| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 86th | Best |
| Demographics | 38th | Fair |
| Amenities | 44th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 800 W Grant Line Rd, Tracy, CA, 95376, US |
| Region / Metro | Tracy |
| Year of Construction | 1973 |
| Units | 94 |
| Transaction Date | 2018-07-17 |
| Transaction Price | $37,000,000 |
| Buyer | MP APW DRIFTWOOD LLC |
| Seller | GRANVILLE LLC |
800 W Grant Line Rd Tracy Multifamily Investment
This 94-unit property built in 1973 is positioned in a neighborhood ranking in the top quartile nationally for housing metrics, with occupancy rates of 97.8% supporting rental demand stability.
The property sits in an inner suburb neighborhood that ranks 41st among 179 Tracy metro neighborhoods, earning an A- overall rating. According to CRE market data from WDSuite, the area demonstrates strong housing fundamentals with a 6th place ranking for net operating income per unit averaging $12,390, placing it in the 89th national percentile.
Built in 1973, this property predates the neighborhood's average construction year of 1992, presenting potential value-add opportunities through strategic capital improvements and unit upgrades. The 687 square foot average unit size aligns with typical workforce housing in the Tracy market.
Occupancy fundamentals remain robust with neighborhood-level rates at 97.8%, ranking 33rd metro-wide and reaching the 88th national percentile. The rental tenure share of 50.6% ranks 31st among metro neighborhoods, indicating balanced housing stock that supports consistent rental demand. Median contract rents of $2,001 have grown 41% over five years, demonstrating pricing power while maintaining the 92nd national percentile for rent levels.
Demographics within a 3-mile radius show a population of approximately 75,000 with household income growth of 34% over five years to a median of $108,495. Population projections indicate 6.4% growth through 2028, expanding the potential renter pool. The area's 62.5% homeownership rate creates ongoing rental demand, while forecast household growth of 39.3% over five years suggests sustained multifamily absorption potential.
Crime data for this specific neighborhood is not currently available in the provided market analysis. Investors should conduct independent due diligence on local safety conditions and trends as part of their comprehensive property evaluation process.
The Tracy area benefits from proximity to major corporate employers within commuting distance, supporting workforce housing demand from established companies across manufacturing, retail, and technology sectors.
- Clorox — consumer goods manufacturing (10.9 miles)
- Ross Stores — retail headquarters (25.0 miles) — HQ
- The Clorox Company — consumer products (26.1 miles)
- Chevron — energy headquarters (28.6 miles) — HQ
- Lam Research — semiconductor equipment headquarters (33.9 miles) — HQ
This Tracy multifamily property combines strong occupancy fundamentals with value-add potential in a neighborhood demonstrating consistent rental demand. The 1973 construction vintage offers renovation upside while neighborhood-level occupancy of 97.8% indicates stable tenant retention. Commercial real estate analysis shows the area ranking in the top quartile nationally for housing metrics, with NOI per unit averaging $12,390 reflecting solid operational performance.
Population growth projections of 6.4% through 2028 within the 3-mile radius support expanding rental demand, while household income growth of 34% over five years demonstrates improving tenant quality. The balanced 50.6% rental tenure share maintains consistent absorption without oversupply risk.
- Strong occupancy at 97.8% ranks in 88th national percentile
- Value-add potential from 1973 vintage in modernizing neighborhood
- Growing household base with 34% income growth over five years
- Risk consideration: Property age requires capital planning for systems and unit upgrades