| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Good |
| Demographics | 86th | Best |
| Amenities | 52nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 618 Fountain Ave, Pacific Grove, CA, 93950, US |
| Region / Metro | Pacific Grove |
| Year of Construction | 1972 |
| Units | 23 |
| Transaction Date | 2017-07-11 |
| Transaction Price | $2,700,000 |
| Buyer | MITCHELL KENT |
| Seller | BYRD LINDA SINGLETARY |
618 Fountain Ave, Pacific Grove Multifamily Investment
High home values and strong incomes in the neighborhood point to durable renter demand and retention, according to WDSuite’s CRE market data. Neighborhood occupancy has trended higher in recent years, supporting a stable baseline for underwriting.
Situated in Pacific Grove’s inner-suburban fabric of Monterey County, the neighborhood carries an A rating and ranks 8 out of 95 metro neighborhoods — placing it in the top quartile among Salinas-area peers. For investors, that relative standing reflects steady fundamentals, supported by a renter-occupied housing base and high-income households that translate into consistent leasing power.
Amenities skew toward daily-needs convenience rather than density entertainment: grocery, park, and pharmacy access rank above many local areas (each competitive among Salinas neighborhoods), while cafes and childcare options are thinner. Average school ratings are strong (top-quartile nationally), which can support retention for households prioritizing education.
Neighborhood rents benchmark in the higher tiers regionally, with contract rents and home values both in the top percentiles nationally. In practice, the high-cost ownership market tends to reinforce reliance on multifamily housing and can bolster pricing power and lease-up velocity for well-positioned assets.
Tenure and occupancy trends point to a stable renter base. The share of renter-occupied housing units in the neighborhood sits in the low-40% range, indicating depth for multifamily demand without oversaturation. While the neighborhood’s occupancy rate trails national leaders, it has moved upward over the last five years, a constructive signal for cash flow durability. Within a 3-mile radius, demographics show high median incomes today and projections for population and household growth through 2028, expanding the local renter pool and supporting future absorption.
Comparable crime metrics for this neighborhood are not available in the current WDSuite release. Investors should evaluate safety using consistent time-series sources and city or county reporting to understand trends at the neighborhood level rather than relying on isolated incidents.
As with any asset-level decision, consider how perceived safety influences leasing velocity and renewal behavior relative to nearby Salinas–Monterey submarkets, and confirm operating practices (lighting, access control, and tenant communications) that support resident confidence.
Regional employers within commuting reach provide diversified white-collar demand that can benefit hybrid and remote workers in this submarket, notably in technology and corporate services reflected below.
- IBM Silicon Valley Lab — corporate offices (41.1 miles)
- Netflix — entertainment & technology (44.4 miles) — HQ
Built in 1972, this 23-unit property offers a foothold in a top-quartile Pacific Grove neighborhood where high ownership costs and strong household incomes underpin multifamily demand. The vintage is newer than the area’s average building stock, which can be competitively positioned versus older assets, though investors should plan for targeted system updates and common-area refreshes to optimize performance.
Based on CRE market data from WDSuite, neighborhood rents and home values sit in the higher national tiers, reinforcing pricing power when paired with prudent lease management. Within a 3-mile radius, projections indicate population and household growth through 2028, expanding the tenant base and supporting occupancy stability. Strong school ratings and day-to-day amenities further aid retention, while the renter-occupied share across the area suggests depth for continued leasing.
- High-cost ownership market sustains renter reliance and supports pricing power
- Top-quartile neighborhood standing with strong schools aids retention
- 1972 vintage offers value-add via targeted system and common-area upgrades
- 3-mile projections show expanding tenant base, supporting absorption and occupancy
- Risk: neighborhood occupancy trails national leaders; performance depends on asset quality and leasing execution