| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Good |
| Demographics | 86th | Best |
| Amenities | 52nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1000 Sinex Ave, Pacific Grove, CA, 93950, US |
| Region / Metro | Pacific Grove |
| Year of Construction | 1985 |
| Units | 84 |
| Transaction Date | 2022-09-28 |
| Transaction Price | $13,325,000 |
| Buyer | RUTHERFORD 17 MILE LP |
| Seller | GROVE SEQUOIA EQUITIES-PACIFIC |
1000 Sinex Ave Pacific Grove Multifamily Investment
Positioned in an Inner Suburb location with high-cost home values and strong schools, this 84-unit asset benefits from durable renter demand and potential pricing power, according to WDSuite’s CRE market data.
Pacific Grove’s neighborhood metrics indicate investment-friendly fundamentals relative to the Salinas, CA metro. Amenity access is competitive among Salinas neighborhoods (rank 30 of 95), with grocery, parks, and pharmacy density testing in the upper half nationally, while cafe and childcare storefront density is limited. Average school ratings are in the top quartile nationally, supporting family-oriented renter retention.
The housing stock skews older than the 1985 construction of this property (area average year built 1960; rank 66 of 95). That vintage positioning suggests this asset may compete favorably against older comparables, while investors should still plan for system modernization and selective upgrades as part of long-term capital planning.
Neighborhood rent levels are elevated (near the 98th national percentile), and home values are also high relative to income, a typical feature of coastal California. In investor terms, this high-cost ownership market tends to reinforce reliance on multifamily housing and supports lease retention, though disciplined lease management remains important where rent-to-income can create affordability pressure.
Renter concentration is substantial (renter-occupied share in the upper quintile nationally), indicating a deep tenant base for multifamily. Neighborhood occupancy is below the metro median (rank 72 of 95) but has trended upward over the past five years, pointing to improved stability from a softer starting point. Average NOI per unit scores above metro peers (rank 7 of 95), signaling operational potential when managed against local demand drivers.
Within a 3-mile radius, recent demographic data show a modest population dip over the last five years but an increase in households, implying smaller household sizes and steady rental need. Forward-looking projections indicate population growth and a larger household count, which, if realized, would expand the renter pool and support occupancy and rent durability. These dynamics align with strong median incomes and a high share of upper-income households, which can underpin effective rents for quality assets.
Neighborhood-level safety metrics are not reported in the latest WDSuite release for this location. Investors typically benchmark property performance against city and county trends and focus on on-site measures (lighting, access control, resident engagement) and insurer/lender assessments to contextualize risk. Use comparable assets and recent leasing experience to gauge how safety perceptions influence retention and marketing spend.
Regional employment is anchored by the broader Bay Area tech corridor, which can support higher-income renter demand and leasing stability for commuters and remote workers. Notable employers within driving range include IBM and Netflix.
- IBM Silicon Valley Lab — technology R&D (41.0 miles)
- Netflix — streaming & media (44.2 miles) — HQ
This 84-unit asset, built in 1985, sits in a high-income coastal market where elevated home values and strong schools support resilient renter demand. While neighborhood occupancy trails the metro median, multi-year improvement and above-metro NOI-per-unit signals suggest room to capture operational upside with disciplined leasing and targeted upgrades. High-cost ownership dynamics generally bolster reliance on rentals, helping sustain tenant depth even as affordability management remains a key operator focus.
According to CRE market data from WDSuite, the surrounding neighborhood ranks competitively within the Salinas metro on amenities and schools, and demographic trends within a 3-mile radius point to a projected expansion in households that can widen the renter pool. Given its 1985 vintage relative to older local stock, the property can remain competitive with selective modernization to enhance retention and pricing power over a multi-year hold.
- Coastal, high-income market with strong schools supporting lease stability
- 1985 vintage positioned against older neighborhood stock; value-add via targeted modernization
- Improving neighborhood occupancy and above-metro NOI-per-unit indicate operational upside potential
- Projected growth in households within 3 miles expands the renter pool and supports demand
- Risks: below-metro occupancy starting point and affordability pressure require disciplined lease management