| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 86th | Best |
| Demographics | 53rd | Fair |
| Amenities | 69th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 9331 Musselman Dr, Atascadero, CA, 93422, US |
| Region / Metro | Atascadero |
| Year of Construction | 1989 |
| Units | 36 |
| Transaction Date | 2009-06-01 |
| Transaction Price | $3,150,000 |
| Buyer | --- |
| Seller | Prentiss Michael E and Andrea M |
9331 Musselman Dr Atascadero Multifamily Opportunity
Neighborhood fundamentals point to durable renter demand and high occupancy, according to WDSuite’s CRE market data, with metrics measured for the surrounding neighborhood rather than the property. Investors may find stable performance supported by a high-cost ownership market and a deep renter base.
Located in Atascadero within the San Luis Obispo–Paso Robles metro, the surrounding neighborhood rates in the top quartile among 81 metro neighborhoods for overall performance (A rating). Neighborhood occupancy is strong and ranks 10th of 81, placing it in the top quartile locally, which supports expectations for leasing stability at nearby assets; this refers to neighborhood occupancy, not the subject property.
Daily-life amenities are a relative strength: restaurants, groceries, and cafes rank competitively (each near the top of the metro distribution), translating to convenient access that can aid resident retention. Park access is limited relative to peers (lowest rank in the metro), which may modestly temper lifestyle appeal for some tenant segments, but proximity to shops, pharmacies, and services helps offset that for many renters.
Renter-occupied housing accounts for a comparatively high share of neighborhood units (top-tier renter concentration in the metro), indicating a deep tenant base for multifamily. Median contract rents in the neighborhood sit in a higher national percentile, while the rent-to-income ratio trends near manageable territory for many households; for investors, this suggests the need for thoughtful lease management to balance pricing power with retention. Neighborhood home values are elevated versus national norms, a high-cost ownership context that tends to reinforce reliance on multifamily housing and support occupancy.
Within a 3-mile radius, demographic trends show modest population growth over the past five years alongside an increase in households and families, expanding the potential renter pool. Projections indicate further household growth and smaller average household sizes, which typically supports demand for professionally managed apartments and sustained occupancy at comparable assets.
The property’s 1989 vintage is older than the neighborhood’s average construction year, signaling potential value-add and capital planning opportunities to modernize interiors and building systems for competitive positioning against newer stock.
Safety indicators in the neighborhood are mixed relative to the metro and national landscape. Compared with the 81 neighborhoods in the San Luis Obispo–Paso Robles metro, the area sits near the middle of the pack on overall crime. Nationally, it trends around the mid-percentiles, suggesting conditions broadly comparable to many U.S. neighborhoods.
Recent directionality is constructive: both violent and property offense rates have moved lower year over year, according to WDSuite’s data. Investors should continue to monitor trends and management practices, but current signals point to incremental improvement rather than deterioration.
This 36-unit asset offers exposure to a neighborhood with top-quartile occupancy among 81 metro neighborhoods and a renter base that is comparatively deep for the market. Elevated local home values support a sustained reliance on rentals, while nearby amenities strengthen day-to-day livability and resident retention. According to CRE market data from WDSuite, neighborhood rents benchmark high nationally, underscoring pricing power potential, though thoughtful renewals and concessions strategy may be warranted to manage affordability pressure.
The 1989 vintage presents value-add and capital planning angles to close the gap versus newer inventory, which can enhance competitiveness and drive NOI. Within a 3-mile radius, steady population and household gains, alongside forecasts for additional household growth and smaller household sizes, point to a growing renter pool that can support occupancy stability over the long term.
- Top-quartile neighborhood occupancy among 81 metro areas supports leasing stability (neighborhood-level metric).
- Elevated home values reinforce rental demand and tenant reliance on multifamily housing.
- 1989 vintage offers value-add potential through modernization and system upgrades.
- 3-mile demographics show household growth and a larger renter pool supporting occupancy.
- Risks: higher rent benchmarks require careful lease management; limited park access and lower school ratings may narrow appeal for certain households.