| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 81st | Best |
| Demographics | 88th | Best |
| Amenities | 77th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1606 3rd St, San Rafael, CA, 94901, US |
| Region / Metro | San Rafael |
| Year of Construction | 1985 |
| Units | 25 |
| Transaction Date | 2012-12-20 |
| Transaction Price | $5,085,000 |
| Buyer | MORGAN FAMILY 2018 TRUST |
| Seller | DONALD AND GAIL SCHREUDER FAMILY TRUST |
1606 3rd St San Rafael Multifamily Investment
This 25-unit property built in 1985 sits in an A-rated neighborhood where occupancy rates reach 96.8% and strong renter demand supports stable cash flows.
The property is located in an A-rated neighborhood that ranks 4th among 58 San Rafael metro neighborhoods, placing it in the top quartile nationally across multiple performance metrics. The area demonstrates strong fundamentals with a 96.8% occupancy rate ranking 12th metro-wide and achieving the 82nd national percentile. With 56.8% of housing units renter-occupied, the neighborhood maintains a robust rental market that supports consistent tenant demand.
Demographic data within a 3-mile radius shows a population of approximately 77,200 residents with a median household income of $141,318, placing the area in the 81st national percentile for income levels. The forecast indicates modest population growth of 3.6% through 2028, with household formation expected to increase by 32%, expanding the potential renter pool. Current median contract rents of $2,458 are projected to grow 31.3% over the next five years according to CRE market data from WDSuite.
The neighborhood offers strong amenity density with 29.92 restaurants per square mile ranking 1st metro-wide and achieving the 98th national percentile. Additional amenities include 2.85 grocery stores per square mile and substantial childcare options, both ranking in the top quartile nationally. The area's construction year average of 1937 indicates older building stock, which may present value-add opportunities for properties requiring capital improvements or renovations.
Home values averaging $1.45 million create a significant ownership barrier that reinforces rental demand and supports tenant retention in multifamily properties. The elevated value-to-income ratio of 15.0 ranking 7th metro-wide suggests that high ownership costs will continue to sustain renter reliance on multifamily housing, providing stable demand fundamentals for investors.
The neighborhood demonstrates competitive safety metrics with a crime rank of 22nd among 58 metro neighborhoods, placing it in the 61st national percentile. Property offense rates of 28.3 per 100,000 residents rank 14th metro-wide and achieve the 80th national percentile nationally, indicating above-average property security compared to similar neighborhoods.
Violent crime rates show positive trends with a 50% year-over-year decrease, ranking 6th metro-wide for improvement and reaching the 86th national percentile for violent crime reduction. While property offense rates increased 194.9% year-over-year, this metric ranks in the lower percentiles nationally, suggesting investors should monitor security measures and tenant screening protocols.
The San Francisco Bay Area employment corridor provides diverse corporate anchors within reasonable commuting distance, supporting workforce housing demand for the property's tenant base.
- Wells Fargo — financial services (14.4 miles) — HQ
- Ameriprise Financial — financial services (14.4 miles)
- Salesforce.com — technology (14.5 miles) — HQ
- McKesson — healthcare services (14.6 miles) — HQ
- PG&E Corp. — utilities (14.7 miles) — HQ
This 25-unit property built in 1985 benefits from an A-rated neighborhood with exceptional occupancy fundamentals and strong rental demand drivers. The area's 96.8% occupancy rate ranking in the 82nd national percentile, combined with 56.8% renter-occupied housing units, creates a stable tenant base supported by high ownership barriers. Commercial real estate analysis from WDSuite indicates the neighborhood's NOI per unit averaging $14,669 ranks 6th metro-wide and achieves the 94th national percentile, demonstrating strong income-generating potential.
Demographic projections within a 3-mile radius show household growth of 32% through 2028, expanding the renter pool while median contract rents are forecast to increase 31.3% over five years. The property's 1985 construction year may present value-add opportunities through strategic capital improvements, while the neighborhood's amenity density and proximity to major Bay Area employers support long-term tenant retention and lease-up velocity.
- A-rated neighborhood with 96.8% occupancy rate in 82nd national percentile
- Strong rental demand supported by $1.45M median home values creating ownership barriers
- Projected 32% household growth and 31.3% rent growth through 2028
- Value-add potential with 1985 construction year in amenity-rich location
- Monitor property crime trends and capital expenditure requirements for older building stock