| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 71st | Fair |
| Demographics | 69th | Good |
| Amenities | 76th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 35 E Washington St, Petaluma, CA, 94952, US |
| Region / Metro | Petaluma |
| Year of Construction | 2005 |
| Units | 81 |
| Transaction Date | 2023-11-17 |
| Transaction Price | $8,271,000 |
| Buyer | DOWNTOWN RIVER TWO LP |
| Seller | DOWNTOWN RIVER ASSOCIATES LP |
35 E Washington St Petaluma Multifamily Investment
In an Inner Suburb setting with strong neighborhood amenities and a high-cost ownership market, renter demand supports stable operations, according to WDSuite’s CRE market data.
The property sits in Petaluma’s Inner Suburb fabric where daily conveniences are concentrated. Neighborhood amenities rank 3rd among 138 metro neighborhoods (top quartile), and restaurant, grocery, and park densities also place in the national 90th-plus percentiles. Childcare access is a standout (ranked 4th of 138; top quartile nationally), which can aid family-oriented renter retention and broaden the tenant base.
Average school ratings in the neighborhood are around the middle of the pack nationally (61st percentile) and rank 13th among 138 locally, suggesting adequate nearby options for households weighing school access against commute and housing costs. For investors, this mix typically supports leasing stability without requiring a luxury-school premium strategy.
Tenure patterns indicate depth for multifamily demand: the neighborhood’s share of housing units that are renter-occupied is in the upper tier locally (77th national percentile). Elevated home values and a high value-to-income ratio point to a high-cost ownership market, which tends to sustain renter reliance on multifamily housing and can support pricing power when paired with effective lease management.
Within a 3-mile radius, recent years show households edging up while population dipped, implying smaller household sizes and demographic shifts rather than new unit construction. Looking ahead, local forecasts point to additional household growth and rising incomes, expanding the pool of qualified renters and supporting occupancy. Median contract rents in the neighborhood have risen meaningfully over five years and are projected to continue climbing, per commercial real estate analysis from WDSuite.
Safety outcomes in the immediate neighborhood track below the national median, and the area ranks 114th out of 138 metro neighborhoods on overall crime, indicating weaker relative standing within the Santa Rosa–Petaluma region. Property offense rates benchmark below the national median as well, while violent offense levels sit closer to the middle of national peers.
Trend signals are mixed but improving at the margin: recent data show a year-over-year decline in violent offenses (stronger than many peers), though property offenses have ticked up. For investors, prudent measures such as lighting, access control, and partnership with local patrol resources can help support resident confidence and retention.
The leasing base benefits from proximity to regional employers spanning logistics, finance, software, and utilities—supporting commuter appeal and diversified renter demand. Notable nearby employers include FedEx, Wells Fargo, Ameriprise Financial, Salesforce, and PG&E Corp.
- FedEx Headquarters — logistics (21.0 miles)
- Wells Fargo — banking (33.2 miles) — HQ
- Ameriprise Financial — financial services (33.2 miles)
- Salesforce.com — software (33.3 miles) — HQ
- PG&E Corp. — utilities (33.5 miles) — HQ
Built in 2005, this 81-unit asset offers relatively newer vintage versus the area’s older housing stock, providing competitive positioning while leaving room for targeted modernization of interiors and common areas. Neighborhood occupancy trends sit in the low 90s, and elevated ownership costs in Petaluma support renter demand and lease retention. According to CRE market data from WDSuite, amenity access is top-tier locally, and the share of renter-occupied housing units indicates a meaningful tenant base.
Within a 3-mile radius, households have increased even as population edged lower, pointing to smaller household sizes and a steady inflow of potential renters. Rents have risen over the past five years and are projected to grow further, while rent-to-income levels suggest manageable affordability pressure that can support occupancy and renewal outcomes. Key risks include safety metrics that trail metro averages and the need to stay price-disciplined as new leases are set.
- 2005 vintage offers competitive positioning with value-add modernization potential
- Strong neighborhood amenities (top quartile locally) support leasing and retention
- High-cost ownership market reinforces multifamily demand and pricing power
- 3-mile household growth and rising incomes expand the qualified renter pool
- Risk: safety ranks lag metro peers; emphasize security, lighting, and resident engagement