| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 71st | Fair |
| Demographics | 85th | Best |
| Amenities | 11th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6070 Old Redwood Hwy, Penngrove, CA, 94951, US |
| Region / Metro | Penngrove |
| Year of Construction | 1975 |
| Units | 37 |
| Transaction Date | 2006-07-01 |
| Transaction Price | $2,125,000 |
| Buyer | Joel & Julie Westle |
| Seller | Harold & Joan Valceshini |
6070 Old Redwood Hwy Penngrove Multifamily Investment
Neighborhood data points to steady renter demand supported by high-cost home ownership and above-median occupancy for the area, according to WDSuite’s CRE market data. Metrics cited refer to the surrounding neighborhood, not the property’s in-place performance.
Penngrove sits within the Santa Rosa–Petaluma metro and skews suburban with a C+ neighborhood rating. The area shows above-median occupancy compared with neighborhoods nationwide (neighborhood occupancy sits in the top half nationally), which supports leasing stability for a 37-unit asset. Median contract rents in the neighborhood benchmark high versus the U.S. (around the low-90s national percentile), signaling pricing power but also the need for attentive affordability management to sustain retention.
At 1975, the property’s vintage is newer than the neighborhood’s average construction year of 1963. For investors, that typically means a more competitive baseline versus older stock, while still planning for system modernization and common-area upgrades typical of 1970s assets.
Renter-occupied share at the neighborhood level is roughly one-third of housing units, indicating a defined but not dominant renter base. Within a 3-mile radius, household incomes skew high with a rising median over recent years, and forward-looking projections indicate increases in both households and total population by 2028. That combination points to a larger tenant base and supports demand for rental units, even as smaller average household sizes may shift unit mix preferences toward efficient layouts.
Local amenity density immediately around the neighborhood is limited for groceries, pharmacies, parks, and cafes, while restaurant density is closer to metro norms. Elevated home values in the neighborhood (high-90s national percentile) frame this as a high-cost ownership market; this typically reinforces reliance on multifamily housing and can aid lease retention where management maintains a balanced rent-to-income profile (the neighborhood sits around the lower third nationally for rent-to-income ratios).
Safety indicators benchmark mixed when compared nationally: overall crime metrics sit below the national median for safety (around the low-40s national percentile), with violent offense levels also below-median safety and property offense levels closer to the national middle. Recent trend signals suggest modest improvement in violent incidents year over year, alongside an uptick in property-related incidents; investors should underwrite to disciplined security and lighting standards and monitor recent comparables for trend confirmation.
Regional employment is anchored by distribution and blue-chip corporate offices within commuting range, which supports workforce housing demand and lease retention for Penngrove assets. Key nearby employers include FedEx, Wells Fargo, Salesforce, PG&E, and McKesson.
- FedEx — logistics (16.5 miles)
- Wells Fargo — financial services (37.7 miles) — HQ
- Salesforce.com — software (37.9 miles) — HQ
- PG&E Corp. — utilities (38.0 miles) — HQ
- McKesson — healthcare distribution (38.0 miles) — HQ
This 37-unit 1975-vintage property offers exposure to a high-cost ownership pocket of Sonoma County where neighborhood occupancy trends are above national medians and renter incomes are strong. Elevated neighborhood home values and high national-percentile rents indicate pricing headroom, while a measured rent-to-income profile supports retention. Based on CRE market data from WDSuite, the surrounding 3-mile area shows rising household counts and income growth, pointing to a larger tenant base and sustained demand for well-managed units.
Key underwriting considerations include modernization needs typical of 1970s construction and limited immediate amenity density, offset by regional employment depth and the area’s reliance on multifamily housing. Security planning should account for mixed-but-manageable safety benchmarks, with emphasis on lighting, access controls, and community standards.
- Occupancy and rent levels compare favorably to national medians, supporting income stability
- High-cost ownership market reinforces renter reliance and potential pricing power
- 3-mile outlook shows growth in households and incomes, expanding the tenant base
- 1975 vintage offers value-add through system updates and common-area upgrades
- Risks: mixed safety trends and limited nearby amenities call for active management