| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 84th | Best |
| Demographics | 77th | Best |
| Amenities | 33rd | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 191 Paddon Pl, Marina, CA, 93933, US |
| Region / Metro | Marina |
| Year of Construction | 1986 |
| Units | 24 |
| Transaction Date | 1994-08-15 |
| Transaction Price | $1,340,000 |
| Buyer | NICORA ALBERT J |
| Seller | STILE ANTHONY |
191 Paddon Pl Marina Multifamily Investment
Neighborhood fundamentals point to durable renter demand and high occupancy, according to WDSuite’s CRE market data. Investor takeaway: stable operations in a high-cost ownership market can support retention and pricing discipline.
Positioned in Marina, CA (Salinas metro), the neighborhood holds an A- rating and ranks 19th out of 95 metro neighborhoods — a top-quartile placement that signals competitive location fundamentals for multifamily. Neighborhood-level occupancy is 96.7% (measured for the neighborhood, not this property), indicating tight conditions that have trended higher over the past five years based on WDSuite’s CRE market data.
Renter concentration within the neighborhood is 53.4% of housing units, pointing to a deep tenant base that supports demand stability. Within a 3-mile radius, recent population growth has been positive with additional household formation expected over the next five years, which can expand the renter pool and support occupancy stability.
The property’s 1986 vintage is slightly newer than the area’s average construction year (1980). For investors, this can provide relative competitiveness versus older stock while still leaving room for targeted system upgrades or light modernization to drive value-add upside.
Local amenity density is mixed: parks score well and groceries are accessible, while cafes and pharmacies are limited. Elevated home values (neighborhood median around the high-$700Ks to low-$800Ks) indicate a high-cost ownership market; this context often reinforces reliance on rental housing and can aid lease retention. Neighborhood-level NOI per unit trends rank in the upper tier locally, underscoring operating performance that compares favorably to many Salinas submarkets.
Safety indicators sit around the metro mid-range, with the neighborhood comparing slightly above average nationally (higher percentile indicates safer areas). Importantly, year-over-year trends show meaningful improvement: both violent and property offense rates declined materially, which supports a constructive near-term outlook while recognizing variability at the block level.
Ranked against 95 Salinas metro neighborhoods, the area is not among the very lowest-risk cohorts; however, recent declines in estimated violent and property incidents (measured at the neighborhood level) suggest improving conditions. Investors should consider standard on-site measures and monitor trend continuity rather than relying on single-year readings.
Within the broader commute-shed, large technology employers support regional income levels and provide a draw for hybrid and remote workers — factors that can aid leasing consistency for workforce-oriented apartments. The list below reflects key names within driving distance.
- IBM Silicon Valley Lab — technology R&D (35.1 miles)
- Netflix — streaming & media (40.4 miles) — HQ
- Ebay — e-commerce (42.4 miles) — HQ
191 Paddon Pl offers exposure to a top-quartile Marina neighborhood with tight occupancy (neighborhood level) and a majority renter-occupied housing mix, supporting demand depth and leasing stability. Elevated for-sale housing costs in the area tend to sustain reliance on multifamily, which can bolster retention and measured pricing power through cycles. The 1986 vintage presents potential for targeted value-add through modernization while maintaining competitive positioning versus older local stock.
Demographic indicators within a 3-mile radius show recent population growth with a projected increase in households, expanding the tenant base and supporting occupancy stability. According to CRE market data from WDSuite, neighborhood operating performance and occupancy trends compare favorably within the Salinas metro, though amenity density is uneven and safety remains mid-pack locally — both manageable with underwriting discipline and asset-level improvements.
- Top-quartile neighborhood placement in Salinas supports long-term multifamily demand
- Tight neighborhood occupancy and majority renter-occupied housing base reinforce leasing stability
- High-cost ownership market underpins renter reliance and measured pricing power
- 1986 vintage allows targeted value-add through system updates and modernization
- Risks: uneven amenity density and mid-pack local safety; mitigate via operations, upgrades, and underwriting