| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 82nd | Best |
| Demographics | 77th | Best |
| Amenities | 39th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 118 Warwick Dr, Benicia, CA, 94510, US |
| Region / Metro | Benicia |
| Year of Construction | 1972 |
| Units | 44 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
118 Warwick Dr Benicia Multifamily Value-Add Opportunity
Neighborhood occupancy sits at 97.4%, and elevated ownership costs sustain renter demand, according to WDSuite’s CRE market data. Investors can underwrite stable tenancy with room for operational upside at a 1972-vintage, 44-unit asset.
Benicia’s suburban setting offers family-oriented livability with convenient access to parks and everyday services. Park access ranks competitive among Vallejo neighborhoods (rank 24 of 98; top quartile nationally), and grocery coverage is above the metro median, while cafes and restaurants are limited locally—residents often draw on nearby nodes for dining variety.
For investors, neighborhood occupancy of 97.4% (above the metro median and in a high national percentile) points to durable leasing conditions. Median contract rents in the neighborhood have been strong over the last five years, reinforcing pricing power, but the rent-to-income ratio near 0.30 suggests some affordability pressure that calls for careful lease management and renewal strategies.
Construction in the immediate area skews slightly newer on average (1981), while the subject’s 1972 vintage implies near- to medium-term capital planning and potential value-add through interior updates, building systems, and curb appeal to stay competitive against younger stock.
About one‑third of neighborhood housing units are renter‑occupied, indicating a meaningful, though not dominant, renter concentration that supports a stable tenant base. Within a 3‑mile radius, population has been roughly flat to slightly down, but households are projected to increase through the forecast period, which can expand the renter pool and support occupancy. Household incomes in the 3‑mile area are high and rising, which can underpin collections and support quality retention, while elevated home values locally indicate a high‑cost ownership market that tends to reinforce reliance on multifamily housing.
Safety trends are mixed in a way investors should contextualize. Relative to the Vallejo metro, the neighborhood’s crime rank (3 of 98, where a lower rank indicates more crime) suggests it sits closer to the higher end locally. However, national percentiles for both violent and property offenses are in favorable ranges (around the upper quartiles nationwide), and recent year‑over‑year readings show meaningful declines, according to WDSuite.
Practically, this points to underwriting that recognizes metro‑relative exposure while acknowledging improving momentum and solid national positioning. Monitoring property‑level security measures and staying engaged with local policing initiatives can help sustain leasing stability.
Proximity to East Bay and San Francisco employment hubs supports commuter demand from major corporate offices, including Clorox, Salesforce, Gap, PG&E, and Wells Fargo—drivers of steady renter interest given access to professional and tech employment.
- Clorox — consumer products (19.0 miles) — HQ
- Salesforce.com — software (22.6 miles) — HQ
- Aig — financial services (22.7 miles)
- Gap — apparel retail (22.7 miles) — HQ
- Charles Schwab — brokerage & financial services (22.7 miles) — HQ
- PG&E Corp. — utilities (22.8 miles) — HQ
- Wells Fargo — banking (22.9 miles) — HQ
- Pfizer — pharmaceuticals (23.0 miles)
118 Warwick Dr offers a straightforward value‑add thesis in a high‑occupancy suburban pocket of Benicia. According to CRE market data from WDSuite, neighborhood occupancy is 97.4% and renter demand benefits from a high‑cost ownership landscape, while incomes in the 3‑mile area trend higher—factors that can support collections and renewal performance. The 1972 vintage signals actionable opportunities to modernize interiors and systems to compete against slightly newer stock in the submarket.
Demographic patterns within 3 miles show stable-to-soft population but an expected increase in household counts, indicating a larger tenant base over time. Amenities skew toward parks, childcare, and grocery needs; limited local dining depth can be offset by regional access. Underwriting should balance strong occupancy and income fundamentals with affordability pressures (rent-to-income near 0.30) and metro‑relative safety positioning.
- High neighborhood occupancy supports leasing stability and retention
- Elevated ownership costs reinforce multifamily demand and pricing power
- 1972 vintage presents clear value‑add and capex planning opportunities
- 3‑mile incomes trending higher with households projected to increase, expanding the renter pool
- Risks: affordability pressure (rent‑to‑income ~0.30), metro‑relative safety rank, and limited local dining options