| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 82nd | Good |
| Demographics | 87th | Best |
| Amenities | 92nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 488 W Charleston Rd, Palo Alto, CA, 94306, US |
| Region / Metro | Palo Alto |
| Year of Construction | 2011 |
| Units | 35 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
488 W Charleston Rd Palo Alto Multifamily Investment
Renter demand is reinforced by a high-cost ownership market and strong local incomes, according to WDSuite s CRE market data. Newer construction at this address supports competitive positioning versus older neighborhood stock.
Located in Palo Alto within the San Jose Sunnyvale Santa Clara metro, the neighborhood scores A+ and ranks 6 out of 344 metro neighborhoods overall, placing it competitive among San Jose Sunnyvale Santa Clara neighborhoods. Amenity access is a strength: parks and childcare density rank 13 out of 344 and cafes/restaurants rank 47 and 54 out of 344, respectively, with national amenity percentiles in the 92 99 range. This concentration translates into daily convenience that can support resident retention.
The neighborhood s renter-occupied share is 61.6% (renter concentration), which indicates depth in the tenant base for multifamily. Neighborhood occupancy is reported at 90.8% and sits below the metro median by rank (297 of 344), suggesting leasing execution and pricing discipline remain important for stability. Elevated home values (median near the top of national distributions) typically sustain reliance on multifamily rentals and support pricing power over time.
Within a 3-mile radius, demographics show a high-income profile and steady population growth in recent years, with WDSuite data pointing to further household expansion over the next five years. Forecast growth in households and continued strength at the top end of the income distribution imply a larger tenant base and support for occupancy and rent levels.
Rent-to-income metrics for the neighborhood are manageable relative to local earnings (rent-to-income around one-fifth), which can aid lease retention even as advertised rents trend high for the metro. Median contract rents have risen over the past five years and are projected to advance further, supporting a measured revenue outlook for prudent operators engaged in multifamily property research.
Safety indicators for the neighborhood compare below national averages overall (around the 34th percentile nationally), with property crime levels comparatively elevated. At the same time, violent incidents show a recent year-over-year decrease, according to CRE market data from WDSuite. Investors should underwrite appropriate security measures and resident communication while noting the improving violent crime trend.
Proximity to large corporate campuses underpins commuter convenience and multifamily demand, with major technology and aerospace employers nearby: HP, Hewlett Packard Enterprise, Tesla, Alphabet, and Symantec.
- HP corporate offices (1.28 miles) HQ
- Hewlett Packard Enterprise corporate offices (1.28 miles) HQ
- Tesla automotive & energy tech (1.91 miles) HQ
- Alphabet technology (2.23 miles) HQ
- Symantec cybersecurity (3.86 miles) HQ
Built in 2011, the 35-unit property is newer than the neighborhood s average vintage, which can enhance competitive positioning versus older stock while still leaving room for periodic system updates and selective modernization. The local ownership market is high-cost by national standards, and neighborhood renter concentration (renter-occupied share) supports depth of demand for multifamily units.
Neighborhood occupancy trends are mid-pack by metro rank, but the 3-mile radius shows continued population growth and a sizable high-income workforce, pointing to a durable tenant base and leasing stability. According to CRE market data from WDSuite, rents have moved up over the last five years and are projected to rise further, suggesting a measured revenue trajectory for disciplined operators.
- Newer 2011 vintage versus local average supports competitiveness, with targeted capex for modernization as needed
- High-cost ownership market reinforces reliance on rentals and supports pricing power
- Strong nearby employment nodes (HP, HPE, Tesla, Alphabet) underpin renter demand and retention
- Forecast household growth within 3 miles expands the tenant base, supporting occupancy stability
- Risks: mid-tier neighborhood occupancy by metro rank and below-average safety readings warrant disciplined leasing and property management