| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 93rd | Best |
| Demographics | 62nd | Poor |
| Amenities | 62nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 280 Merrydale Rd, San Rafael, CA, 94903, US |
| Region / Metro | San Rafael |
| Year of Construction | 1974 |
| Units | 28 |
| Transaction Date | 1998-04-09 |
| Transaction Price | $2,425,000 |
| Buyer | FOEHR ROBERT N |
| Seller | 280 MERRYDALE ROAD INVESTORS LP |
280 Merrydale Rd San Rafael Multifamily Investment
This 28-unit property benefits from exceptional neighborhood-level occupancy stability at 100%, reflecting strong rental demand fundamentals according to CRE market data from WDSuite.
This San Rafael neighborhood demonstrates strong fundamentals for multifamily investors, ranking in the top quartile among 58 metro neighborhoods for housing metrics with a 93rd national percentile. The area maintains 100% occupancy at the neighborhood level, ranking first locally and achieving the 100th national percentile for occupancy stability. With 69.1% of housing units renter-occupied, the neighborhood provides a substantial tenant base that ranks second among metro neighborhoods.
Built in 1974, this property predates the neighborhood's average construction year of 1986, presenting potential value-add opportunities through strategic renovations and unit improvements. The area's median contract rent of $2,183 reflects competitive pricing power, ranking in the top tier locally while maintaining strong occupancy levels. Demographics within a 3-mile radius show a median household income of $138,599 with 41.8% of households renting, supporting sustained rental demand.
The neighborhood offers solid amenity access with 2.61 grocery stores per square mile (87th national percentile) and 10.46 childcare facilities per square mile (100th national percentile), supporting tenant retention. Restaurant density of 7.84 per square mile ranks in the 87th national percentile, contributing to neighborhood appeal. Five-year demographic projections indicate household growth of 28.8% within the 3-mile radius, expanding the potential renter pool and supporting long-term occupancy stability.
The neighborhood demonstrates favorable safety metrics relative to regional and national comparisons. Violent crime rates rank 4th among 58 metro neighborhoods with a 95th national percentile, indicating significantly lower violent crime compared to neighborhoods nationwide. Property crime rates also perform well, ranking 4th locally with an 89th national percentile.
Recent trends show violent crime declining by 2.7% year-over-year, while property crime increased modestly by 0.4%. These safety fundamentals support tenant retention and can contribute to stable occupancy levels, particularly important given the neighborhood's current 100% occupancy rate.
The San Francisco Bay Area employment base within commuting distance provides diverse corporate anchors that support workforce housing demand, with major financial services, healthcare, and technology employers accessible from San Rafael.
- Wells Fargo — financial services (15.9 miles) — HQ
- Ameriprise Financial — financial services (15.9 miles)
- Salesforce.com — technology (16.1 miles) — HQ
- Pfizer — pharmaceuticals (16.2 miles)
- McKesson — healthcare distribution (16.2 miles) — HQ
This San Rafael multifamily investment offers compelling fundamentals anchored by exceptional occupancy stability and strong rental market positioning. The neighborhood's 100% occupancy rate ranks first among 58 metro neighborhoods and achieves the 100th national percentile, reflecting robust tenant demand in a market where 69.1% of housing units are renter-occupied. Demographic projections within a 3-mile radius show household growth of 28.8% over the next five years, expanding the potential tenant base and supporting long-term rental demand.
The 1974 construction vintage presents value-add opportunities for investors seeking to enhance unit quality and capture rent premiums in a market with demonstrated pricing power. Commercial real estate analysis from WDSuite indicates strong neighborhood fundamentals, with housing metrics ranking in the 93rd national percentile and net operating income per unit averaging $24,482 (99th national percentile regionally). The area's median home value of over $1 million reinforces rental demand by maintaining elevated ownership costs that keep households in the rental market.
- Exceptional 100% neighborhood occupancy ranking first among 58 metro areas
- Strong renter concentration at 69.1% of housing units supporting tenant demand
- Projected 28.8% household growth expanding the renter pool over five years
- Value-add potential through renovations given 1974 vintage predating neighborhood average
- Risk consideration: High rent-to-income ratios may limit rent growth and require careful lease management