This is Jonathan Aceves with a 2019 C-Class Multifamily Market Report and a Martinez Multifamily Rent Study. Click here to Download our Asking Rent Analysis. We studied 30907 multifamily, particularly around the Steven’s Creek Corridor. What we found overall is that Class A Space commands about a 50% premium over class B space.
The primary Class A Complex in our study was Nine Two Six West, at 926 Stevens Creek Road. Nine Two Six averaged $1.26/foot/month asking rent. Rocky Creek and Iron Horse we considered Class B, which averaged at .84 cents. Fountainhead we considered Class C, and averaged $.69.
Takeaways: It does make a difference who the management company is, where it is advertised, and having good photos and floor plans.
If you are a multifamily investor with north of 20 units, you should sit down with the guys at Doorpost Management. They can give you the same economy of scale as the as the 200+ unit complexes with their integrated maintenance. Also the quality of their financial reporting is critical for owners that may be considering sales in the next few years. It’s hard to get a professional investor to take a serious look at your property when your manager can’t provide clean financials and rent rolls.
Overall Multifamily Market Notable Recent Sales:
Crossroads Apartments (B Class-74 Units, sold at 6.91 Cap/$64K per door)
Baywood Townhomes (C Class-14 Units, Sold at 9.3 Cap/$43K per Door)
2000-2006 Central Avenue (C Class-16 Units, sold at 6.3 CAP/49K per door)
Central Residents Corner (D Class-28 Units–Not yet recorded, sold at 30K per door)
We would love to hear your feedback! What is your opinion of the multifamily market? As always thanks for watching! Please Like and share with a friend!