| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 84th | Best |
| Demographics | 32nd | Poor |
| Amenities | 59th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 7680 Monterey St, Gilroy, CA, 95020, US |
| Region / Metro | Gilroy |
| Year of Construction | 2008 |
| Units | 22 |
| Transaction Date | 2012-02-23 |
| Transaction Price | $3,300,000 |
| Buyer | SOMARK LP |
| Seller | SANTA BARBARA BANK & TRUST NATIONAL ASSO |
7680 Monterey St Gilroy 22-Unit Multifamily
Neighborhood occupancy is consistently high, supporting durable rent rolls for well-managed assets, according to WDSuite’s CRE market data. Strong local incomes and a high-cost ownership market point to sustained renter demand rather than transient lease-up spikes.
Located in Gilroy within the San Jose–Sunnyvale–Santa Clara metro, the property sits in an Inner Suburb neighborhood rated C+ that trends above the metro median for occupancy and in the top quartile nationally for stabilized occupancy. These are neighborhood metrics, not property performance, but they indicate supportive demand for multifamily with relatively steady leasing conditions.
2008 construction places this asset newer than the neighborhood’s average vintage (1977). That relative youth typically improves competitive positioning versus older stock while still leaving room for targeted modernization or systems updates as part of a value-add plan.
The renter-occupied share of housing units in the neighborhood is comparatively high, suggesting depth in the tenant base and support for leasing continuity. Within a 3-mile radius, population and household counts have grown over the last five years and are projected to continue expanding, which points to a larger tenant pool and potential support for occupancy stability ahead. Median household incomes in the 3-mile area have risen meaningfully, reinforcing ability to pay and potential for rent growth management rather than reliance on concessions.
Amenities are mixed: grocery access is a clear strength (near the top nationally), and restaurants are plentiful, while cafes and pharmacies are relatively sparse. Average school ratings in the neighborhood are below national medians; investors should calibrate unit-mix and marketing to demand drivers less dependent on school quality.
Home values in the neighborhood rank high nationally, reflecting a high-cost ownership market that tends to reinforce renter reliance on multifamily housing. Rent-to-income ratios trend on the lower side relative to many coastal submarkets, which can aid lease retention and reduce turnover risk when paired with disciplined revenue management and thoughtful renewal strategies during commercial real estate analysis.
Neighborhood safety indicators track below both national medians and metro comparables (ranked 290 out of 344 metro neighborhoods), signaling relatively higher crime exposure than many parts of the region. Nationally, the neighborhood aligns with lower safety percentiles, so investors should underwrite appropriate security, lighting, and property management protocols and confirm trends at the submarket level.
Year-over-year estimates indicate recent increases in both property and violent offenses. While these are area-wide indicators rather than block-level measures, a conservative pro forma should reflect prudent operating expenses and potential resident-experience investments to support retention and reputation.
Proximity to key Silicon Valley employers supports commuter demand and retention for workforce and professional renters, including IBM, Netflix, eBay, Adobe, and PayPal. These hubs collectively expand the feasible renter pool for residents balancing price and commute convenience.
- IBM Silicon Valley Lab — software R&D (16.1 miles)
- Netflix — streaming & media (27.6 miles) — HQ
- eBay — e-commerce (27.8 miles) — HQ
- Adobe Systems — software (28.4 miles)
- PayPal Holdings — digital payments (31.8 miles) — HQ
This 22-unit, 2008-vintage asset offers a favorable position versus older neighborhood stock while benefiting from neighborhood occupancy that trends above the metro median and in the top quartile nationally. Based on CRE market data from WDSuite, the surrounding area’s high-cost ownership landscape and increasing 3-mile household counts point to a durable renter base that can support steady leasing and measured pricing power.
Amenity access is anchored by strong grocery and dining options, and proximity to major Silicon Valley employers broadens the commuter-driven tenant pool. Investors should, however, account for below-median neighborhood school ratings and safety metrics in operations and underwriting, emphasizing resident experience, lighting/security, and thoughtful unit positioning to sustain retention.
- 2008 construction offers competitive positioning versus older neighborhood stock with selective modernization potential
- Neighborhood occupancy above metro median supports leasing stability and reduces concession risk
- High-cost ownership market reinforces multifamily demand and aids renewal retention
- Expanding 3-mile household base and access to major employers broaden the tenant pool
- Risks: below-median neighborhood safety and school ratings warrant prudent operations and capex for resident experience