| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 88th | Best |
| Demographics | 85th | Best |
| Amenities | 80th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 651 Alderwood Dr, Newport Beach, CA, 92660, US |
| Region / Metro | Newport Beach |
| Year of Construction | 1983 |
| Units | 68 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
651 Alderwood Dr Newport Beach Multifamily Investment
Neighborhood occupancy is strong and renter demand is supported by a high-cost ownership market, according to WDSuite’s CRE market data. These metrics reflect conditions in the immediate neighborhood rather than the property itself, pointing to steady leasing fundamentals in Newport Beach.
Positioned in Newport Beach’s Inner Suburb fabric, the neighborhood rates among the top performers in the Anaheim–Santa Ana–Irvine metro (ranked 13 out of 516 neighborhoods), indicating durable fundamentals and competitive positioning for multifamily investors. Amenity access is a consistent strength: parks and open space, pharmacies, childcare, and cafe density score in the top quartile nationally, which can support resident satisfaction and retention.
Neighborhood occupancy is approximately 98%+, and the share of housing units that are renter-occupied is around the mid-40% range. For investors, that combination suggests a meaningful tenant base and historically stable absorption at the neighborhood level, not the property. Median contract rents in the neighborhood trend toward the higher end of the market, consistent with Newport Beach’s premium positioning.
Schools in the area average roughly 4.5 out of 5 (top quartile nationally), a draw for households that value education access. The property’s 1983 vintage is slightly newer than the neighborhood average construction year, which can help competitive positioning versus older stock; investors should still underwrite modernization of unit finishes and building systems typical for assets of this era.
Within a 3-mile radius, income levels skew high and household growth is projected to resume over the next five years, indicating a larger tenant base and support for lease-up and renewal efforts. Elevated home values locally contribute to sustained reliance on high-quality rentals, reinforcing pricing power when managed with disciplined renewal strategies and ongoing multifamily property research.
Safety indicators for the neighborhood are mixed relative to broader benchmarks. Compared with neighborhoods nationwide, violent offense levels sit near the national median, while property offense measures track below the national median for safety. At the metro level (Anaheim–Santa Ana–Irvine), the neighborhood’s crime ranking places it below the metro average for safety when compared with the 516 neighborhoods in the region.
Recent trends are constructive: both estimated violent and property offense rates have edged down year over year. For investors, that directional improvement can support resident retention and leasing stability, though asset-level security design and lighting, parking controls, and vendor protocols remain important underwriting and operational considerations.
The immediate area benefits from a concentrated white-collar employment base that supports renter demand through commute convenience and high-income professional households, including insurance, technology, and financial services employers listed below.
- Pacific Life — insurance (0.8 miles) — HQ
- Prudential — financial services (4.2 miles)
- Western Digital — technology/hardware (4.2 miles) — HQ
- Microsoft Technology Center — technology offices (4.7 miles)
- First American Financial Corporation — title & financial services (6.1 miles)
651 Alderwood Dr offers exposure to a high-income, amenity-rich Newport Beach neighborhood with strong occupancy and a meaningful renter-occupied housing base. According to CRE market data from WDSuite, neighborhood occupancy sits above the metro median and rents reflect the area’s premium positioning, while elevated ownership costs locally tend to sustain reliance on quality rentals. The 1983 vintage is slightly newer than the neighborhood average and presents an opportunity for targeted renovations to enhance competitiveness and drive NOI.
Within a 3-mile radius, forward-looking indicators point to a larger tenant base over the next five years and continued rent growth, which, coupled with proximity to major employers, supports lease-up and renewal prospects. Investors should balance these strengths against typical 1980s-vintage capital planning and local safety readings that are around national medians for certain offense categories.
- High-cost ownership market reinforces rental demand and supports pricing power
- Neighborhood occupancy above metro median with stable renter-occupied housing share
- 1983 vintage offers value-add via modernization and system upgrades
- Amenity-rich location near major employers supports retention and leasing
- Risks: aging systems typical of the era and safety metrics near national medians