| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Good |
| Demographics | 33rd | Poor |
| Amenities | 93rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 635 Spruce St, Redwood City, CA, 94063, US |
| Region / Metro | Redwood City |
| Year of Construction | 1983 |
| Units | 21 |
| Transaction Date | 2003-07-14 |
| Transaction Price | $2,080,000 |
| Buyer | MP REDWOOD COURT ASSOCIATES |
| Seller | REDWOOD COURT ASSOCIATES |
635 Spruce St Redwood City Multifamily Investment
This 21-unit property offers access to a high-rent neighborhood with 93.8% occupancy rates and strong rental demand driven by proximity to major tech employers. According to CRE market data from WDSuite, the area maintains exceptional amenity density and tenant retention fundamentals.
This Redwood City neighborhood ranks in the top quartile nationally for amenities, with exceptional density of restaurants (39.18 per square mile) and grocery stores (12.64 per square mile) that support tenant retention. The area maintains 93.8% occupancy rates with a predominantly rental housing base, where 78.5% of units are renter-occupied—ranking 5th among 193 metro neighborhoods for rental concentration.
Built in 1983, this property aligns with the neighborhood's average construction year of 1957, positioning it among newer stock that may require less immediate capital expenditure than surrounding older inventory. Current median rents of $2,369 reflect strong pricing power, supported by limited new supply and consistent renter demand from the area's employment base.
Demographics within a 3-mile radius show 101,054 residents with a median household income of $156,913, though 36.6% of households earn over $200,000 annually. The forecast indicates household growth of 36.1% through 2028, expanding the potential renter pool. However, the rent-to-income ratio of 0.39 ranks in the bottom 2nd percentile nationally, suggesting affordability pressure that requires careful lease management and retention strategies.
Crime metrics show property offense rates of 1,025 incidents per 100,000 residents, ranking 122nd among 193 metro neighborhoods with a 22nd percentile nationally. However, both property crime (-23.8%) and violent crime (-17.4%) have declined year-over-year, indicating improving trends that may support tenant retention and property values over time.
The property benefits from proximity to major technology and corporate headquarters that drive consistent rental demand from high-income professionals.
- Facebook MPK 22GW-36 — technology offices (2.8 miles)
- Facebook — technology headquarters (3.7 miles) — HQ
- Oracle — enterprise software headquarters (4.1 miles) — HQ
- Robert Half International — staffing services headquarters (4.2 miles) — HQ
- Visa — financial technology headquarters (6.2 miles) — HQ
This 21-unit property capitalizes on Redwood City's exceptional rental fundamentals, with neighborhood occupancy of 93.8% and the highest rental concentration in the metro area. The 1983 construction year positions the asset among newer neighborhood inventory, potentially reducing near-term capital requirements while maintaining competitive positioning. Commercial real estate analysis indicates strong tenant demand driven by proximity to major technology employers within a 6-mile radius.
Demographics within a 3-mile radius project significant household growth of 36.1% through 2028, expanding the renter pool substantially. However, elevated rent-to-income ratios require strategic lease management to balance pricing power with retention. The neighborhood's top-quartile amenity ranking and improving crime trends support long-term tenant appeal and property value stability.
- Neighborhood occupancy of 93.8% with highest rental concentration in metro area
- Proximity to major tech headquarters including Facebook, Oracle, and Visa
- Projected household growth of 36.1% through 2028 expanding tenant base
- Risk consideration: Elevated rent-to-income ratios may limit pricing flexibility