| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Fair |
| Demographics | 18th | Poor |
| Amenities | 94th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 421 E 16th St, Santa Ana, CA, 92701, US |
| Region / Metro | Santa Ana |
| Year of Construction | 1987 |
| Units | 60 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
421 E 16th St Santa Ana Multifamily Investment
Neighborhood fundamentals point to resilient renter demand and historically high occupancy at the neighborhood level, according to WDSuite’s CRE market data. For investors, depth of the renter base and steady lease-up potential are the primary themes to underwrite here.
This Urban Core neighborhood in Santa Ana scores a B- overall and is above the metro median (ranked 288 out of 516 local neighborhoods). Amenity access is a clear advantage: grocery, parks, cafes, and pharmacies all sit in high national percentiles, which supports daily convenience and tenant retention. Restaurant density, in particular, is competitive nationally, reinforcing lifestyle appeal for renters.
For leasing dynamics, the neighborhood’s occupancy rate is 96.8% (82nd percentile nationally), indicating historically tight conditions. The share of housing units that are renter-occupied is very high, signaling a deep tenant base for multifamily landlords. Median contract rents have risen over the past five years, while the area’s high-cost ownership market (home values rank in the low 400s locally and are in the 92nd percentile nationally) tends to sustain reliance on rental housing rather than ownership, which can aid pricing power over a cycle.
Property vintage also matters for competitiveness. The average construction year across nearby stock trends older (1966), while the subject asset’s 1987 vintage is newer than much of the neighborhood inventory. That positioning can help performance versus older comparables, though capital planning should still consider modernization of building systems and common areas as appropriate for value-add.
Demographics within a 3-mile radius show a modest population decline in recent years but growth in household counts, with smaller average household sizes. For multifamily, more households and a broad working-age mix translate to a larger tenant base and support for occupancy stability. At the same time, rent-to-income ratios are elevated for the neighborhood, so operators should emphasize lease management and renewal strategies to balance rent growth with retention. These dynamics align with pragmatic commercial real estate analysis and reflect conditions noted in WDSuite’s data.
Safety indicators are below the metro median (crime rank 377 out of 516 metro neighborhoods), and the neighborhood sits in a lower national safety percentile, indicating higher crime levels than many areas nationwide. Investors should underwrite with prudent expectations around security, lighting, and property oversight, especially for common areas and parking.
On a positive note, recent trend data show an improvement: estimated property offenses declined year over year, and violent offense rates have eased modestly. While these are encouraging signals, they represent directional movement rather than a structural shift. Framing expectations relative to comparable Urban Core neighborhoods in the Anaheim–Santa Ana–Irvine metro is advisable.
Proximity to corporate employment anchors supports commuter convenience and leasing stability. Nearby employers include business services, technology, and financial headquarters that help sustain a steady renter pool for workforce and professional tenants.
- Xerox — corporate offices (1.6 miles)
- First American Financial — title & financial services (3.9 miles) — HQ
- Microsoft Technology Center — technology (5.8 miles)
- Prudential — financial services (6.1 miles)
- Western Digital — technology & storage (6.3 miles) — HQ
The investment case centers on tight neighborhood occupancy, a deep renter base, and the asset’s relative vintage advantage. Based on CRE market data from WDSuite, the neighborhood’s occupancy sits in the upper range nationally with strong amenity access, while elevated ownership costs in the area help reinforce reliance on multifamily housing. The 1987 construction gives this property a competitive edge versus older local stock, with potential to unlock additional value through targeted renovations and operational upgrades.
Forward-looking demand is supported by household growth within a 3-mile radius—even as population trends soften—indicating more households entering the market and a broader tenant base. Operators should balance pricing power with retention, given higher rent-to-income ratios and school ratings that trend lower than many peer areas. Neighborhood NOI per unit benchmarks fall in the top quartile nationally, suggesting performance potential when execution aligns with submarket realities.
- Tight neighborhood occupancy and strong renter concentration support leasing stability
- 1987 vintage is newer than much of local stock, with value-add and modernization upside
- Amenity-rich Urban Core location aids retention and sustained renter demand
- Household growth within 3 miles expands the tenant base despite softer population trends
- Risks: safety indicators below metro median and affordability pressure require thoughtful lease management