| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 87th | Best |
| Demographics | 47th | Poor |
| Amenities | 93rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 147 Colgan Ave, Santa Rosa, CA, 95404, US |
| Region / Metro | Santa Rosa |
| Year of Construction | 1998 |
| Units | 120 |
| Transaction Date | 1994-04-27 |
| Transaction Price | $369,500 |
| Buyer | COLGAN AVENUE SENIOR APARTMENTS LP |
| Seller | WAGNER ALBERT J |
147 Colgan Ave, Santa Rosa Multifamily Investment
High renter concentration and strong neighborhood occupancy suggest durable leasing fundamentals, according to WDSuite’s CRE market data, supporting a stable cash-flow profile for a 120-unit asset in an Inner Suburb location.
The property sits in an Inner Suburb pocket of Santa Rosa that performs above the metro median on several investor-relevant metrics. The neighborhood carries an A rating and ranks 16th out of 138 metro neighborhoods, placing it in the top quartile locally. Occupancy at the neighborhood level is competitive (ranked 24 of 138; top quartile nationally by percentile), a signal for leasing stability relative to broader U.S. trends based on CRE market data from WDSuite.
Everyday convenience is a strength: grocery and pharmacy density sit near the top of the metro (grocery rank 2 of 138; pharmacy rank 12 of 138) with national percentiles in the 90s. Restaurant options are similarly deep (rank 7 of 138), while cafe density is thinner, indicating room for future retail infill. Parks and childcare access also score well in the metro context, reinforcing livability indicators that can support retention.
Tenure dynamics favor multifamily: approximately two-thirds of housing units in the neighborhood are renter-occupied (top decile nationally by percentile). For investors, a higher share of renter-occupied units translates to a deeper tenant base and tends to support occupancy resilience through cycles. At the same time, a rent-to-income ratio near the higher end for the metro indicates some affordability pressure, reinforcing the need for disciplined lease management and amenity-value alignment.
Within a 3-mile radius, demographics show recent population and household growth with additional expansion forecast over the next five years, pointing to a larger tenant base and continued rental demand. Income growth has been notable in recent years and is projected to continue, which can underpin rent levels, while smaller average household sizes suggest persistent demand for one-bedrooms and studios. Elevated home values and a high value-to-income ratio in the neighborhood reflect a high-cost ownership market, which tends to sustain reliance on multifamily rentals and can support pricing power when executed thoughtfully.
Vintage is slightly newer than the neighborhood average (1998 vs. mid-1990s), offering relative competitiveness versus older stock. Investors should still underwrite targeted modernization or systems updates typical for late-1990s assets to maintain positioning against newer deliveries.
Safety indicators are mixed in a metro and national context. The neighborhood’s overall crime rank falls toward the higher end of the metro (122 out of 138 neighborhoods), which signals a less favorable position relative to Santa Rosa-Petaluma peers. Nationally, overall safety sits below the midpoint (around the 39th percentile).
Property-related incidents are a particular watch item, benchmarking low nationally by percentile, while violent offense trends show year-over-year improvement and sit closer to mid-pack nationally. For underwriting, investors typically account for enhanced security measures and community management, and may weigh block-by-block conditions during site walks rather than relying solely on aggregate statistics.
Regional employment is anchored by logistics and distribution within commuting range, supporting workforce housing demand and retention. Nearby, FedEx is a notable employer presence referenced below.
- FedEx Headquarters — logistics (7.8 miles) — HQ
This 120-unit 1998-vintage asset benefits from a renter-driven neighborhood with top-quartile metro occupancy and strong day-to-day amenity access. Elevated ownership costs in the immediate area reinforce reliance on rentals, while recent and projected population and household growth within a 3-mile radius point to a larger tenant base over the medium term. According to CRE market data from WDSuite, the neighborhood’s income trajectory and NOI per unit performance are competitive versus national benchmarks, supporting a thesis centered on stable occupancy with measured rent growth.
Operationally, the late-1990s vintage provides relative competitiveness versus older stock, with scope for targeted value-add through unit modernization and building systems upgrades. Underwriting should incorporate affordability considerations (given higher rent-to-income ratios) and area safety management, offset by the submarket’s depth of renters and strong essential retail access that can aid retention.
- Renter-centric neighborhood and top-quartile metro occupancy support leasing stability
- High-cost ownership market sustains multifamily demand and pricing power potential
- 1998 vintage offers value-add upside via targeted renovations and systems updates
- Amenity-rich basics (groceries, pharmacies, dining) bolster resident convenience and retention
- Risks: affordability pressure and safety monitoring warrant disciplined leasing, security, and capex planning