| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Good |
| Demographics | 70th | Good |
| Amenities | 42nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 174 S Boas Dr, Santa Rosa, CA, 95409, US |
| Region / Metro | Santa Rosa |
| Year of Construction | 1986 |
| Units | 100 |
| Transaction Date | 2012-06-01 |
| Transaction Price | $15,000,000 |
| Buyer | First Class Oak Creek Apts. |
| Seller | Woodhill, LTD |
174 S Boas Dr Santa Rosa Multifamily Investment
Neighborhood fundamentals indicate steady renter demand supported by elevated ownership costs and a renter-occupied share that deepens the tenant base, according to WDSuite’s CRE market data.
Rated A- and ranked 34 of 138 within the Santa Rosa-Petaluma metro, the neighborhood sits in the top quartile locally, signaling solid fundamentals for multifamily investors. Housing indicators are top quartile nationally, and average NOI per unit trends above many U.S. peers, per commercial real estate analysis from WDSuite. Restaurants, parks, and pharmacies index well (each around the upper national percentiles), while on-neighborhood cafes and groceries are limited, suggesting residents likely rely on nearby corridors for daily needs.
Renter-occupied housing accounts for 46.8% of neighborhood units, indicating meaningful renter concentration that can support leasing depth and renewal stability. Neighborhood occupancy of 93.1% tracks near the national middle with modest softening over five years, pointing to manageable vacancy risk rather than structural weakness. Median contract rents benchmark high (upper national percentiles), but a rent-to-income ratio near 0.22 implies lower affordability pressure relative to many coastal submarkets, which can aid retention and reduce turnover costs.
Within a 3-mile radius, recent population growth paired with rising household counts expands the tenant base. Forward-looking estimates show households continuing to increase even as population edges lower, implying smaller household sizes and a wider pool of potential renters—supportive of occupancy stability and absorption. Income profiles in the 3-mile area are skewed toward higher-earning households, aligning with the neighborhood’s high-cost ownership market (home values track in the mid-90s national percentile), which tends to sustain multifamily reliance and pricing power.
Vintage is 1986 versus a neighborhood average circa 1977. Being newer than the local average suggests a competitive position versus older stock, while still warranting targeted system updates and common-area refreshes to maintain leasing performance and capture value-add upside.
Safety indicators compare above the metro median (ranked 56 out of 138 Santa Rosa-Petaluma neighborhoods) and sit modestly above the national median based on percentile measures. Property offense rates have improved notably year over year, and overall crime metrics position the area around the national middle to slightly better, according to WDSuite’s CRE market data.
For investors, the trajectory matters: recent declines in property offenses support leasing stability and resident retention, while continued monitoring is prudent given mixed signals across offense types. Use property-level security practices consistent with inner-suburb assets to align with tenant expectations.
Nearby employment includes parcel logistics operations that broaden the renter base and support commute convenience for workforce renters. The list below reflects notable employers in reasonable proximity.
- FedEx Headquarters — logistics (8.0 miles)
This 100-unit, 1986-vintage asset in Santa Rosa benefits from a renter-occupied share near half of neighborhood housing, high home values that reinforce reliance on multifamily, and occupancy levels that suggest manageable vacancy risk. Neighborhood amenities score well for parks, pharmacies, and restaurants, and within a 3-mile radius, higher household incomes and continued household growth indicate a larger tenant base and support for rent levels. According to CRE market data from WDSuite, median contract rents benchmark high nationally while rent-to-income levels remain comparatively manageable, which can aid retention and revenue stability.
Relative to older local stock, the 1986 vintage offers competitive positioning with potential to capture value-add through selective renovations and system updates. Key watch items include slightly easing occupancy trends, limited on-neighborhood daily amenities (cafe and grocery), and population projections that dip even as household counts rise—pointing to smaller household sizes and the need for disciplined leasing and renewal management.
- High-cost ownership market and strong incomes sustain rental demand and support pricing power
- Renter concentration and steady neighborhood occupancy underpin leasing stability
- 1986 vintage offers competitive positioning with targeted value-add potential
- 3-mile area shows rising household counts, expanding the tenant base over time
- Risks: slight occupancy softening, limited immediate amenities, and population slippage require active asset management