| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 72nd | Fair |
| Demographics | 66th | Fair |
| Amenities | 76th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1301 Prentice Dr, Healdsburg, CA, 95448, US |
| Region / Metro | Healdsburg |
| Year of Construction | 1974 |
| Units | 21 |
| Transaction Date | 2011-07-17 |
| Transaction Price | $7,950,000 |
| Buyer | DRAKE OPPORTUNITY FUND I LP |
| Seller | EGC PROPERTIES LLC |
1301 Prentice Dr Healdsburg Multifamily Investment
This 21-unit property built in 1974 sits in a top-tier Healdsburg neighborhood where median rents have climbed 34% over five years and household incomes are forecast to grow another 23% through 2028, according to CRE market data from WDSuite.
1301 Prentice Dr is located in a suburban Healdsburg neighborhood rated A-grade, ranking 14th among 138 neighborhoods in the Santa Rosa-Petaluma metro. Aggregated within a 3-mile radius, the area's median household income stands at $98,934 and is projected to reach $121,623 by 2028—a 23% increase that supports continued rental demand. Mean household income has already surged 63% over the past five years, reflecting robust economic expansion. Renter-occupied units account for approximately 41% of housing tenure, a concentration that ranks in the 88th percentile nationally and signals a deep, established tenant base for multifamily operators.
The neighborhood's housing fundamentals are equally compelling. Median home values exceed $1.1 million—98th percentile nationwide—and have appreciated nearly 60% in five years, sustaining strong rental demand as elevated ownership costs limit accessibility to ownership. Median contract rent has risen 34% to $1,988 over the same period, ranking in the 86th percentile nationally, yet the rent-to-income ratio remains moderate at 0.20, indicating room for disciplined rent growth without affordability pressure that would threaten retention. Neighborhood-level occupancy stands at 86.5%, slightly below metro norms, but household counts have grown 3% recently and are forecast to expand another 15% through 2028, supporting lease-up velocity and renewal rates.
The property was built in 1974, slightly older than the neighborhood's 1965 average construction year. This vintage presents value-add and renovation upside for investors willing to invest capital in unit interiors, building systems, or common-area enhancements to capture higher rents in a market where modernized stock commands a premium. Amenity density is exceptional: the neighborhood ranks in the 92nd percentile nationally for grocery stores per square mile (3.70), 93rd for childcare facilities (2.22), 90th for pharmacies (1.48), and 99th for restaurants (59.92), all of which enhance tenant appeal and retention. Schools average a 4.0 rating out of 5, placing the area in the 84th percentile nationally and reinforcing family-oriented demand.
Forward-looking demographic trends further validate multifamily investment. The 3-mile population is expected to contract modestly by 3.6% to 12,309 by 2028, but household formation is forecast to grow 15.4%, reflecting smaller household sizes and continued renter pool expansion. The share of households earning over $150,000 annually is projected to climb from 31% to 37%, strengthening the tenant base's ability to absorb rent growth. Combined with the neighborhood's strong amenity access, high home values that reinforce reliance on rental housing, and above-average renter concentration, the fundamentals support stable occupancy and disciplined lease management in the years ahead.
Crime data for the neighborhood shows mixed signals that warrant context. The property offense rate is estimated at 1,039 incidents per 100,000 residents over the past year, ranking 128th among 138 Santa Rosa-Petaluma neighborhoods—placing it in the 22nd percentile nationally. However, property crime has declined sharply, down 53% year-over-year, a trend that ranks in the 89th percentile nationally for improvement. Violent crime stands at an estimated 73 incidents per 100,000 residents, ranking 123rd in the metro (36th percentile nationally), but has also fallen 51% over the past year, a reduction that ranks in the 86th percentile for improvement nationwide.
While absolute crime levels remain above metro and national medians, the sharp one-year declines in both property and violent offenses suggest improving public safety conditions that may support tenant retention and lease-up over time. Investors should monitor these trends closely and consider how evolving safety perceptions influence marketing, tenant screening, and property management strategies in this otherwise high-amenity, high-income neighborhood.
The broader Healdsburg employment base includes corporate offices within commuting distance, supporting workforce housing demand. One notable anchor is:
- FedEx — logistics & corporate offices (8.6 miles) — HQ
1301 Prentice Dr offers a value-add opportunity in a top-quartile Healdsburg neighborhood where strong income growth, elevated home values, and a concentrated renter base underpin multifamily demand. Built in 1974, the property is positioned for capital investment and modernization that can capture rising rents—median contract rents have increased 34% to $1,988 over five years and are forecast to climb another 34% to $2,671 by 2028. Household income growth of 23% through 2028, combined with a 15% expansion in household counts, supports a larger and more affluent tenant pool. The neighborhood ranks in the 88th percentile nationally for renter-occupied housing share and boasts exceptional amenity density, including top-decile access to grocers, childcare, and restaurants, all of which enhance tenant retention.
According to multifamily property research from WDSuite, the neighborhood's A-grade rating reflects strong housing, demographics, and amenity fundamentals, though crime levels and neighborhood-level occupancy (86.5%) introduce lease management considerations. Elevated home values—98th percentile nationwide—sustain rental demand by limiting ownership accessibility, while the moderate rent-to-income ratio (0.20) provides pricing power without affordability pressure. The property's vintage and current configuration present capital planning needs, but also upside potential for investors prepared to reposition the asset in a high-growth, high-income submarket.
- Median household income forecast to grow 23% to $121,623 by 2028, expanding tenant affordability
- Rents projected to rise 34% to $2,671, with moderate rent-to-income ratio supporting pricing power
- High home values (98th percentile nationally) reinforce renter reliance on multifamily housing
- 1974 vintage presents value-add and renovation upside to capture premium rents in a modernizing market
- Crime levels above metro medians and neighborhood occupancy of 86.5% require active lease management and tenant screening