Sonoma County Multifamily Snapshot — Q2 2026
Eight Sonoma County multifamily properties traded in Q2 2026 — 127 units for $19.4M at a 5.5% average cap rate. Sellers are now pricing new listings 45 basis points wider than the quarter's closings, pointing to a heavier Q3–Q4 calendar.
Eight multifamily properties of five units or more traded in Sonoma County during the second quarter of 2026 — 127 units for a combined $19,394,076, at an average of $152,709 per unit and a 5.5% average cap rate across the five transactions where a rate was disclosed.
The county's fundamentals held steady through the quarter. Vacancy sat at 6.0% against 25,248 units of inventory, with 511 units under construction and 316 units of net absorption over the trailing twelve months. Market asking rent stood at $2,273 per unit, with 12-month rent growth of +0.5%.
The quarter's defining transaction
Hamilton Zanze & Company sold a three-property, 45-unit Sonoma Valley apartment portfolio for a combined $11.9 million — $264,600 per unit at approximately a 5.0% cap rate. The portfolio comprised Oaktree Apartments at 16914 Sonoma Highway, Redwood Manor Apartments at 355 Boyes Boulevard, and 885 Broadway, all closing together on June 30, 2026. The buyer was a private investor.
It was the largest multifamily transaction in the county this quarter, and it accounted for well over half the quarter's total volume on its own. The pricing — $264,600 per unit against a countywide average of $152,709 — reflects continued private-capital appetite for well-located, smaller-scale Sonoma Valley assets, and is the clearest signal in the data that quality still commands a premium in a thin market.
Every Q2 2026 sale
Sonoma County multifamily sales, 5+ units, closing 4/1–6/30/2026
| Property | Units | Sale price | Per unit | Sale date |
|---|---|---|---|---|
| 16914 Sonoma Hwy, Sonoma | 21 | $4,585,000 | $218,333 | 06/30/2026 |
| 885 Broadway, Sonoma | 16 | $4,300,000 | $268,750 | 06/30/2026 |
| 355 Boyes Blvd, Sonoma | 8 | $3,024,090 | $378,011 | 06/30/2026 |
| 3320 Mendocino Ave, Santa Rosa | 7 | $2,400,000 | $342,857 | 04/02/2026 |
| 18014 Mulberry Ave, Sonoma | 9 | $1,335,000 | $148,333 | 06/10/2026 |
| 595 Boyes Blvd, Sonoma | 7 | $1,300,000 | $185,714 | 06/30/2026 |
| 60-94 Arlen Dr, Rohnert Park | 25 | $1,225,000 | $49,000 | 05/01/2026 |
| 1109-1113 14th St, Santa Rosa | 34 | $1,224,986 | $36,029 | 05/01/2026 |
| Total — 8 properties | 127 | $19,394,076 | $152,709 | — |
Where the county sits against Marin and Napa
Sonoma is the largest of the three North Bay multifamily markets by inventory and the cheapest by some distance. At $153,000 per unit on Q2 closings it traded at less than half Marin's $322,000, while carrying the widest spread between its 5.5% market cap rate and Marin's 4.7%. Napa recorded a single transaction all quarter.
Sales volume and pricing over time
Quarterly sales volume for Santa Rosa against market price per unit, with the U.S. benchmark for comparison. Values to the right of the dashed line are forecast. Deliveries are moderating from the 2023–25 supply wave while demand steadies, which is what holds vacancy near 6.0% through the forecast period.
What sold, and what came to market
Every Q2 sale and every new listing, mapped. Sales are shown against the 23 properties brought to market during the quarter, which is where the more interesting story sits.
What the pipeline signals
Twenty-three North Bay properties came to market in Q2 — 458 units carrying $137.4 million in aggregate asking price, at an average of $300,000 per unit and a 5.7% average asking cap rate. At quarter end, 78% of that was still available.
Thirteen of those listings are in Sonoma County: 282 units, $78,959,000 in aggregate asking price, $279,996 per unit, at a 5.93% average asking cap. That is the number worth watching. Sonoma sellers are pricing to a 5.9% asking cap — roughly 45 basis points wider than the 5.5% average on Q2 closings. Rohnert Park alone accounts for 135 of the 282 units offered.
With a 62-day median marketing period, this pipeline points to a heavier Q3–Q4 closing calendar. If sellers hold that 5.9% expectation, buyers who transacted in Q2 bought inside the market.
Sonoma County — largest offerings brought to market in Q2 2026
| Property | City | Units | Asking price | $/Unit | Cap |
|---|---|---|---|---|---|
| 7425 Camino Colegio — Park Meadows | Rohnert Park | 61 | $15,100,000 | $247,541 | 5.96% |
| 725 W College Ave — Cedarwood | Santa Rosa | 35 | $11,800,000 | $337,143 | 6.10% |
| 8025 Beverly Dr — Allegro Student Apts | Rohnert Park | 36 | $11,000,000 | $305,556 | 6.25% |
| 1570 North St — North Street Apts | Santa Rosa | 32 | $8,900,000 | $278,125 | 5.89% |
| 7400 Bridgit Dr — The Grove | Rohnert Park | 38 | $8,550,000 | $225,000 | 6.25% |
| 2–10 7th St — Parkhearst Estate | Petaluma | 14 | $5,390,000 | $385,000 | 5.20% |
| 1015 S A St — Las Flores | Santa Rosa | 14 | $4,150,000 | $296,429 | 7.38% |
| 6015 Montecito Blvd | Santa Rosa | 14 | $3,850,000 | $275,000 | 6.01% |
| All 13 Sonoma listings | — | 282 | $78,959,000 | $279,996 | 5.93% |
The county behind the numbers
Sonoma County is home to 479,931 residents across 192,197 households, with a median household income of $111,487 and 4.7% unemployment. Household income grew 2.2% over the trailing twelve months while the labor force contracted 0.5% — a combination that supports rents without adding new renter households at pace, and one reason absorption and deliveries have stayed close to balanced.
Methodology
Market fundamentals are drawn from CoStar multifamily market summaries as of July 17, 2026, and are market-area figures at the MSA level — Santa Rosa for Sonoma, San Rafael for Marin, Napa for Napa — not city-level. Sales activity is drawn from CoStar sale comparables for transactions closing between April 1 and June 30, 2026. Only multifamily properties of five units or more are tracked, throughout.
This report is for informational purposes and is gathered from private and public sources believed to be reliable. It is presented without warranty as to its accuracy and may contain errors or omissions. An interested party should verify all information independently.
Download Full Report