| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 71st | Fair |
| Demographics | 29th | Poor |
| Amenities | 49th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 664 West Ave, Santa Rosa, CA, 95407, US |
| Region / Metro | Santa Rosa |
| Year of Construction | 1984 |
| Units | 21 |
| Transaction Date | 2021-11-19 |
| Transaction Price | $636,000 |
| Buyer | WATERS FAMILY TRUST |
| Seller | JACK AND PATSY WATERS TRUST |
664 West Ave Santa Rosa Multifamily Investment
Neighborhood occupancy is above the metro median with strong renter concentration, supporting stable cash flow potential according to WDSuite’s CRE market data. Positioning in Santa Rosa offers durable renter demand relative to ownership costs, with room for operational execution.
Located in an inner-suburb pocket of Santa Rosa, the property benefits from everyday conveniences that support renter retention. Grocery access is a standout, ranking 1st among 138 metro neighborhoods, and dining density is also strong (5th of 138), placing the area in the top tier locally and competitive nationally for food options. By contrast, the neighborhood has limited parks, pharmacies, and formal childcare centers, which may modestly temper family-oriented appeal.
Multifamily fundamentals are comparatively resilient at the neighborhood level. Occupancy measures 95.7% for the neighborhood and sits above the metro median (rank 56 of 138), indicating healthy absorption and reduced downtime risk for units. Median rents in the neighborhood trend above national norms while remaining in line with Santa Rosa’s broader pricing, supporting achievable rent rolls without over-reliance on outsized premiums.
Tenure dynamics point to depth in the tenant base: an estimated 69.9% of housing units are renter-occupied (top national percentile), which typically supports leasing velocity and backfills. The property’s 1984 vintage is newer than the neighborhood’s average construction year of 1966, suggesting relative competitive positioning versus older stock; investors should still underwrite ongoing systems updates and targeted interior upgrades where relevant.
Within a 3-mile radius, demographics show measured population growth historically with a larger increase in households, implying gradually smaller household sizes and a broader renter pool. Forward-looking projections indicate further expansion in households over the next five years, which should enlarge the tenant base and help support occupancy stability. Elevated home values relative to national levels reinforce reliance on rental housing, aiding lease retention and pricing power for well-managed assets.
School ratings in the neighborhood track below national averages, which may limit appeal to some family renters; however, proximity to daily amenities and employment access supports workforce housing demand. Investors should balance these factors when evaluating long-term tenant mix and renewal strategies.
Safety trends are mixed but improving. The neighborhood ranks 112 out of 138 within the Santa Rosa-Petaluma metro, indicating crime levels higher than many metro peers and below the metro median. Compared with neighborhoods nationwide, safety metrics sit below the national median, yet recent trajectory is favorable: estimated violent offenses declined about 23% year over year and property offenses fell roughly 11%, signaling near-term improvement momentum based on WDSuite s data.
For underwriting, this context argues for pragmatic security measures and tenant screening while recognizing that recent declines can support leasing stability if trends continue. Avoid block-level assumptions; conditions vary within subareas, and investors should confirm with current, property-specific reports.
Nearby employment access supports workforce renter demand, anchored by regional logistics and corporate services represented below.
- FedEx Headquarters corporate offices (6.9 miles) — HQ
The asset s location benefits from a renter-heavy neighborhood with occupancy above the metro median and strong access to daily needs, particularly groceries and dining. At the same time, ownership costs in Santa Rosa are elevated versus national levels, which tends to reinforce reliance on multifamily rentals and supports retention for well-operated properties. According to CRE market data from WDSuite, the neighborhood s rent and occupancy profile aligns with stable near-term demand, while the 3-mile demographic outlook points to a larger household base over the next five years.
Built in 1984, the property is newer than the area s average vintage and may compete well against older stock with selective upgrades. Underwriting should factor in measured affordability pressure (rent-to-income signals) and localized safety variability, balanced by the area s amenity access and sustained renter concentration.
- Above-median neighborhood occupancy supports cash flow consistency
- High renter-occupied share indicates depth of tenant demand
- 1984 vintage offers competitive positioning versus older local stock with value-add potential
- 3-mile household growth outlook expands the renter pool and supports leasing
- Risks: below-median safety and affordability pressure require prudent management and underwriting