| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Good |
| Demographics | 24th | Poor |
| Amenities | 73rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 81 Gardenia Dr, Salinas, CA, 93906, US |
| Region / Metro | Salinas |
| Year of Construction | 1973 |
| Units | 58 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
81 Gardenia Dr Salinas Multifamily Investment
This 58-unit property benefits from neighborhood-level occupancy at 98.7%, ranking in the top 15% among 95 Salinas metro neighborhoods according to CRE market data from WDSuite.
Built in 1973, this property offers potential value-add opportunities through strategic renovations and unit improvements. The construction year positions it for capital investment planning while providing scope for modernization that could enhance rental competitiveness.
The neighborhood demonstrates strong rental fundamentals with 67.9% of housing units renter-occupied, ranking 12th among 95 metro neighborhoods and placing in the 96th percentile nationally. This high rental tenure share indicates sustained demand for multifamily housing. Neighborhood-level occupancy sits at 98.7%, ranking in the top quartile regionally and the 93rd percentile nationwide, suggesting limited vacancy pressure and stable absorption.
Demographics within a 3-mile radius show household growth of 6.8% over five years, with forecasts indicating continued expansion through 2028. The area maintains larger household sizes averaging 3.6 people, supporting demand for the property's average 682-square-foot units. Median household income has grown 47.5% to $85,768, while contract rents increased 41.1% to $1,735, indicating rent growth aligned with income expansion.
The neighborhood provides solid amenity access with grocery stores ranking 22nd among metro areas and restaurants placing 19th regionally, both scoring in the 90th percentile nationally for density. However, elevated home values at $549,200 median and a rent-to-income ratio of 0.31 suggest affordability pressures that could impact lease retention and renewal strategies.
Safety metrics show moderate performance relative to regional and national benchmarks. The neighborhood ranks 58th among 95 Salinas metro neighborhoods for overall crime, placing in the 47th percentile nationally. Property offense rates of 221.5 per 100,000 residents rank 66th regionally but sit near the national median at the 54th percentile.
Violent crime rates are relatively contained at 37.9 incidents per 100,000 residents, ranking 56th among metro neighborhoods and the 48th percentile nationally. Notably, violent crime trends show improvement with a 19.3% decrease year-over-year, ranking 28th regionally and the 68th percentile nationally for positive change. Investors should monitor ongoing trends while considering security enhancements as part of property improvement strategies.
The property benefits from proximity to major technology employers in the broader Silicon Valley region, supporting professional workforce housing demand.
- IBM Silicon Valley Lab — technology offices (35.2 miles)
- Netflix — streaming technology services (42.8 miles) — HQ
- eBay — e-commerce technology (44.3 miles) — HQ
This 58-unit property built in 1973 presents value-add potential through strategic capital improvements while benefiting from exceptional neighborhood fundamentals. Occupancy metrics demonstrate market strength, with neighborhood-level rates at 98.7% ranking in the top 15% regionally and 93rd percentile nationally. The high rental tenure share of 67.9% reinforces sustained multifamily demand, while demographic growth within a 3-mile radius supports tenant base expansion.
Income growth of 47.5% over five years has supported rent increases of 41.1%, indicating pricing power aligned with area wage trends. However, the rent-to-income ratio of 0.31 suggests affordability considerations for lease management strategies. According to multifamily property research from WDSuite, the combination of stable occupancy, rental demand fundamentals, and renovation upside creates a balanced investment profile for long-term hold strategies.
- Exceptional occupancy fundamentals with 98.7% neighborhood-level rates ranking top quartile regionally
- Strong rental market with 67.9% of housing units renter-occupied, 96th percentile nationally
- Value-add potential through strategic renovations of 1973-vintage property
- Demographic growth supporting tenant base expansion within 3-mile radius
- Monitor affordability pressures with 0.31 rent-to-income ratio for lease retention strategies