| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Fair |
| Demographics | 49th | Fair |
| Amenities | 43rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 301 Fairgrounds Dr, Vallejo, CA, 94589, US |
| Region / Metro | Vallejo |
| Year of Construction | 1974 |
| Units | 54 |
| Transaction Date | 2008-03-06 |
| Transaction Price | $75,000 |
| Buyer | VP FAIRGROUNDS LP |
| Seller | RIDGE TOWN HOMES LLC |
301 Fairgrounds Dr Vallejo Multifamily Investment
This 54-unit property benefits from strong neighborhood-level occupancy trends at 98%, well above metro averages according to WDSuite's CRE market data. The location offers proximity to major Bay Area employers while maintaining affordability relative to regional rental markets.
The Vallejo neighborhood ranks in the top quartile among 98 metro neighborhoods for occupancy stability, with neighborhood-level occupancy at 98% and substantial growth over the past five years. The area maintains a balanced tenure profile with 28.5% of housing units being renter-occupied, providing a solid foundation for multifamily demand. Median contract rents of $1,669 position the neighborhood competitively within the broader Bay Area market while remaining accessible to a diverse tenant base.
Demographics within a 3-mile radius show a population of approximately 108,400 with steady growth of 3.7% over five years, supporting rental demand stability. Household formation has increased 5.1% during the same period, with median household income reaching $86,428. The area's renter concentration of 43.2% within the 3-mile radius reinforces the depth of the multifamily tenant pool, while projected household growth of 34.7% through 2028 suggests continued expansion of the renter base.
Built in 1974, this property aligns with the neighborhood's average construction year of 1968, indicating consistent building stock that may present value-add renovation opportunities. Home values averaging $547,071 with 72% appreciation over five years create elevated ownership costs that sustain rental demand and limit competition from homeownership options. The neighborhood provides solid amenity access with above-average grocery store and restaurant density, supporting tenant retention and lease-up velocity.
Safety metrics present mixed signals that warrant consideration in investment analysis. The neighborhood ranks 92nd out of 98 metro neighborhoods for overall crime, placing it in the lower tier locally. Property crime rates show an estimated 1,182 incidents per 100,000 residents with a 12.3% increase over the past year, while violent crime rates have experienced more significant volatility with a substantial year-over-year increase.
These safety trends may impact tenant retention and lease management considerations, though the strong neighborhood occupancy rate of 98% suggests current residents find value in the location despite security concerns. Investors should factor potential security enhancements or property management strategies into their underwriting and capital planning.
The property benefits from proximity to major Bay Area corporate headquarters and offices, providing diverse employment opportunities that support tenant demand and commute convenience for residents.
- Clorox — consumer goods manufacturing (22.4 miles) — HQ
- Salesforce.com — cloud computing and software (24.6 miles) — HQ
- Aig — insurance services (24.7 miles)
- Gap — retail and apparel (24.7 miles) — HQ
- Wells Fargo — financial services (24.8 miles) — HQ
This 54-unit Vallejo property presents a compelling value proposition anchored by exceptional neighborhood occupancy fundamentals and proximity to major Bay Area employment centers. The 98% neighborhood-level occupancy rate ranks in the top quartile among metro neighborhoods, indicating strong tenant retention and absorption dynamics. Elevated Bay Area home values sustain rental demand by limiting ownership accessibility, while the property's 1974 vintage may offer value-add renovation opportunities to capture additional rent growth.
Demographic projections within a 3-mile radius show household growth of 34.7% through 2028, expanding the potential tenant base significantly. According to multifamily property research from WDSuite, median rents of $1,669 provide competitive positioning within the Bay Area market while maintaining affordability for the local income profile. The location offers workforce housing benefits with reasonable commute access to major corporate headquarters including Salesforce, Wells Fargo, and Clorox.
- Exceptional 98% neighborhood occupancy rate ranks top quartile among 98 metro neighborhoods
- Strong demographic fundamentals with 34.7% projected household growth through 2028
- Elevated Bay Area home values sustain rental demand and limit ownership competition
- Value-add potential through 1974 vintage renovation and unit improvements
- Safety metrics rank lower within metro area, requiring enhanced security considerations