| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 74th | Fair |
| Demographics | 20th | Poor |
| Amenities | 62nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2400 Alvarado St, Oxnard, CA, 93036, US |
| Region / Metro | Oxnard |
| Year of Construction | 1973 |
| Units | 96 |
| Transaction Date | 2016-11-02 |
| Transaction Price | $30,675,000 |
| Buyer | RANCHO SOLANA APARTMENTS PROPERTY OWNER |
| Seller | RANCHO SOLANA APARTMENTS LLC |
2400 Alvarado St, Oxnard CA Multifamily Investment
Stabilized renter demand and strong neighborhood occupancy support income durability, according to WDSuite’s CRE market data. The property’s 96 units in an inner-suburban location offer scale with everyday conveniences that appeal to working households.
The property sits in an Inner Suburb of the Oxnard–Thousand Oaks–Ventura metro with everyday conveniences close by. Neighborhood amenity access is competitive among 172 metro neighborhoods (ranked 47 of 172) and above the national median, with especially strong proximity to groceries and restaurants (both in the 90th+ national percentiles), though pharmacy access is limited within the immediate area. For investors, this mix supports daily-life convenience that can aid leasing and renewals.
Neighborhood occupancy is 96.3% and ranks 75 of 172 — above the metro median — signaling stable absorption and reduced downtime risk for comparable assets. Typical contract rents in the neighborhood are positioned in the upper national percentiles, while NOI per unit performance benchmarks in the area sit around the 80th national percentile, indicating competitive income potential for well-operated properties.
The building’s 1973 construction is somewhat newer than the neighborhood’s average vintage (1966). That positioning can be advantageous versus older stock, while investors should still plan for ongoing system upgrades and potential value-add modernization to optimize renter appeal and operating efficiency.
Within a 3-mile radius, households have grown over the last five years and are projected to expand further by 2028, pointing to a larger tenant base and support for occupancy stability. Median incomes have trended higher in this radius, and homeownership costs are elevated relative to incomes (high national percentile for value-to-income), which tends to sustain reliance on multifamily rentals — a dynamic relevant for commercial real estate analysis. Renter-occupied housing represents a meaningful share of units both currently and in projections, underscoring depth in the local renter pool.
Schools in the neighborhood score below national norms and childcare availability is strong (high national percentile), a mixed family dynamic that investors may weigh in marketing and retention strategies. Dining and grocery density are notable strengths for day-to-day convenience and lifestyle positioning.
Safety indicators are mixed when viewed against broader benchmarks. Neighborhood violent-offense metrics trend near the national midpoint (slightly above the national median percentile), while property-offense measures sit below the national median percentile. Within the metro, the area ranks in the middle of 172 neighborhoods, indicating neither a standout risk nor a top-tier outlier. Investors should evaluate on-site security, lighting, and management practices as part of standard diligence.
Year-over-year change indicators show modest movement, so underwriting should incorporate recent trend reviews rather than relying solely on long-term averages. As with any infill location, visibility, access control, and resident engagement programs can help support leasing and retention.
Nearby employment anchors span life sciences and insurance, supporting a diverse renter base and commute-friendly appeal for workforce housing. Key employers include Amgen, Thermo Fisher Scientific, Farmers Insurance, Boston Scientific Neuromodulation, and AmerisourceBergen.
- Amgen — biopharma (14.2 miles) — HQ
- Thermo Fisher Scientific — life sciences (30.8 miles)
- Farmers Insurance Exchange — insurance (32.3 miles) — HQ
- Boston Scientific Neuromodulation — medical devices (36.7 miles)
- AmerisourceBergen — pharmaceuticals distribution (36.9 miles)
This 96-unit asset, built in 1973 with efficient average unit sizes, offers scale in an inner-suburban Oxnard setting where neighborhood occupancy is above the metro median. Household growth within a 3-mile radius and projections for further expansion point to a larger renter base that can support occupancy stability and leasing velocity. Elevated ownership costs relative to incomes in the neighborhood reinforce reliance on rentals, which can aid pricing power for well-managed properties.
The 1973 vintage is somewhat newer than the area’s average stock, providing a competitive angle versus older comparables, while investors should plan for aging-system maintenance and targeted renovations to capture value-add upside. According to CRE market data from WDSuite, neighborhood rent levels and NOI-per-unit benchmarks perform above national medians, consistent with steady demand in this Ventura County location. Underwriting should balance these strengths against local affordability pressure (higher rent-to-income) and service-access gaps like limited pharmacy density.
- Above-metro-median neighborhood occupancy supports income stability and reduced downtime risk
- Inner-suburban location with strong grocery and dining access enhances day-to-day renter appeal
- 1973 vintage offers competitive positioning vs. older stock with potential value-add through modernization
- Diverse employment base within commuting range underpins workforce housing demand
- Risks: affordability pressure (higher rent-to-income), below-average school ratings, and limited pharmacy access warrant conservative underwriting