| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Good |
| Demographics | 30th | Poor |
| Amenities | 92nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 707 Leahy St, Redwood City, CA, 94061, US |
| Region / Metro | Redwood City |
| Year of Construction | 1973 |
| Units | 110 |
| Transaction Date | 2007-03-01 |
| Transaction Price | $23,000,000 |
| Buyer | AIMCO Leahy Square Apartments |
| Seller | Leahy Square Apartments LLC |
707 Leahy St Redwood City Multifamily Investment
This 110-unit property sits in a neighborhood where median rents rank in the 97th percentile nationally and NOI per unit averages in the top 3% of metro neighborhoods, reflecting strong income fundamentals and renter demand in the San Francisco-San Mateo-Redwood City market according to CRE market data from WDSuite.
707 Leahy St is located in an Urban Core neighborhood within the San Francisco-San Mateo-Redwood City metro that ranks in the top quartile nationally for amenity density (92nd percentile) and NOI per unit performance (97th percentile among 193 metro neighborhoods). Median contract rent in the immediate neighborhood stands at $2,476, placing it in the 97th percentile nationally, with 21% growth over the past five years. The property was built in 1973, older than the neighborhood average of 1963, which may present capital expenditure considerations but also signals potential value-add or renovation upside for investors seeking repositioning opportunities.
The neighborhood's renter-occupied housing unit share is 55.1%, ranking in the 91st percentile nationally and reflecting strong multifamily demand depth. Neighborhood-level occupancy stands at 89.4%, slightly below the metro median, with a modest decline of 7.2 percentage points over five years. This trend warrants careful lease management and competitive positioning, particularly as the metro continues to absorb new supply and adjust to post-pandemic demand patterns.
Within a 3-mile radius, the area serves approximately 109,800 residents with a median household income of $161,857—up 34.9% over five years—and 49.4% of housing units occupied by renters. Forward-looking demographic projections anticipate median household income rising to approximately $205,000 by 2028, an increase that supports pricing power and tenant retention. The high median home value of $1,554,294 (99th percentile nationally) limits accessibility to ownership and sustains rental demand, reinforcing reliance on multifamily housing in this high-cost market.
Amenity access is robust, with 5.08 grocery stores and 17.78 restaurants per square mile (both 96th percentile nationally), alongside strong childcare, pharmacy, and park density. These factors contribute to tenant appeal and retention, particularly among workforce and professional renters. The rent-to-income ratio of 0.30 in the immediate neighborhood (6th percentile nationally) indicates relatively manageable affordability pressure compared to many coastal markets, which may support lease renewal rates and reduce turnover risk.
The neighborhood's crime profile ranks near the metro median (82nd of 193 neighborhoods, 51st percentile nationally), reflecting a moderate safety environment relative to other Bay Area submarkets. Property crime is estimated at 266.8 incidents per 100,000 residents annually, ranking in the 50th percentile nationally, with a 24.1% decline over the past year (67th percentile nationally for improvement). Violent crime stands at an estimated 54.4 incidents per 100,000 residents, ranking in the 41st percentile nationally, with a modest 5.5% increase over the prior year.
These metrics suggest a stable, mid-tier safety environment within the metro context. Investors should view safety as one component of tenant perception and retention, alongside location, amenities, and unit quality. The recent decline in property crime may support positive momentum, though ongoing monitoring of local trends is prudent for long-term asset management and leasing strategy.
The property benefits from proximity to major corporate employers anchoring the Peninsula's technology and professional services corridor, supporting consistent workforce housing demand and commute convenience for renters.
- Facebook MPK 22GW-36 — technology offices (2.8 miles)
- Robert Half International — professional staffing services (3.3 miles) — HQ
- Facebook — technology & social media (3.7 miles) — HQ
- Oracle — enterprise software & cloud services (4.9 miles) — HQ
- Hewlett Packard Enterprise — technology & IT services (5.4 miles) — HQ
707 Leahy St offers investors exposure to one of the nation's strongest multifamily fundamentals: a high-income, renter-sustained market with robust NOI performance and consistent demand drivers. The immediate neighborhood ranks in the 97th percentile nationally for median contract rent and NOI per unit, reflecting pricing power and operational efficiency that few metros can match. Within three miles, median household income has grown 34.9% over five years and is projected to reach approximately $205,000 by 2028, expanding the tenant base and supporting lease retention. Elevated home values—ranking in the 99th percentile nationally—limit ownership accessibility and reinforce renter reliance on multifamily housing, a dynamic that underpins long-term occupancy stability in this market.
The property's 1973 vintage, older than the neighborhood average, presents clear capital planning considerations but also signals value-add potential for investors focused on repositioning and rent optimization. Neighborhood-level occupancy of 89.4% sits slightly below metro medians, highlighting the importance of competitive unit quality and proactive lease management. Proximity to major employers including Facebook, Oracle, and Hewlett Packard Enterprise (all within 5.5 miles) anchors workforce demand, while top-quartile amenity density supports tenant appeal. Multifamily property research from WDSuite confirms that the combination of high rents, strong income growth, and constrained ownership options positions this asset within a durable demand environment, though investors should account for renovation needs and ongoing occupancy competition as the metro absorbs new supply.
- Neighborhood ranks 97th percentile nationally for NOI per unit and median contract rent, reflecting strong operational fundamentals
- Median household income within 3 miles projected to grow 26.6% to $205,000 by 2028, expanding high-income renter pool
- Elevated home values (99th percentile nationally) sustain rental demand and limit ownership competition
- Proximity to Facebook, Oracle, and Hewlett Packard Enterprise headquarters supports workforce housing demand
- 1973 vintage signals capital expenditure needs but offers value-add and repositioning upside for active investors