| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 70th | Fair |
| Demographics | 29th | Poor |
| Amenities | 47th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2051 W Steele Ln, Santa Rosa, CA, 95403, US |
| Region / Metro | Santa Rosa |
| Year of Construction | 2009 |
| Units | 62 |
| Transaction Date | 2006-04-18 |
| Transaction Price | $1,666,500 |
| Buyer | BURBANK HOUSING DEVELOPMENT CORP |
| Seller | STEELE LANE LLC |
2051 W Steele Ln Santa Rosa 62-Unit Multifamily Investment
Neighborhood fundamentals show high renter demand and strong occupancy stability, according to WDSuite’s CRE market data for the surrounding area. These are neighborhood metrics, not property performance, and they suggest durable leasing conditions for a professionally managed 62-unit asset.
Located in Santa Rosa Petaluma the neighborhood rates C- overall but exhibits leasing resilience: neighborhood occupancy is in the top quartile among 138 metro neighborhoods, indicating limited vacant stock. These are neighborhood-level indicators, not property results, yet they point to supportive conditions for maintaining occupancy and rent rolls.
Local amenity depth is mixed. Grocery and dining density rank competitively, with restaurants and cafes placing among the stronger concentrations nationally, while parks, pharmacies, and childcare options are sparse within the neighborhood footprint. For investors, that mix can still support day-to-day convenience for residents, though limited open space and services may affect lifestyle positioning.
The property s 2009 construction is newer than the neighborhood s older average stock (1970s), offering relative competitiveness versus legacy assets. Investors should still plan for system updates consistent with a mid-2000s vintage over a hold period, but the newer build can reduce near-term capital surprises compared with older comparables.
Tenure patterns and demographics support the renter pool. Neighborhood renter-occupied housing is elevated (above most metro peers), signaling depth of demand for multifamily units rather than individual preference. Within a 3-mile radius, household counts have grown modestly and are projected to increase further over the next five years, pointing to a larger tenant base. Forecasts also show incomes rising and contract rents trending higher, which can underpin pricing power while warranting attention to affordability and retention.
Home values in the neighborhood sit in a higher-cost ownership context relative to many U.S. areas. For multifamily investors, elevated ownership costs tend to reinforce reliance on rental housing and support lease retention, though the neighborhood s rent-to-income profile suggests measured affordability pressure that should be managed through thoughtful renewals and amenity positioning.
Safety indicators are mixed relative to the metro and nation. The neighborhood s crime rank is below the metro median (108 out of 138 neighborhoods), while national comparisons show mid-range results overall. Property offenses have trended down year over year, whereas violent offense estimates ticked up; both are neighborhood-level signals rather than block-specific measures.
In national terms, the area sits around the middle of the pack for overall crime, with property offense levels below the national midpoint and violent offense metrics modestly better than average nationwide. Investors should underwrite with standard precaution, monitor trend direction, and rely on professional management practices to support resident experience and retention.
Proximity to regional logistics and corporate services supports workforce housing demand and commute convenience for residents, with FedEx representing a notable nearby employer.
- FedEx logistics (4.7 miles)
This 62-unit, 2009-built asset benefits from a neighborhood with above-median occupancy and a renter base that is comparatively deep for the metro, supporting leasing stability. Amenity access skews toward grocery and dining, aligning with day-to-day resident needs, while limited parks and services suggest a pragmatic rather than lifestyle-forward positioning. Within a 3-mile radius, household growth and rising incomes point to a larger tenant base and potential for rent gains, according to CRE market data from WDSuite, though prudent lease management is warranted to balance pricing with retention.
The vintage provides an advantage versus older local stock, with reduced immediate capital exposure compared with 1970s-era assets. Over a hold period, investors should plan for targeted system updates and light value-add to sharpen competitiveness. Safety indicators are mixed at the neighborhood level, so consistent on-site operations and resident engagement remain important to support occupancy and renewals.
- Newer 2009 construction versus older neighborhood stock supports competitive positioning
- Top-quartile neighborhood occupancy signals durable leasing conditions
- Growing 3-mile household base and rising incomes expand the renter pool
- Grocery and dining density support resident convenience and day-to-day livability
- Risk: Mixed safety signals and limited parks/services warrant active management and measured underwriting