| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 83rd | Best |
| Demographics | 25th | Poor |
| Amenities | 47th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 148 Encinal St, Soledad, CA, 93960, US |
| Region / Metro | Soledad |
| Year of Construction | 1977 |
| Units | 28 |
| Transaction Date | 2018-03-07 |
| Transaction Price | $3,860,000 |
| Buyer | MI TIERRA LINDA LLC |
| Seller | FRESH INNOVATIONS LLC |
148 Encinal St, Soledad CA — Multifamily Investment Thesis
Neighborhood fundamentals point to steady renter demand and high occupancy, according to WDSuite’s CRE market data, with local ownership costs supporting durable interest in professionally managed apartments.
Located in Soledad within the Salinas metro, the property sits in a B+ rated neighborhood that ranks 32 out of 95 metro neighborhoods — above the metro median. Amenity access is a relative strength: neighborhood density of groceries, pharmacies, and restaurants is competitive among Salinas neighborhoods (each ranking near the top of the 95-neighborhood set), which supports day-to-day convenience and leasing appeal for workforce households.
Neighborhood occupancy is reported at 97.5% (neighborhood metric), placing it above the metro median and in the top quartile nationally. Renter-occupied housing accounts for roughly 43% of units (neighborhood tenure), indicating a meaningful renter base that can support multifamily absorption and retention. Median contract rents sit above the national midpoint while remaining beneath the most expensive California submarkets, helping balance pricing power with retention risk.
Within a 3-mile radius, WDSuite indicates population growth over the last five years alongside a larger household count and a modest decline in average household size. Forward-looking estimates show additional population and household gains over the next five years, which generally expands the tenant base and supports occupancy stability. Neighborhood school ratings trend below national averages but are competitive among Salinas neighborhoods, so leasing strategies may need to emphasize convenience, commute times, and unit upgrades rather than school-driven demand.
The property was built in 1977, older than the neighborhood’s average vintage (late 1980s). For investors, that typically implies targeted capital planning for systems, interiors, and curb appeal — with corresponding value-add potential to position the asset competitively against newer stock. Elevated local home values relative to incomes suggest a high-cost ownership market, which often sustains renter reliance on multifamily housing and can support pricing power where unit quality is aligned with neighborhood expectations.
Comparable safety context is important for underwriting, but WDSuite does not provide a metro rank or national percentile for this neighborhood’s crime metrics in the current release. Investors commonly benchmark against city and county trends and monitor multi-year patterns rather than block-level anecdotes to assess tenant retention and operating stability.
WDSuite’s dataset for this address does not include verified nearby employers with distance measurements suitable for a concise ranking. Investors typically evaluate commute sheds to Salinas-area employment nodes to gauge workforce housing demand and lease retention.
This 28-unit, 1977-vintage asset in Soledad benefits from an above-median neighborhood standing within the Salinas metro, strong amenity access, and a deep renter base. According to commercial real estate analysis from WDSuite, the neighborhood’s occupancy trends are elevated versus metro norms, and local ownership costs reinforce sustained demand for professionally managed rentals. The asset’s older vintage suggests practical value-add avenues (interiors, systems, and curb appeal) to enhance competitiveness against newer stock while capturing demand from growing nearby households.
Demographic indicators aggregated within a 3-mile radius show recent population and household growth with further expansion expected, pointing to a larger tenant pool over time. While school ratings trail national averages and park/childcare access is limited, proximity to daily amenities and a high-cost ownership landscape support leasing velocity and retention when units are well maintained and appropriately positioned.
- Elevated neighborhood occupancy supports income stability (neighborhood metric, per WDSuite)
- Strong daily-need amenities (grocery, pharmacy, dining) enhance leasing appeal
- 1977 vintage offers clear value-add angles to compete with newer stock
- 3-mile population and household growth expands the renter pool over time
- Risks: older systems capex, below-national school ratings, and limited park/childcare access may require focused asset strategy