| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 78th | Good |
| Demographics | 19th | Poor |
| Amenities | 75th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1425 Garner Ave, Salinas, CA, 93905, US |
| Region / Metro | Salinas |
| Year of Construction | 1976 |
| Units | 30 |
| Transaction Date | 2019-08-13 |
| Transaction Price | $5,300,000 |
| Buyer | ALPACA APARTMENTS LLC |
| Seller | OBRIEN MAUREEN DIAN |
1425 Garner Ave Salinas Multifamily Investment
This 30-unit property built in 1976 offers exposure to a high-density rental market with 71.3% of neighborhood units occupied by renters. The area maintains 95.9% occupancy according to CRE market data from WDSuite, reflecting stable tenant demand in Salinas.
The property sits in an Urban Core neighborhood ranking 30th among 95 metro neighborhoods, with a B+ rating reflecting solid fundamentals for multifamily investments. The area demonstrates strong rental market characteristics, with 71.3% of housing units occupied by renters—ranking in the top 10 among Salinas neighborhoods and 97th percentile nationally. This high concentration of rental units indicates sustained tenant demand and limited ownership competition.
Neighborhood-level occupancy remains robust at 95.9%, placing it in the 76th percentile nationally and above metro median performance. Median contract rents of $1,697 have grown 55.8% over five years, though rent-to-income ratios suggest affordability pressure that warrants attention in lease management and renewal strategies. Demographics within a 3-mile radius show a stable population base of approximately 96,000 residents, with household income growth of 55.4% over the past five years supporting rental demand.
The 1976 construction year aligns closely with the neighborhood average of 1969, indicating consistent building stock that may present value-add renovation opportunities for investors seeking to differentiate units or command premium rents. Amenity density supports tenant retention, with grocery stores ranking in the 96th percentile nationally and restaurants in the 89th percentile, providing convenient access that enhances location appeal for renters.
Crime metrics place the neighborhood at 68th among 95 metro neighborhoods, representing middle-tier performance within the Salinas market. Property offense rates of 137.3 per 100,000 residents rank in the 62nd percentile nationally, while violent crime rates of 59.1 per 100,000 residents fall in the 40th percentile compared to neighborhoods nationwide.
Recent trends show property offense rates increased 66.9% year-over-year, which investors should monitor for potential impacts on tenant retention and insurance costs. The neighborhood's overall safety profile remains competitive within the local market context, though due diligence on specific block-level conditions and security measures may be warranted.
The broader Silicon Valley employment corridor provides workforce housing opportunities, with major technology employers within commuting distance supporting rental demand from tech sector employees.
- IBM Silicon Valley Lab — technology offices (36.4 miles)
- Netflix — streaming technology services (44.5 miles) — HQ
The property benefits from Salinas' strong rental market fundamentals, with neighborhood occupancy at 95.9% and 71.3% of local housing units occupied by renters—both metrics ranking well above national averages. The 1976 vintage presents value-add potential through strategic renovations that could capture rent premiums in a market where median rents have grown 55.8% over five years. Demographics within a 3-mile radius show population growth of 4.1% with household income increases of 55.4%, supporting sustained tenant demand.
However, rent-to-income ratios indicate affordability pressure that requires careful lease management, and recent increases in property crime rates warrant attention to security measures and tenant retention strategies. The Urban Core location provides amenity access that supports tenant appeal, though investors should monitor local market conditions and maintain competitive positioning through strategic improvements.
- High rental density with 71.3% of neighborhood units occupied by renters
- Stable occupancy at 95.9% ranking above national median
- Value-add potential from 1976 vintage allowing strategic renovations
- Growing demographic base with 4.1% population growth and rising incomes
- Risk consideration: affordability pressure requires active lease management