| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 69th | Best |
| Demographics | 55th | Best |
| Amenities | 10th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 638 W Stuart Ave, Clovis, CA, 93612, US |
| Region / Metro | Clovis |
| Year of Construction | 1974 |
| Units | 32 |
| Transaction Date | 2003-02-25 |
| Transaction Price | $1,540,000 |
| Buyer | WICKERSHAM ROBERT E |
| Seller | LAPAZ ASSOCIATES |
638 W Stuart Ave Clovis Multifamily Investment
This 32-unit property sits in a Clovis neighborhood where occupancy rates exceed 99% and household incomes have expanded 46% over five years, according to CRE market data from WDSuite, supporting stable renter demand in a top-quartile income environment.
638 W Stuart Ave is located in an inner-suburb Clovis neighborhood rated B among 246 neighborhoods across the Fresno metro. The immediate area ranks in the 82nd percentile nationally for household income, with a median of approximately $112,900—well above metro and national medians—and that income base has grown 46% over the past five years. Neighborhood-level occupancy stands at 99.1%, ranking 27th of 246 metro neighborhoods and in the 94th percentile nationally, signaling tight supply and minimal turnover risk.
Within a 3-mile radius, demographic statistics show a population of roughly 109,000, with median household income near $78,700 and projected to climb to $104,700 by 2028. Household counts are forecast to increase 37% over the next five years, expanding the renter pool and supporting sustained multifamily demand. Approximately 52% of housing units in the broader area are renter-occupied, reflecting solid reliance on rental housing and a stable tenant base for long-term lease management.
Median contract rents in the immediate neighborhood are approximately $1,128, ranking in the 61st percentile nationally, with a rent-to-income ratio of 0.12 (70th percentile nationally), indicating manageable affordability and reduced retention risk. The neighborhood's median home value of roughly $438,500 has appreciated 33% over five years, and elevated ownership costs sustain rental demand by limiting accessibility to homeownership. This dynamic supports pricing power and lease renewal stability for multifamily operators.
Built in 1974, the property predates the neighborhood's average construction year of 1978 by four years, suggesting potential capital expenditure considerations and value-add renovation opportunities for investors targeting repositioning upside. Amenity density is limited—restaurant count per square mile ranks in the 59th percentile nationally, while grocery, childcare, and park access rank at the metro floor—so tenant appeal will hinge on affordability, unit quality, and proximity to employment corridors rather than walkable retail.
Crime data for this neighborhood are not available in the current dataset, so investors should conduct independent due diligence through local law enforcement statistics, tenant surveys, and site visits. Neighborhood-level safety perception and historical trends often influence tenant retention and lease velocity, particularly in suburban multifamily markets where renters prioritize quiet, stable environments.
The Clovis area benefits from proximity to regional corporate employers that support workforce housing demand, with ConAgra Foods maintaining offices approximately 29 miles away in the broader Fresno corridor.
- ConAgra Foods — corporate offices (28.8 miles)
638 W Stuart Ave offers a compelling case for investors seeking stable cash flow in a high-occupancy, income-growth market. Neighborhood occupancy above 99% and a top-quartile national income ranking underscore tight supply and strong tenant retention fundamentals. Household income growth of 46% over five years, combined with a manageable rent-to-income ratio, supports pricing power while limiting affordability-driven turnover. Elevated home values—up 33% in five years—reinforce reliance on rental housing, sustaining demand for well-maintained multifamily product.
The property's 1974 vintage predates the neighborhood average, presenting value-add potential through unit renovations, common-area improvements, or energy-efficiency upgrades that can capture upside rents in a market with limited new supply. Demographic projections within a 3-mile radius anticipate 37% household growth by 2028, expanding the renter pool and supporting long-term occupancy stability. Limited walkable amenities shift competitive emphasis to unit quality, management execution, and proximity to employment, making operational excellence and selective capital investment critical to sustained performance.
- Neighborhood occupancy above 99%, ranking in the 94th percentile nationally, signals minimal turnover and absorption risk
- Median household income of $112,900 ranks in the 82nd percentile nationally, with 46% growth over five years supporting rent growth and retention
- 1974 construction offers value-add renovation upside to capture higher rents in a supply-constrained market
- 37% projected household growth within 3 miles by 2028 expands the tenant base and underpins long-term demand
- Limited walkable amenities require focus on unit quality and management to maintain competitive positioning and tenant satisfaction