| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 77th | Good |
| Demographics | 51st | Good |
| Amenities | 67th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3340 Del Monte Blvd, Marina, CA, 93933, US |
| Region / Metro | Marina |
| Year of Construction | 1990 |
| Units | 44 |
| Transaction Date | 2009-07-14 |
| Transaction Price | $5,000,000 |
| Buyer | Colonial Manor Apartments, LLC |
| Seller | Salinas Property Management, Inc |
3340 Del Monte Blvd Marina 44-Unit Multifamily Investment
Neighborhood multifamily fundamentals show steady renter demand and above-median occupancy for the area, according to WDSuite’s CRE market data. For investors, the combination of strong housing costs and a sizable renter base points to durable leasing in Marina, California.
Located in Marina within the Salinas, CA metro, the neighborhood posts an A- rating and ranks 16 out of 95 metro neighborhoods, placing it in the top quartile locally for overall fundamentals. Amenity access (cafes, groceries, parks, and pharmacies) also falls in the competitive tier among Salinas sub-areas, with national amenity measures generally in the 60s–70s percentiles, indicating everyday convenience that supports leasing and retention.
Rents in the neighborhood have trended higher over the past five years and sit in a high national percentile, while the neighborhood occupancy rate is above the metro median. For investors, this combination suggests pricing power tempered by typical lease management considerations. Median home values are elevated for the region and score in a very high national percentile, which generally sustains renter reliance on multifamily housing and supports occupancy stability.
Tenure data indicates a renter-occupied share near half of local housing units at the neighborhood level, pointing to a deep tenant base. Within a 3-mile radius, current demographics show a balanced age mix and continued population and household growth, with forecasts calling for additional increases in households and incomes through 2028. This projected renter pool expansion can underpin demand for mid-size units like the property’s average 900 sq. ft. footprints.
For schools, the neighborhood’s average rating is on the lower side relative to national benchmarks, which may modestly influence family-driven demand but does not negate the broader strength in renter demand and occupancy. The property’s 1990 vintage is newer than the neighborhood average construction year (1975), offering relative competitiveness versus older stock; investors should still plan for modernization of building systems or targeted upgrades to support rents and leasing velocity.
Safety indicators are mixed but improving. Neighborhood crime levels track around the national middle, with property and violent offense measures near mid-percentiles nationally. Importantly, both property and violent offense rates show notable year-over-year declines, landing in strong improvement percentiles nationwide. For investors, this trend framing supports a cautiously positive outlook on safety, while day-to-day operations should continue standard risk management and resident communication practices common to the Salinas metro.
Regional employment anchors within commuting range include technology and digital media employers that broaden the professional tenant base and support leasing stability. The list below reflects nearby corporate offices relevant to workforce housing demand in the greater region: IBM Silicon Valley Lab, Netflix, eBay, and Adobe Systems.
- IBM Silicon Valley Lab — technology R&D (34.4 miles)
- Netflix — streaming & media (39.9 miles) — HQ
- Ebay — e-commerce (41.9 miles) — HQ
- Adobe Systems — software (44.1 miles)
3340 Del Monte Blvd is a 44-unit, 1990-vintage asset positioned in a Marina neighborhood that ranks in the top local quartile for overall performance. Occupancy at the neighborhood level is above the metro median, and elevated ownership costs in the area tend to sustain reliance on rental housing. According to CRE market data from WDSuite, neighborhood rents sit in a high national percentile relative to income, while rent-to-income ratios remain manageable, supporting thoughtful rent growth strategies without overextending retention risk.
Within a 3-mile radius, forecasts point to population and household growth through 2028 alongside rising incomes, indicating a larger tenant base and support for mid-size unit demand. The 1990 construction is newer than the neighborhood average, offering competitive positioning versus older stock; targeted system updates and common-area refreshes can unlock value-add upside and help capture demand supported by high home values and steady leasing fundamentals.
- Above-median neighborhood occupancy supports leasing stability
- High home values reinforce renter reliance on multifamily
- 1990 vintage offers competitive positioning with value-add potential
- 3-mile radius forecasts show expanding renter pool and rising incomes
- Risks: lower school ratings and standard safety monitoring may temper certain demand segments