| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 77th | Fair |
| Demographics | 88th | Best |
| Amenities | 97th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 253 Hawthorne Ave, Palo Alto, CA, 94301, US |
| Region / Metro | Palo Alto |
| Year of Construction | 1972 |
| Units | 96 |
| Transaction Date | 1997-11-19 |
| Transaction Price | $8,200,000 |
| Buyer | SCHNEIDER PROPERTIES LP |
| Seller | SCHNEIDER SCHNEIDER DOROTHY E DOROTHY E |
253 Hawthorne Ave Palo Alto Multifamily Investment
This 96-unit property sits in a neighborhood ranking 5th among 344 metro neighborhoods with premium amenities and NOI averaging $19,415 per unit. Commercial real estate analysis from WDSuite shows strong fundamentals despite occupancy pressures requiring active management attention.
The property occupies a premium Palo Alto location within the top 5 neighborhoods in the San Jose-Sunnyvale-Santa Clara metro area, earning an A+ rating with exceptional amenity density. The neighborhood ranks in the 97th national percentile for amenities, featuring 8.2 cafes per square mile, 4.1 grocery stores per square mile, and 53 restaurants per square mile—all supporting strong tenant retention through walkable convenience.
Built in 1972, this property represents typical neighborhood vintage where construction averages 1967, positioning it for potential value-add opportunities through strategic capital improvements. The area maintains 66.7% renter-occupied housing units, ranking 29th among 344 metro neighborhoods and indicating sustained rental demand from a stable tenant pool.
Demographics within a 3-mile radius show 124,522 residents with median household income of $172,258, though rent-to-income ratios at 0.31 rank in the bottom quartile nationally, suggesting affordability pressures that require careful lease management. Current neighborhood occupancy of 81.4% has declined 6.5% over five years, reflecting broader market softening that demands proactive leasing strategies.
Forward-looking projections indicate household growth of 32.6% by 2028 alongside median rent increases to $3,340, supporting long-term rental demand despite near-term occupancy challenges. Home values averaging $1.6 million reinforce rental housing demand as ownership costs remain elevated for most area workers.
Property crime rates rank 316th among 344 metro neighborhoods with an estimated 11,643 incidents per 100,000 residents, placing the area in the bottom quartile for property crime. However, violent crime shows more favorable trends with rates declining 15.2% year-over-year, indicating improving safety conditions that support tenant retention.
The neighborhood's overall crime ranking of 277th among 344 metro areas reflects mixed safety dynamics requiring investor awareness, though the declining violent crime trend suggests stabilizing conditions that may benefit long-term occupancy patterns.
The property benefits from proximity to major technology employers that anchor Silicon Valley's workforce housing demand, with Facebook, HP, and Tesla headquarters all within commuting distance.
- Facebook MPK 22GW-36 — technology offices (2.2 miles)
- Facebook — technology headquarters (2.5 miles) — HQ
- HP — technology headquarters (2.6 miles) — HQ
- Hewlett Packard Enterprise — technology headquarters (2.6 miles) — HQ
- Tesla — automotive technology headquarters (3.8 miles) — HQ
This 96-unit Palo Alto property offers exposure to Silicon Valley's premium rental market with NOI averaging $19,415 per unit, ranking 14th among 344 metro neighborhoods. The 1972 construction year presents value-add opportunities through strategic renovations while benefiting from proximity to major technology employers including Facebook and Tesla headquarters. CRE market data from WDSuite indicates household growth of 32.6% projected through 2028, supporting long-term rental demand despite current occupancy pressures requiring active management.
The neighborhood's A+ rating reflects exceptional amenity density and demographic strength, with median household incomes of $172,258 within a 3-mile radius. However, rent-to-income ratios in the bottom quartile nationally and declining occupancy trends demand careful lease management and potential concession strategies to maintain competitive positioning in this premium market.
- Premium Silicon Valley location with top 5 neighborhood ranking and A+ rating
- Strong NOI performance at $19,415 per unit, ranking 14th among 344 metro neighborhoods
- Value-add potential through 1972 vintage renovation opportunities
- Projected household growth of 32.6% supporting long-term rental demand
- Risk: Occupancy decline and affordability pressures require active lease management