting retention and pricing discipline. Key risks include affordability pressure relative to local incomes and pockets of limited neighborhood conveniences (e.g., cafes and pharmacies), which warrant conservative expense and rent assumptions in underwriting.
- Tight neighborhood occupancy and top-tier NOI per unit trends support income stability
- 2001 construction offers competitive positioning vs. older stock with light value-add potential
- High-cost ownership landscape reinforces renter reliance on multifamily housing
- 3-mile forecasts point to a larger renter pool as households increase and sizes modestly decline
- Watch affordability pressure and limited local conveniences when setting rent and retention assumptions