| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 71st | Poor |
| Demographics | 39th | Poor |
| Amenities | 65th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 8000 Monterey Rd, Gilroy, CA, 95020, US |
| Region / Metro | Gilroy |
| Year of Construction | 1982 |
| Units | 84 |
| Transaction Date | 2017-06-15 |
| Transaction Price | $29,200,000 |
| Buyer | LILLY AFFORDABLE COMMUNITIES LP |
| Seller | LILLY HOUSING PARTNERS LP |
8000 Monterey Rd Gilroy Multifamily Investment Opportunity
Neighborhood occupancy near 92% and a renter-occupied share just above half suggest a deep tenant base and stable leasing dynamics, according to WDSuite’s CRE market data. Positioned in Santa Clara County with strong daily-needs access, the asset benefits from steady renter demand in an Urban Core setting.
Situated in Gilroy’s Urban Core within the San Jose–Sunnyvale–Santa Clara metro, the property is surrounded by strong daily-needs coverage. Neighborhood amenities are competitive among 344 metro neighborhoods, with restaurants and grocery options in top national percentiles, supporting resident convenience and lease retention. Limited park and pharmacy presence locally may require residents to rely on nearby submarkets for certain services.
The neighborhood’s renter-occupied share is 51.9% of housing units, indicating a sizable pool of multifamily households and supporting demand depth for stabilized assets. Neighborhood occupancy is 91.9%, which helps anchor expectations around leasing consistency at the submarket level rather than the property level.
The average neighborhood construction year is 1958. With a 1982 vintage, this property is newer than much of the surrounding stock, implying relative competitiveness versus older assets while still warranting targeted system upgrades or modernization over a hold period.
Demographic statistics aggregated within a 3-mile radius show recent population and household growth, with forecasts pointing to additional increases and a larger tenant base over the next five years. Median contract rents in the area have risen over the last five years and are projected to continue growing, while elevated home values in the neighborhood context reinforce sustained reliance on rental housing. Together, these dynamics support occupancy stability and measured pricing power for well-managed multifamily assets.
Safety conditions in the immediate neighborhood trend weaker than many parts of the metro, with the area ranking in the lower tier among 344 San Jose–Sunnyvale–Santa Clara neighborhoods and below the national median percentile. However, estimates indicate year-over-year improvement in violent offenses, showing a reduction pace that ranks in the stronger quartile nationally. Investors should underwrite with appropriate security measures and operating practices while noting improving momentum.
Regional employment anchors across technology and software provide broad-based demand drivers and commute-access appeal for renters in workforce and professional segments. Nearby employers include IBM, Netflix, eBay, Adobe, and PayPal.
- IBM Silicon Valley Lab — technology R&D (15.1 miles)
- Netflix — streaming & media (26.7 miles) — HQ
- eBay — e-commerce (26.8 miles) — HQ
- Adobe Systems — software (27.4 miles)
- PayPal Holdings — digital payments (30.8 miles) — HQ
8000 Monterey Rd offers 84 units built in 1982, positioning it newer than much of the surrounding housing stock and creating potential to outperform older comparables with selective renovations. Neighborhood data points to stable occupancy and a renter-heavy housing mix, while elevated ownership costs in the area reinforce reliance on multifamily rentals. According to CRE market data from WDSuite, the neighborhood’s amenity access and consistent renter demand support steady leasing fundamentals.
Within a 3-mile radius, recent and projected population and household growth indicate a larger tenant base ahead, and rent trends are expected to continue on a measured upward path. These factors, combined with proximity to major Silicon Valley employers, suggest durable demand for well-managed, value-add multifamily strategies—balanced against prudent capital planning and safety-conscious operations.
- 1982 vintage creates value-add and modernization potential versus older neighborhood stock
- Neighborhood occupancy and renter concentration support demand depth and leasing stability
- 3-mile radius shows population and household growth, expanding the local renter pool
- Elevated ownership costs favor sustained multifamily demand and measured pricing power
- Risks: below-median safety metrics and limited nearby parks/pharmacies warrant operating focus and underwriting discipline