| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Fair |
| Demographics | 75th | Good |
| Amenities | 65th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 204 King Hiram Ln, Nevada City, CA, 95959, US |
| Region / Metro | Nevada City |
| Year of Construction | 1986 |
| Units | 26 |
| Transaction Date | 2008-05-08 |
| Transaction Price | $2,200,000 |
| Buyer | THE ROBERT WUNDERLICH & LINDA SUTTER FAM |
| Seller | KNILL ELLEN T |
204 King Hiram Ln Nevada City Multifamily Property
This 26-unit property benefits from strong neighborhood fundamentals, with the area ranking in the top quartile nationally for education levels and maintaining above-average home values according to CRE market data from WDSuite.
Built in 1986, this property sits within a suburban neighborhood that ranks 3rd among 39 neighborhoods in the Truckee-Grass Valley metro area. The area demonstrates strong demographic fundamentals, with 33% of residents within a 3-mile radius holding bachelor's degrees, placing it in the 89th percentile nationally. Median household income of $84,282 has grown 52.5% over five years, supporting rental demand stability.
The neighborhood maintains a median home value of $596,718, representing a 29.6% increase over five years and ranking in the 89th percentile nationally. These elevated ownership costs sustain rental demand, with 24.4% of housing units occupied by renters. Contract rents average $1,367, having increased 25.7% over the past five years, indicating pricing power within the local market.
Amenity access supports tenant retention, with the area ranking in the 65th percentile nationally for overall amenity density. Schools average a 4.0 rating out of 5, ranking 2nd among metro neighborhoods and in the 84th percentile nationally. The neighborhood's occupancy rate of 87.3% reflects market fundamentals, though this has declined 4.5 percentage points over five years, suggesting some softening in absorption rates.
Demographics within the 3-mile radius show population growth of 7.8% over five years, with forecasts projecting continued expansion through 2028. The area's mature demographic profile, with 34.8% of residents over 65, provides lease stability, while projected household growth of 25.3% through 2028 supports long-term rental demand.
The neighborhood demonstrates favorable safety metrics compared to regional and national benchmarks. Violent crime rates rank 2nd lowest among the metro's 39 neighborhoods, placing the area in the 78th percentile nationally. Property crime rates also perform well, ranking 3rd lowest regionally and in the 71st percentile nationally.
Recent trends show improvement in violent crime, with rates declining 33.8% year-over-year, ranking 6th best among metro neighborhoods for crime reduction. Property crime has increased 13.5% over the past year, though the area maintains relatively low absolute rates. These safety fundamentals support tenant retention and property values in the suburban Nevada City market.
The regional employment base includes technology sector presence, though major employers are located at considerable distances from the property.
- Intel Folsom FM5 — technology manufacturing (42.8 miles)
This 26-unit property built in 1986 presents a value-add opportunity in a high-performing Nevada City neighborhood. The area's strong educational demographics and elevated home values create sustained rental demand, while the property's vintage suggests potential for strategic capital improvements to capture market-rate rents. Neighborhood occupancy trends and recent rent growth of 25.7% over five years indicate pricing power, though investors should monitor the recent decline in area-wide occupancy rates.
According to multifamily property research from WDSuite, the surrounding demographics support long-term fundamentals, with projected household growth of 25.3% through 2028 expanding the potential tenant base. The area's low crime rates and top-tier school ratings enhance tenant retention prospects, while the mature resident profile provides lease stability.
- Strong demographic fundamentals with 89th percentile education levels and growing household income
- Elevated home values sustain rental demand in competitive ownership market
- 1986 vintage provides value-add renovation potential to capture market rents
- Low crime rates and 4.0-rated schools support tenant retention
- Risk: Recent decline in neighborhood occupancy rates requires monitoring of absorption trends