| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Poor |
| Demographics | 78th | Best |
| Amenities | 54th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2612 Elm Ave, Morro Bay, CA, 93442, US |
| Region / Metro | Morro Bay |
| Year of Construction | 1996 |
| Units | 21 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2612 Elm Ave Morro Bay 21-Unit Multifamily Investment
Renter demand is supported by a high-cost ownership market and solid neighborhood amenities, according to WDSuite’s CRE market data, while investors should account for neighborhood occupancy that trails broader benchmarks.
Located in Morro Bay within the San Luis Obispo–Paso Robles metro, the neighborhood carries an A- rating (ranked 20 of 81 metro neighborhoods), signaling overall livability attractive to renters and long-term holders. Grocery access is a relative strength (ranked 7 of 81; top decile nationally), complemented by parks access that sits well above national norms. By contrast, pharmacies and cafes are sparse, which can translate into more driving for daily needs.
Schools average 4.0 out of 5 (ranked 3 of 81; top quartile nationally), an asset for retention among households prioritizing education. Median contract rents in the neighborhood sit in the upper tier nationally (87th percentile), but rent-to-income measures are comparatively manageable (0.21), supporting lease stability rather than acute affordability pressure. Elevated home values (94th percentile nationally) indicate a high-cost ownership market, which tends to reinforce reliance on rental housing and can support pricing power when managed carefully.
The property’s 1996 vintage is newer than the neighborhood’s average construction year of 1977. That positioning can be competitively helpful versus older stock, while investors should still plan for typical mid-life system updates or targeted modernization to meet today’s renter expectations.
Tenure patterns show a moderate renter concentration at the neighborhood level (28.2% of housing units are renter-occupied; above the metro median by rank), with a deeper renter base within a 3-mile radius (about 40% renter-occupied). For multifamily owners, this points to a workable tenant pool and demand depth, particularly when paired with the area’s favorable schools and daily-needs access.
From a demographic lens aggregated within a 3-mile radius, recent years show modest population growth and essentially flat household counts, with forecasts indicating a larger household base and smaller average household sizes ahead. This mix supports a steady, needs-based renter pool and aligns with smaller-unit formats, which can aid occupancy management over time.
Neighborhood safety indicators sit around the metro average and modestly better than the national midpoint (53rd percentile nationally). Notably, estimated violent offense rates have declined over the last year (improvement ranked in the upper tier nationally), which, if sustained, can support leasing stability and resident retention. As always, investors should underwrite to submarket trends rather than block-level assumptions and monitor updates as new data becomes available.
2612 Elm Ave brings 21 units averaging roughly 700 square feet in a suburban coastal setting where ownership costs are elevated and schools are strong. Based on CRE market data from WDSuite, neighborhood rents benchmark high nationally but rent-to-income levels suggest room for stable leasing. The 1996 vintage is newer than the local average, offering competitive positioning versus older stock with potential value-add through targeted updates.
Within a 3-mile radius, modest population growth and a projected increase in households point to a steady tenant base over time. Investors should note that neighborhood occupancy trails national benchmarks, making active leasing and renewal strategies important; however, strong daily-needs access (notably grocery and parks) and high home values can underpin renter reliance on multifamily housing.
- High-cost ownership market sustains renter reliance and supports pricing power when managed prudently.
- Newer 1996 vintage versus local average offers competitive positioning with targeted modernization upside.
- Strong schools and daily-needs access (grocery, parks) aid tenant retention and leasing velocity.
- 3-mile demographics indicate a steady renter pool with projected household growth supporting occupancy over time.
- Risk: neighborhood occupancy is below broader benchmarks, requiring disciplined leasing and renewal management.