| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Good |
| Demographics | 21st | Poor |
| Amenities | 76th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 93 Castro St, Salinas, CA, 93906, US |
| Region / Metro | Salinas |
| Year of Construction | 1986 |
| Units | 104 |
| Transaction Date | 2015-07-27 |
| Transaction Price | $13,250,000 |
| Buyer | Towman, LLC |
| Seller | --- |
93 Castro St Salinas Multifamily Investment
This 104-unit property built in 1986 benefits from neighborhood-level occupancy of 98.8%, ranking in the top quartile nationally according to CRE market data from WDSuite.
This Urban Core neighborhood ranks 33rd among 95 Salinas metro neighborhoods with a B+ rating, placing it above metro median for overall investment fundamentals. The area demonstrates strong renter demand with 55.9% of housing units occupied by renters, ranking in the 92nd national percentile. Neighborhood-level occupancy of 98.8% significantly outperforms national averages and reflects stable tenant retention.
Built in 1986, the property aligns with the neighborhood's average construction year of 1981, suggesting consistent building stock that may present value-add renovation opportunities for investors focused on capital improvement strategies. Contract rents in the neighborhood average $2,079, ranking 24th metro-wide and in the 93rd national percentile, indicating strong rent collection potential.
Demographics within a 3-mile radius show a population of 72,012 with median household income of $92,098, supporting rental affordability at current market rates. Forecasted population growth to 75,529 by 2028 suggests expanding renter demand, while projected household formation indicates a larger tenant base entering the market. The area offers strong amenity density with 5.95 grocery stores per square mile, ranking 11th metro-wide and 97th nationally, supporting tenant satisfaction and retention.
Housing affordability dynamics favor rental demand, with home values at $266,849 creating elevated ownership costs that reinforce renter reliance on multifamily housing. The rent-to-income ratio requires careful lease management consideration, though strong occupancy trends suggest current pricing remains sustainable for the local market.
Crime metrics show property offense rates of 208.7 per 100,000 residents, ranking 65th among 95 metro neighborhoods and placing in the 55th national percentile. While violent offense rates of 67.4 per 100,000 residents rank 71st metro-wide, this positions the neighborhood around median safety levels compared to national standards.
Recent crime trends show increases in both property and violent offenses over the past year, which investors should monitor for potential impacts on tenant retention and insurance costs. The neighborhood's overall crime rank of 79th among 95 metro areas reflects below-average safety performance that may require enhanced security considerations in property management strategies.
The property benefits from proximity to major technology employers in the greater Bay Area, supporting workforce housing demand from commuting professionals.
- IBM Silicon Valley Lab — technology offices (33.0 miles)
- Netflix — streaming technology services (40.7 miles) — HQ
- eBay — e-commerce technology (42.2 miles) — HQ
- Adobe Systems — software development (44.0 miles)
This 104-unit property presents a compelling investment opportunity anchored by exceptional neighborhood occupancy fundamentals and strong rental market dynamics. The 98.8% neighborhood-level occupancy rate ranks in the top quartile nationally, while the 55.9% renter occupancy share indicates deep rental demand that supports stable cash flows. Built in 1986, the property offers value-add potential through strategic renovations that could capture additional rent premiums in a market where contract rents average $2,079.
Population growth projections to 75,529 residents by 2028 within the 3-mile radius support expanding tenant demand, while household income levels of $92,098 provide adequate affordability cushion at current rent levels. The Urban Core location with strong amenity density enhances tenant appeal, though investors should monitor recent crime trends and rent-to-income ratios for ongoing lease management considerations.
- Neighborhood occupancy of 98.8% ranks top quartile nationally for stability
- High renter share (55.9%) indicates strong rental market fundamentals
- Population growth forecast supports expanding tenant demand through 2028
- 1986 vintage offers value-add renovation opportunities
- Rising crime trends and affordability pressures require active management