| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 69th | Fair |
| Demographics | 84th | Best |
| Amenities | 39th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 215 Grove Acre Ave, Pacific Grove, CA, 93950, US |
| Region / Metro | Pacific Grove |
| Year of Construction | 1974 |
| Units | 30 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
215 Grove Acre Ave Pacific Grove Multifamily Investment
Neighborhood home values sit at the high end of national norms, supporting steady renter demand and lease retention, according to WDSuite’s CRE market data. A meaningful renter-occupied presence at the neighborhood level provides a defined tenant base, while parks and coastal access add lifestyle appeal that can aid retention.
Pacific Grove’s coastal setting delivers strong lifestyle fundamentals for multifamily. Parks are a standout local amenity, ranking near the top among 95 Salinas–area neighborhoods and testing in the top percentile nationally for park access. Immediate retail density is lighter (few groceries, pharmacies, or cafes within the smallest radius), so residents typically rely on nearby commercial corridors, but the outdoor and coastal draw helps with leasing appeal.
At the neighborhood level, rents benchmark above metro norms over the past five years, and the rent-to-income profile indicates relatively contained affordability pressure versus many coastal markets — factors that can support pricing power and renewal rates based on CRE market data from WDSuite. Overall housing occupancy in the neighborhood trends below the metro median but has improved over the last five years, a directional positive for stability.
Tenure dynamics are supportive of multifamily operations. Within a 3-mile radius, the renter-occupied share is just over half of housing units, indicating a deep tenant pool and consistent leasing demand. Neighborhood data separately indicates a sizable renter concentration as well, reinforcing depth for workforce and lifestyle-oriented product types.
Demographics within a 3-mile radius show resilient household counts with projections for additional households over the next five years, which points to a larger tenant base and supports occupancy stability. Income levels in the trade area are elevated and have trended upward, aligning with demand for well-maintained units and selective value-add positioning.
Ownership costs in the immediate neighborhood are among the highest nationally. In practice, this high-cost ownership market tends to reinforce reliance on multifamily housing and can bolster lease retention, even as residents weigh homeownership alternatives. For investors, the combination of strong outdoor amenities, renter depth, and income capacity creates a credible base for durable operations.
Comparable neighborhood-level crime data is not available in WDSuite for this location, so investors typically benchmark conditions using city and county resources and trend reports. When underwriting, consider aligning assumptions with broader Monterey County and Salinas–area patterns and adjust for property-specific measures such as lighting, access control, and onsite management.
Regional employment access includes major technology offices within commuting range, which can support leasing from higher-income professionals. The list below highlights nearby employers most relevant to the renter base referenced here.
- IBM Silicon Valley Lab — technology R&D (40.4 miles)
- Netflix — media & technology (43.6 miles) — HQ
Built in 1974, the asset is older than much of today’s competitive stock, creating a potential value-add path through targeted renovations and systems upgrades. The immediate neighborhood features exceptionally high home values, which tend to sustain renter reliance on multifamily housing and can aid lease retention. According to CRE market data from WDSuite, neighborhood rents outpace metro norms while rent-to-income metrics suggest manageable affordability pressure relative to many coastal submarkets.
Trade-area demographics (3-mile radius) point to a sizable and growing household base with elevated incomes, reinforcing depth for quality units and supporting occupancy stability. While overall neighborhood housing occupancy benchmarks below the metro median, the five-year improvement trend and strong parks/coastal amenities provide offsetting strengths for leasing.
- High-cost ownership market supports renter reliance and lease retention
- Rents above metro norms with relatively contained affordability pressure
- 3-mile trade area shows household growth and elevated incomes, aiding demand
- 1974 vintage offers value-add potential through targeted renovations
- Risks: lighter nearby retail and below-median neighborhood occupancy require careful lease management