| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 77th | Fair |
| Demographics | 88th | Best |
| Amenities | 97th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 651 University Ave, Palo Alto, CA, 94301, US |
| Region / Metro | Palo Alto |
| Year of Construction | 1978 |
| Units | 100 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
651 University Ave Palo Alto Multifamily Opportunity
Downtown Palo Alto’s high renter-occupied share and elevated ownership costs point to durable apartment demand at the neighborhood level, according to WDSuite’s CRE market data. For investors, the depth of the local tenant base and proximity to major tech employers support leasing velocity, while careful pricing and renewal management remain important.
Situated in Palo Alto’s Urban Core, the neighborhood posts an A+ rating and ranks 5th out of 344 metro neighborhoods, reflecting strong fundamentals for multifamily. Amenity access is a standout — dining and cafe density ranks among the top 5 of 344 locally and sits in the top quartile nationally — supporting renter convenience and retention.
Local housing operates in a high-cost ownership market, with home values ranking near the top of the nation. For multifamily owners, this typically sustains reliance on rentals and supports pricing power, though it also calls for attentive lease management where rent-to-income ratios trend higher than many U.S. neighborhoods. The neighborhood’s renter-occupied share is elevated relative to the metro, indicating a sizable tenant pool for stabilized assets and value-add plays.
Demographic statistics aggregated within a 3-mile radius indicate modest population growth and a larger household base through the next five years, signaling a steady or expanding renter pool that can support occupancy over a hold period. Household incomes in the 3-mile radius skew toward higher brackets, which can underpin demand for professionally managed units near jobs and amenities.
The asset’s 1978 vintage is newer than the neighborhood’s average construction year of 1967. That positioning can be competitive against older stock, while still leaving room for targeted modernization of building systems and interiors to capture renovation upside and enhance rentability in a supply-constrained, amenity-rich setting.
Relative to the San Jose–Sunnyvale–Santa Clara metro, the neighborhood’s safety standing is below the metro average (crime rank positioned in the lower tier among 344 neighborhoods). Nationally, safety percentiles indicate weaker comparative performance; however, recent trends show year-over-year improvement in violent incidents even as property-related offenses remain elevated. For investors, this mix suggests underwriting assumptions should account for enhanced security features and operational diligence while noting improving violent-crime momentum.
The area draws from a deep employment base anchored by leading technology and professional services firms, supporting renter demand through short commute times and strong income levels. Nearby employers include Facebook, Hewlett Packard Enterprise, Robert Half, Tesla, and Alphabet.
- Facebook — social media (2.2 miles) — HQ
- Hewlett Packard Enterprise — enterprise IT (2.6 miles) — HQ
- Robert Half International — staffing services (3.7 miles) — HQ
- Tesla — electric vehicles (3.9 miles) — HQ
- Alphabet — technology (4.5 miles) — HQ
651 University Ave combines scale (100 units) with rare Urban Core positioning in Palo Alto. Amenity richness and proximity to top-tier employers reinforce renter demand, while the high-cost ownership landscape tends to sustain reliance on professionally managed apartments. Based on CRE market data from WDSuite, the neighborhood’s renter concentration is high, supporting depth of the tenant base and potential pricing leverage, though local occupancy softness warrants conservative underwriting.
The 1978 vintage is newer than the neighborhood average and presents clear value-add and systems-modernization pathways. Strong household incomes within a 3-mile radius and forecast growth in households point to a steady or expanding renter pool near jobs, transit, and services — favorable for retention and renewal strategies when paired with thoughtful affordability and amenity positioning.
- Urban Core location with top-tier amenities and employer access supports leasing velocity
- High renter-occupied share indicates deep tenant base and potential pricing power
- 1978 vintage offers targeted renovation and systems upgrades for value creation
- Strong incomes within 3 miles and modest population growth support demand durability
- Risks: below-metro safety standing and neighborhood occupancy softness require prudent underwriting and active management