| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 84th | Best |
| Demographics | 77th | Best |
| Amenities | 33rd | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3094 Lake Dr, Marina, CA, 93933, US |
| Region / Metro | Marina |
| Year of Construction | 1987 |
| Units | 74 |
| Transaction Date | 2015-08-11 |
| Transaction Price | $13,533,000 |
| Buyer | New Heritage Family LP |
| Seller | RMB Revocable Family Trust |
3094 Lake Dr, Marina CA Multifamily Investment
Neighborhood occupancy has been resilient, supporting steady renter demand according to WDSuite’s CRE market data, while elevated ownership costs in Monterey County tend to sustain the renter pool.
The property sits in an Inner Suburb location within the Salinas, CA metro that carries an A- neighborhood rating and ranks 19 out of 95 neighborhoods—placing it in the top quartile locally for overall performance. Neighborhood occupancy trends are competitive among Salinas neighborhoods (rank 26 of 95) and score in the top quartile nationally, indicating support for leasing stability rather than outsized vacancy risk.
Renter-occupied share in the neighborhood is above the metro median (rank 29 of 95) and high versus the nation (90th percentile), pointing to a deep tenant base for multifamily operators. Median home values in the area sit in a high-cost ownership market (95th percentile nationally), which typically reinforces reliance on rental housing and can aid pricing power and retention for well-managed assets.
Livability is oriented more to residential than dense retail: grocery access is moderate (61st percentile nationally) and restaurant density is near the national middle, while cafes and childcare within the immediate neighborhood register lower density. Parks are a relative strength (84th percentile nationally), supporting day-to-day appeal for residents even without heavy retail clustering.
Within a 3-mile radius, population and households have grown in recent years and are projected to continue expanding through 2028, with households expected to increase meaningfully—supporting a larger tenant base and lease-up visibility. The average household size is expected to trend lower over the forecast period, which can translate into more households even with modest population growth—favorable for multifamily demand. The building’s 1987 vintage is newer than the neighborhood’s average construction year (1980), suggesting relative competitiveness versus older stock, though investors should plan for selective modernization of systems and finishes as part of a value-add or capital planning strategy.
Rent-to-income levels are tighter than national norms (low national percentile), which warrants active lease management and emphasis on renewals to mitigate affordability pressure risks. Still, NOI per unit trends for the neighborhood score strongly versus the nation, and housing fundamentals rank in the top quartile among the 95 metro neighborhoods—signals that align with sustained renter demand and occupancy stability based on CRE market data from WDSuite.
Safety indicators are comparatively favorable versus national benchmarks overall, with the neighborhood’s composite crime measure above the national median (61st percentile). Within the Salinas, CA metro context, the area ranks 35 out of 95 neighborhoods—suggesting conditions that are not among the highest-crime parts of the metro.
Recent trend direction is constructive: estimated violent and property offense rates show notable year-over-year declines, with improvement metrics competitive among neighborhoods nationwide. As always, investors should evaluate block-level dynamics during site tours and review the latest police and municipal reports for asset-specific risk management.
Regional employment is diversified across technology and enterprise operations within commutable reach for some residents, supporting renter demand and lease retention potential. Notable employers include IBM Silicon Valley Lab, Netflix, and eBay.
- IBM Silicon Valley Lab — enterprise software R&D (35.3 miles)
- Netflix — streaming & media tech (40.5 miles) — HQ
- eBay — ecommerce marketplace (42.6 miles) — HQ
This 74-unit, 1987-vintage asset benefits from neighborhood fundamentals that are above the metro median and top quartile nationally for occupancy, with a renter-occupied housing share that supports depth of demand. Elevated home values in Monterey County reinforce reliance on rental housing, helping sustain pricing power and lease retention for well-managed properties. According to CRE market data from WDSuite, the area’s NOI per unit and housing fundamentals compare favorably to national peers, aligning with stable operations rather than outsized vacancy risk.
The vintage offers relative competitiveness versus older local stock and practical value-add angles through targeted modernization. Forward-looking demographics within a 3-mile radius indicate continued population and household growth and a modest decline in average household size, expanding the renter pool. Key watch items include measured affordability pressure and lighter neighborhood retail density, which can be addressed through amenity programming and renewal-focused leasing strategies.
- Occupancy strength and high renter concentration support stable leasing
- High-cost ownership market reinforces rental demand and pricing power
- 1987 vintage offers value-add potential via selective modernization
- 3-mile radius growth expands tenant base and supports absorption
- Risk: rent-to-income pressure and lighter retail density require active lease management