| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 88th | Best |
| Demographics | 91st | Best |
| Amenities | 63rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 840 Meridian Way, San Jose, CA, 95126, US |
| Region / Metro | San Jose |
| Year of Construction | 1979 |
| Units | 112 |
| Transaction Date | 2007-11-28 |
| Transaction Price | $22,375,000 |
| Buyer | Granite SR Hidden Willows LLC |
| Seller | Hidden Willows LP |
850 Meridian Way, San Jose Multifamily Opportunity
High renter concentration in an Urban Core setting and a high-cost ownership landscape point to durable renter demand, according to WDSuite s CRE market data. Investors should focus on occupancy stability and tenant retention supported by strong neighborhood incomes and proximity to major employers.
Located in San Jose s Urban Core, the neighborhood ranks 31 out of 344 metro neighborhoods, indicating performance competitive among San Jose Sunnyvale Santa Clara submarkets. NOI per unit trends score in the top quartile nationally, reinforcing income potential relative to comparable neighborhoods, based on CRE market data from WDSuite.
Livability supports leasing: restaurants are dense (nationally strong), and grocery and pharmacy access test well above most U.S. neighborhoods, while cafés and park access are comparatively thinner. The ownership market is high cost by national standards, which tends to sustain renter reliance on multifamily housing and can support pricing power when managed against retention risk.
Vintage matters here. The property s 1979 construction is older than the neighborhood s average vintage (1996), suggesting investors should plan for capital improvements or a value-add program to remain competitive against newer stock. Unit mix efficiency is supported by larger average unit sizes in this submarket context.
Tenure and demographics point to depth of demand. Within the neighborhood, an estimated high share of housing units are renter-occupied (about three-quarters), indicating a sizable tenant base. Within a 3-mile radius, households have grown while average household size has decreased, and WDSuite s 5-year outlook points to further household growth with rising incomes renter pool expansion that can support occupancy stability and leasing velocity.
Affordability aligns with retention. Neighborhood rent-to-income levels are manageable relative to local incomes, and elevated home values in Santa Clara County reduce near-term competition from ownership, which can aid lease renewal rates in professionally managed assets.
Safety signals are mixed in a metro context. The neighborhood sits around the national midpoint overall, while metro ranks indicate some areas of higher reported crime relative to other San Jose Sunnyvale Santa Clara neighborhoods (130 out of 344). Year-over-year trends from WDSuite show substantial declines in both violent and property offense estimates, indicating recent improvement.
For investors, the takeaway is operational: emphasize lighting, access controls, and community engagement to support resident confidence and retention, while monitoring neighborhood trends that have recently moved in a positive direction.
Proximity to major tech employers underpins workforce housing demand and commute convenience for renters, including eBay, Adobe, PayPal, Netflix, and Nvidia.
- eBay technology HQ and offices (1.4 miles) HQ
- Adobe Systems software (1.6 miles)
- Paypal Holdings fintech (4.5 miles) HQ
- Netflix streaming/media (4.6 miles) HQ
- Nvidia semiconductors (5.1 miles) HQ
This 112-unit asset at 850 Meridian Way benefits from a deep renter base in an Urban Core neighborhood that is competitive among 344 metro neighborhoods and shows top-quartile national income performance per NOI benchmarks. Elevated ownership costs in the area support sustained multifamily demand, while rent-to-income dynamics indicate room to manage retention and pricing through thoughtful renewals and amenity positioning. According to CRE market data from WDSuite, neighborhood renter concentration is high and household growth within a 3-mile radius is projected to expand the tenant base.
The 1979 vintage suggests value-add potential through targeted renovations and systems upgrades to compete with the area s newer stock. Employer proximity across tech and creative sectors further anchors demand, with commute-friendly access supporting leasing stability over a full cycle.
- Deep renter-occupied base and high-income neighborhood support occupancy stability
- High-cost ownership market reinforces reliance on multifamily housing and renewal potential
- 1979 vintage offers clear value-add and modernization upside versus newer competitive set
- Proximity to major tech employers underpins steady leasing and retention
- Risks: older systems capex, selective amenity gaps (parks/cafés), and safety that warrants ongoing monitoring