| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 55th | Poor |
| Demographics | 47th | Good |
| Amenities | 42nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1510 N Hope Ave, Reedley, CA, 93654, US |
| Region / Metro | Reedley |
| Year of Construction | 1988 |
| Units | 104 |
| Transaction Date | 2011-01-26 |
| Transaction Price | $6,750,000 |
| Buyer | 1550 HOPE LP |
| Seller | 1224 9TH STREET LLC |
1510 N Hope Ave, Reedley CA Multifamily Investment
Neighborhood occupancy is solid and schools rate well, pointing to stable renter demand, according to WDSuite’s commercial real estate analysis. With a moderate renter concentration and attainable rent-to-income dynamics in the area, the asset’s 1988 vintage offers value-add potential without competing directly with much older stock.
Located in Reedley’s inner-suburban setting within the Fresno metro, the neighborhood carries a B+ rating and performs above the metro median on several renter-relevant dimensions, per WDSuite’s CRE market data. Grocery and pharmacy access are notably strong relative to national benchmarks, while restaurants are competitive among Fresno neighborhoods; parks, cafes, and childcare are comparatively limited—an operating consideration for family-oriented leasing strategies.
Neighborhood occupancy averages 93.7% (neighborhood metric, not property), trending above national norms and supporting lease-up consistency. Median contract rents sit near the middle of national ranges and, paired with an area rent-to-income ratio around the mid-50s nationally, suggest manageable affordability pressure that can support retention while leaving room for disciplined rent growth.
Schools in the neighborhood score well (top-quartile nationally), which can bolster demand for larger floor plans and longer tenancy. Home values register above national midpoints; in practice, the high-cost ownership market in parts of California tends to sustain reliance on multifamily options—supporting depth of the renter pool rather than competing away demand.
The property’s 1988 construction is newer than the neighborhood average vintage (1976), offering a relative competitive edge versus older stock while still presenting potential for modernization of interiors and common areas. Tenure data show a moderate share of renter-occupied housing units at the neighborhood level, indicating a meaningful tenant base for multifamily operators without oversaturation.
Demographic statistics aggregated within a 3-mile radius show a recent dip in population and households but forecasts point to growth ahead, with smaller average household sizes. For investors, that mix implies opportunity for renter pool expansion and steady absorption of well-positioned units over the medium term.
Neighborhood safety indicators compare favorably in national context. Violent-offense exposure trends in the top quartile nationally, and property-offense levels track above national averages, according to CRE market data from WDSuite. Importantly, both violent and property incidents show year-over-year declines, signaling an improving trajectory rather than deterioration.
Within the Fresno metro (246 neighborhoods), the area’s recent improvement pace is competitive, supporting the case for stability without overstating block-level conditions. Investors should underwrite with standard precautions and rely on property-level security and management practices to sustain performance.
Regional employment is anchored by manufacturing and food processing, providing a stable commuter base that supports renter demand and lease retention at workforce-oriented communities nearby. Notable employers include International Paper and Con Agra Foods.
- International Paper — paper & packaging (26.2 miles)
- Con Agra Foods — food processing (35.6 miles)
This 104-unit, 1988-vintage asset competes against an older neighborhood stock, offering value-add and modernization angles while maintaining broad appeal to workforce renters. Neighborhood occupancy remains healthy and schools rate well, supporting leasing stability and tenant retention. According to CRE market data from WDSuite, area rent levels and rent-to-income dynamics indicate manageable affordability pressure—favorable for steady cash flows with measured pricing power.
Demographics aggregated within a 3-mile radius indicate near-term softness but a forward view of population and household growth, with smaller household sizes that can expand the renter pool over time. Ownership costs sit above national midpoints in the neighborhood, which typically sustains reliance on multifamily housing and supports long-run demand. Investors should weigh amenity gaps (parks/cafes) and the moderate renter concentration against the property’s relative vintage advantage and stable neighborhood metrics.
- 1988 construction offers competitive positioning versus older neighborhood stock and supports a targeted value-add plan
- Neighborhood occupancy and strong school ratings support leasing stability and retention
- Rent and income dynamics suggest manageable affordability pressure and room for disciplined growth
- Forecasted 3-mile population and household growth point to a larger tenant base over time
- Risks: limited parks/cafes and a moderate renter share; continue underwriting for operating expenses and capital needs