| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Poor |
| Demographics | 39th | Poor |
| Amenities | 13th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2700 Cienaga St, Oceano, CA, 93445, US |
| Region / Metro | Oceano |
| Year of Construction | 1974 |
| Units | 120 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2700 Cienaga St, Oceano CA — 120-Unit Multifamily Investment
Positioned in an inner-suburb pocket of San Luis Obispo County, the asset serves a renter base supported by local services and a high-cost ownership market, according to WDSuite’s CRE market data. Neighborhood occupancy trends trail the metro median, suggesting operational upside alongside leasing execution risk.
Located in Oceano within the San Luis Obispo–Paso Robles metro, the neighborhood skews "Inner Suburb" with livability anchored more by essentials than by lifestyle amenities. Grocery access is competitive among San Luis Obispo–Paso Robles neighborhoods (ranked 17 of 81), while restaurants, cafes, parks, and pharmacies are limited nearby, indicating residents rely on a broader drive-shed for discretionary services.
Renter demand is shaped by a high-cost ownership market relative to incomes, with the neighborhood’s value-to-income ratio in the top decile nationally. That backdrop typically sustains reliance on multifamily housing and can support pricing power, while the neighborhood occupancy rate sits below the metro median, signaling the need for disciplined marketing, renewals, and unit turns.
Within a 3-mile radius, household counts have increased even as total population edged down, pointing to smaller household sizes and a gradual expansion of the tenant base. Median household income has risen sharply over the past five years, and asking rents have trended upward with forecasts calling for further gains by 2028 (based on CRE market data from WDSuite), which supports long-run revenue growth but warrants attention to affordability and retention.
Demographically, the 3-mile area shows a balanced age mix with a notable share of residents 35–64 and a sizable 65+ cohort. The share of housing units that are renter-occupied near term is about one-third and is projected to increase by 2028, suggesting a deeper renter pool over time and demand for professionally managed housing. For investors, this translates to potential lease-up and renewal stability if operations and product positioning are competitive against older local stock.
Safety trends are mixed in this part of the metro. The neighborhood ranks 25th out of 81 San Luis Obispo–Paso Robles neighborhoods, indicating crime levels that are higher than the metro median, yet it sits above the national average for safety overall (around the 70th percentile nationwide). Recent year-over-year declines in both violent and property offense rates further suggest improving conditions, though investors should continue to monitor local trends and property-level security needs.
This 120-unit asset benefits from a durable renter base supported by a high-cost ownership landscape and rising household incomes within a 3-mile radius. While neighborhood occupancy trails the metro median, rent levels have risen and are projected to continue climbing, which can underpin revenue growth if leasing execution and product positioning remain competitive. According to CRE market data from WDSuite, grocery access is comparatively strong within the metro, offsetting thinner nearby lifestyle amenities.
Key considerations include operational focus to manage below-metro occupancy, proactive retention strategies as rents rise, and capital planning to ensure units remain compelling versus older neighborhood stock. With renter-occupied share expected to increase locally, the long-term demand outlook supports steady tenancy and pricing discipline, balanced by execution risk and competition from broader-area amenities.
- High-cost ownership market supports renter reliance and pricing power
- Rising household incomes and projected rent growth reinforce revenue potential
- Competitive grocery access within the metro aids day-to-day livability
- Risk: Neighborhood occupancy below metro median requires strong leasing and renewal management
- Risk: Limited immediate lifestyle amenities may shift some demand to nearby submarkets