| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 81st | Best |
| Demographics | 78th | Best |
| Amenities | 45th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 990 Ely Rd N, Petaluma, CA, 94954, US |
| Region / Metro | Petaluma |
| Year of Construction | 1994 |
| Units | 74 |
| Transaction Date | 2016-08-03 |
| Transaction Price | $4,260,045 |
| Buyer | CRWC LP |
| Seller | CORONA/ELY RANCH INC |
990 Ely Rd N, Petaluma — Suburban Multifamily Stability
Occupancy in the surrounding neighborhood has been resilient with tight vacancies and strong incomes, according to WDSuite’s CRE market data, supporting consistent renter demand in this Sonoma County location.
The property sits in a suburban pocket of Petaluma that ranks competitive among 138 Santa Rosa-Petaluma neighborhoods and benefits from strong fundamentals: neighborhood occupancy trends are above the metro median and sit in the top quartile nationally, indicating durable leasing and limited turnover risk for well-managed assets.
Livability indicators are a draw for family and professional renters. Average school ratings are among the metro leaders and in the top quartile nationally, and park access is comparatively strong. Daily needs are supported by a modest mix of groceries and childcare within reach, though cafes and pharmacies are less dense than urban cores — a manageable tradeoff for suburban households.
Within a 3-mile radius, household counts have edged higher even as average household size trends smaller. That pattern typically expands the renter pool and can support occupancy stability as more, smaller households seek units. Tenure data also points to a meaningful share of renter-occupied housing, suggesting depth for multifamily leasing without relying on in-migration alone.
Home values in the neighborhood are elevated relative to national norms, while incomes are also high. In a high-cost ownership market like this, multifamily can retain residents longer and support pricing discipline, provided operators monitor rent-to-income levels to manage retention risk.
Neighborhood safety metrics compare mixed: relative to 138 metro neighborhoods, the area trails the metro average, while national positioning sits below the median. Recent data indicates a notable uptick in property offenses over the last year, whereas violent-offense measures track closer to the national middle.
For underwriting, this points to standard operating considerations rather than outlier risk: emphasize lighting, access control, and resident engagement, and benchmark incident trends against nearby Santa Rosa-Petaluma submarkets to calibrate security spend.
Regional employment access supports renter demand with commutable reaches to major corporate hubs. Proximity to FedEx and several San Francisco–Bay Area headquarters, including Wells Fargo, Salesforce.com, PG&E Corp., and McKesson, underpins a diversified white-collar and logistics tenant base.
- FedEx Headquarters — logistics (18.8 miles)
- Wells Fargo — financial services (35.4 miles) — HQ
- Salesforce.com — software (35.5 miles) — HQ
- PG&E Corp. — utilities (35.7 miles) — HQ
- McKesson — healthcare distribution (35.7 miles) — HQ
Built in 1994, this 74-unit asset is newer than the neighborhood’s average vintage, offering relative competitiveness versus older stock while leaving room for targeted modernization to lift rents and reduce long-term capex surprises. Tight neighborhood occupancy and elevated home values support steady renter demand; within 3 miles, smaller household sizes and stable household growth point to a broader tenant base over time. Based on CRE market data from WDSuite, local rents and incomes are strong by national standards, which can sustain leasing velocity when paired with disciplined rent-to-income management.
Operationally, the suburban setting, strong school ratings, and park access are attractive to retention-minded renters, while access to Bay Area employment centers anchors demand. Key watch items include mixed safety positioning versus the metro and less-dense retail like cafes and pharmacies, which may require amenity programming to bolster on-site appeal.
- Newer 1994 vintage vs. local average, with value-add potential through selective upgrades
- Tight neighborhood occupancy and high-cost ownership market support pricing discipline
- Strong incomes and commutable reach to major employers support leasing stability
- Risks: mixed safety metrics vs. metro; lighter cafe/pharmacy density may require on-site amenity emphasis