| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 78th | Good |
| Demographics | 32nd | Poor |
| Amenities | 26th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 154 Richardson Dr, Vallejo, CA, 94589, US |
| Region / Metro | Vallejo |
| Year of Construction | 1980 |
| Units | 64 |
| Transaction Date | 2019-02-11 |
| Transaction Price | $10,100,000 |
| Buyer | CAP IX VALLEJO II LLC |
| Seller | STRAWBERRY HILL LLC |
154 Richardson Dr, Vallejo Multifamily Positioning
Neighborhood occupancy is steady and renter demand is durable for this inner-suburban pocket of Vallejo, according to WDSuite’s CRE market data, with pricing supported by a high-cost ownership market.
The property sits in an Inner Suburb neighborhood of Vallejo rated C- among 98 metro neighborhoods, where renter demand is supported by a renter-occupied share around the neighborhood level of 53% of housing units. That renter concentration indicates a deeper tenant base and generally supports leasing stability, even as individual asset performance will vary.
Occupancy in the neighborhood is around the national average and below the Vallejo metro median (ranked 79 out of 98), reflecting balanced but competitive leasing conditions. Net operating income per unit is competitive among Vallejo neighborhoods (ranked 3 out of 98) and sits in the top quartile nationally, signaling that comparable assets here have historically supported solid per‑unit performance.
Within a 3‑mile radius, the population and household counts have been expanding and are projected to continue growing over the next five years, which points to a larger tenant base and supports occupancy stability. Rising median incomes in the same radius further reinforce demand, while the area’s elevated home values relative to incomes suggest that many households will continue to rely on multifamily rentals.
Local amenities skew toward restaurants (above many peers in national comparisons), while grocery, park, and pharmacy density is thinner. Investors should consider the impact on resident convenience and transportation needs; however, proximity to broader Bay Area job centers helps offset local amenity gaps.
Safety trends are mixed. Relative to the Vallejo metro, this neighborhood sits below the median on safety (crime rank 83 out of 98 neighborhoods), and compared with neighborhoods nationwide it falls in lower national percentiles, indicating elevated incident rates. Property offenses have eased year over year, which is a constructive sign, but violent offense benchmarks remain weaker than national norms.
For underwriting, this points to prudent assumptions on security, insurance, and tenant retention initiatives. Monitoring trajectory rather than any single data point is advisable, as recent declines in property offenses could continue, but conditions still warrant active management.
Regional employers within commuting range broaden the renter pool and support lease retention, particularly for households tied to consumer goods, technology, and financial services roles. Nearby anchors include Clorox, Salesforce, Ameriprise Financial, AIG, and Gap.
- Clorox — consumer goods HQ (22.5 miles) — HQ
- Salesforce.com — software & cloud HQ (24.5 miles) — HQ
- AIG — insurance (24.6 miles)
- Ameriprise Financial — financial services (24.6 miles)
- Gap — apparel retail HQ (24.6 miles) — HQ
This 64‑unit, 1980‑vintage asset is slightly newer than the neighborhood’s average stock, offering competitive positioning versus older properties while still presenting potential modernization opportunities to drive rent and retention. Based on commercial real estate analysis from WDSuite, the surrounding neighborhood shows balanced occupancy, a deep renter pool, and NOI per unit performance that ranks among the strongest in the metro, underpinning a case for durable income with targeted value‑add.
Within a 3‑mile radius, population and households are growing and are projected to expand further, signaling renter pool expansion that can support leasing. Elevated ownership costs in the area tend to reinforce reliance on rental housing, though a relatively high rent‑to‑income ratio at the neighborhood level suggests careful lease management to mitigate affordability pressure. Local safety benchmarks trail metro and national norms, so proactive security and insurance planning should be part of the strategy.
- Slightly newer 1980 vintage offers competitive positioning with room for targeted upgrades
- Renter concentration at the neighborhood level supports demand depth and occupancy stability
- Top‑quartile national NOI per unit signals historically strong per‑unit performance in this area
- 3‑mile population and household growth expands the tenant base and supports leasing
- Risks: affordability pressure (higher rent‑to‑income at the neighborhood level), thinner nearby amenities, and below‑median safety within the metro