| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 76th | Good |
| Demographics | 29th | Poor |
| Amenities | 77th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2361 University Ave, East Palo Alto, CA, 94303, US |
| Region / Metro | East Palo Alto |
| Year of Construction | 2004 |
| Units | 32 |
| Transaction Date | 2022-12-09 |
| Transaction Price | $2,689,000 |
| Buyer | NUGENT SQUARE PARTNERS II LP |
| Seller | NUGENT SQUARE PARTNERS LP |
2361 University Ave, East Palo Alto Multifamily Investment
Positioned near major Peninsula employers, this 32-unit asset benefits from sustained renter demand and a deep commuter base; according to WDSuite’s CRE market data, neighborhood dynamics show durable leasing potential supported by a high-cost ownership market.
East Palo Alto’s Urban Core setting offers strong daily-life convenience for renters. Neighborhood amenity access is competitive nationally, with grocery, restaurant, cafe, and park density all testing well above typical U.S. neighborhoods, which supports retention and everyday livability. Pharmacy access is thinner, which is a consideration for resident convenience and service mix.
The neighborhood is rated C and ranks below the metro median among 193 San Francisco–San Mateo–Redwood City neighborhoods, so asset selection and operations discipline matter. Neighborhood occupancy is measured at the neighborhood level and sits below the metro median, indicating that effective leasing, renewals, and targeted marketing will be important to stabilize performance relative to peers.
With a neighborhood average construction year around 1981, the 2004 vintage at 2361 University Ave is newer than surrounding stock. That positioning can enhance competitiveness versus older properties, while still warranting capital planning for systems and common-area updates typical of early-2000s construction.
Within a 3-mile radius, WDSuite data indicates population has been broadly stable recently, while households are projected to increase alongside a modest reduction in average household size over the next five years. This shift generally expands the renter pool and supports unit absorption, especially for professionally managed communities. Median incomes in the 3-mile area are high by national standards, and elevated home values in San Mateo County reinforce reliance on multifamily rentals, which can aid pricing power and lease retention. These trends align with investor-focused multifamily property research on Peninsula submarkets.
Tenure patterns show a meaningful share of housing units are renter-occupied in the neighborhood context, pointing to a durable base of multifamily demand. Combined with strong amenity access and proximity to job centers, this underpins leasing velocity for well-managed assets, while competition from ownership is tempered by a high-cost ownership market.
Safety conditions should be viewed comparatively and over time. According to WDSuite’s CRE market data, neighborhood violent and property offense indicators benchmark above many U.S. neighborhoods (higher percentiles indicate comparatively safer outcomes), and recent trends show a notable year-over-year improvement in violent offense. Conditions can vary within small areas, so property-level management, lighting, and access control remain important.
Proximity to large tech and corporate campuses helps sustain a sizable renter base seeking commute convenience and professional property management. The following nearby employers anchor demand in this submarket:
- Facebook — technology HQ (0.98 miles) — HQ
- Facebook MPK 22GW-36 — technology offices (1.60 miles)
- Hewlett Packard Enterprise — technology HQ (3.84 miles) — HQ
- HP — technology HQ (3.84 miles) — HQ
- Alphabet — technology HQ (4.55 miles) — HQ
2361 University Ave offers 32 units averaging roughly 1,055 square feet, giving it a competitive unit mix for Peninsula renters who value space and access to major job centers. Built in 2004, the asset is newer than much of the surrounding stock, which can support leasing and rent positioning versus older vintage properties while still benefiting from targeted modernization. Elevated home values in the neighborhood context reinforce reliance on rentals, and according to CRE market data from WDSuite, the area’s amenity access and proximity to large employers support renter demand and occupancy stability over time.
Neighborhood-level occupancy trends sit below the metro median, which underscores the importance of hands-on operations, renewals, and marketing. Within a 3-mile radius, households are projected to increase and average household size to decline, which typically expands the renter pool and supports absorption. Combined with a deep employment base, these dynamics present a steady, operations-led thesis with potential value-add upside from selective interior and common-area improvements.
- Newer 2004 vintage versus nearby stock supports competitive positioning
- Large average unit sizes (~1,055 SF) align with Peninsula renter preferences
- High-cost ownership environment sustains multifamily demand and pricing power
- Strong amenity access and proximity to major employers bolster leasing and retention
- Risk: neighborhood occupancy below metro median requires disciplined operations and renewal strategy