| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Poor |
| Demographics | 17th | Poor |
| Amenities | 45th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2375 Floral Ave, Selma, CA, 93662, US |
| Region / Metro | Selma |
| Year of Construction | 1974 |
| Units | 56 |
| Transaction Date | 1996-08-01 |
| Transaction Price | $1,474,500 |
| Buyer | FLORAL GARDENS APARTMENTS INC |
| Seller | FLORAL GARDENS |
2375 Floral Ave Selma Multifamily Investment
This 56-unit property serves a neighborhood where renter-occupied units represent 56% of total housing stock and neighborhood-level occupancy holds near 92%, according to CRE market data from WDSuite, signaling sustained rental demand in Fresno's Inner Suburb market.
2375 Floral Ave is situated in an Inner Suburb neighborhood within the Fresno, CA metro, holding an overall B rating among 246 neighborhoods in the region. The property was built in 1974, approximately two decades newer than the neighborhood average construction year of 1955, which may translate to moderately reduced near-term capital expenditure compared to older neighborhood stock. With 56% of housing units renter-occupied—ranking in the 92nd national percentile—the neighborhood demonstrates a substantial tenant base that supports multifamily demand and lease retention.
Demographic data aggregated within a 3-mile radius shows a population of approximately 27,000 and median household income of $59,153, with a 26.5% increase recorded over the prior five years. Forecast data projects median household income rising to $80,943 by 2028, a 36.8% increase, alongside a 5.1% population gain and a 60.1% increase in total households. These trends point to an expanding renter pool and increased household formation, which should support occupancy stability and moderate pricing power over the medium term.
Median contract rent in the neighborhood stands at $898, placing it in the 46th national percentile, and has grown 20.8% over five years. Within the 3-mile radius, median rent reached $1,010 with a 31.3% five-year increase. The neighborhood's rent-to-income ratio of 0.21 ranks in the 25th national percentile, suggesting relatively low affordability pressure and room for measured rent growth without significant retention risk. Median home values of $264,248, up 57.2% over five years, limit ownership accessibility for many households, sustaining reliance on rental housing and reinforcing multifamily demand depth.
Neighborhood-level occupancy stands at 91.9%, slightly below the metro median but holding firm with only a 2.5% decline over five years. The neighborhood ranks above average for amenity density, with strong concentrations of cafes (90th national percentile), childcare facilities (87th percentile), parks (89th percentile), and restaurants (93rd percentile), all of which contribute to tenant appeal and retention. Grocery and pharmacy access is limited, with zero locations per square mile recorded, which may present a minor convenience consideration for prospective renters but does not appear to materially affect occupancy trends.
Safety metrics for this neighborhood reflect a mixed profile. Violent crime rates stand at 1.87 incidents per 100,000 residents, ranking 5th among 246 metro neighborhoods and placing the area in the 92nd national percentile—indicating very low violent crime compared to neighborhoods nationwide. Violent crime rates declined 8.3% year-over-year, a favorable trend for tenant retention and lease-up stability.
Property crime rates are higher, at 10.33 incidents per 100,000 residents, ranking 22nd in the metro (90th national percentile for low property crime). However, property crime increased 133.7% year-over-year, ranking 153rd among 246 neighborhoods (10th national percentile), which warrants attention in lease management and tenant communication. The neighborhood's overall crime rank of 63rd out of 246 (62nd national percentile) positions it as competitive among Fresno neighborhoods, with violent crime trends supporting stable occupancy while property crime trends merit monitoring.
The Fresno metro employment base includes major corporate offices that support workforce housing demand in the Selma submarket, with two significant employers within a reasonable commute distance.
- Con Agra Foods — food manufacturing and processing (26.3 miles)
- International Paper — manufacturing and industrial operations (30.9 miles)
2375 Floral Ave offers a stable, income-oriented investment in a high-renter neighborhood where 56% of units are renter-occupied, placing it in the 92nd national percentile and signaling deep multifamily demand. Neighborhood-level occupancy of 91.9% has held relatively steady despite a modest five-year decline, and the area benefits from a rent-to-income ratio of 0.21—among the lowest in the metro—which reduces affordability pressure and supports lease retention. Median home values of $264,248, up 57.2% over five years, limit ownership accessibility and sustain rental reliance, reinforcing the tenant base for properties like this one.
Demographics aggregated within a 3-mile radius show median household income rising from $46,779 in 2018 to $59,153 in 2023, with projections reaching $80,943 by 2028—a 36.8% increase that should support moderate rent growth and occupancy stability. Population is forecast to grow 5.1% and total households by 60.1% over the next five years, expanding the renter pool and supporting absorption. The property's 1974 vintage is approximately two decades newer than the neighborhood average, which may offer near-term capital expenditure advantages relative to older stock. Strong amenity density—particularly cafes, parks, and restaurants, all ranking in the top 11% nationally—enhances tenant appeal. However, property crime increased 133.7% year-over-year, and limited grocery and pharmacy access may present minor convenience considerations. Overall, the investment case centers on sustained rental demand, favorable affordability dynamics, and a growing household base, balanced by the need to monitor crime trends and manage capital planning for an approximately 50-year-old asset.
- High renter concentration (56% of units, 92nd national percentile) supports deep multifamily demand and lease retention
- Low rent-to-income ratio (0.21, 25th national percentile) reduces affordability pressure and supports measured rent growth
- Median household income projected to rise 36.8% by 2028, with 5.1% population growth and 60.1% household increase expanding the renter pool
- Elevated home values (up 57.2% over five years) limit ownership accessibility and sustain reliance on rental housing
- Property crime increased 133.7% year-over-year and limited grocery/pharmacy access may require proactive lease management and tenant communication