| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 51st | Good |
| Demographics | 62nd | Good |
| Amenities | 80th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2230 N Sierra Hwy, Bishop, CA, 93514, US |
| Region / Metro | Bishop |
| Year of Construction | 1972 |
| Units | 26 |
| Transaction Date | 2019-07-23 |
| Transaction Price | $1,825,000 |
| Buyer | PRIMROSE APARTMENTS LLC |
| Seller | BROWN GERALD |
2230 N Sierra Hwy, Bishop CA — 26-Unit Multifamily Opportunity
Neighborhood fundamentals indicate steady renter demand and convenient daily amenities, according to WDSuite’s CRE market data, with investor focus on occupancy stability and value-add positioning.
Bishop’s A+ rated neighborhood ranks 1 out of 11 in Inyo County, positioning this asset within one of the metro’s most competitive locations. Amenity access is a clear strength: grocery, pharmacy, parks, and dining densities all sit in the top quartile nationally, supporting daily convenience and lease retention.
Neighborhood occupancy is 88.3% (neighborhood measure), easing modestly over the past five years. Renter concentration is 38.4% of housing units being renter-occupied, indicating a defined tenant base while still leaving some exposure to owner-occupied dynamics. Median asking rent levels and a rent-to-income ratio around 0.17 suggest manageable affordability pressure that can support stable collections and disciplined rent management.
Within a 3-mile radius, the population has grown slightly in recent years with small increases in average household size, pointing to a gradually expanding renter pool. Educational attainment is near national norms, and average school ratings trend around the national middle, although they rank stronger than many metro peers; investors can underwrite demand depth with cautious assumptions informed by multifamily property research.
Home values in the neighborhood trend higher than many rural peers and have appreciated over the last five years, which can reinforce reliance on multifamily housing and support tenant retention. The neighborhood’s average construction year skews older (1957), giving a 1972 property relative competitiveness versus nearby legacy stock, while still warranting attention to modernization cycles.
Comparable crime benchmarks for this neighborhood are not available in the current WDSuite dataset. Investors should incorporate regional and city-level safety trends and on-the-ground diligence to contextualize tenant retention and operating risk, rather than relying on block-level assumptions.
Employer proximity records with verified distances are not available for this address in the current dataset. Investors may treat employer mapping and commute patterns as a targeted diligence item to validate workforce-driven renter demand.
Built in 1972, this 26-unit asset offers relative competitiveness versus older neighborhood stock while presenting clear scope for targeted upgrades to enhance positioning and rents. Amenity access is a standout (top quartile nationally for daily needs and recreation), which supports leasing velocity and retention. Neighborhood occupancy is measured at 88.3% (neighborhood level), and a moderate rent burden alongside rising home values points to sustained renter reliance on multifamily. Based on CRE market data from WDSuite, the submarket’s strengths lie in daily convenience and steady, albeit modest, population growth within 3 miles—factors that can underpin stable cash flow with prudent operations.
Key underwriting considerations include measured expectations for lease-up given small-market scale and continued attention to capex for a 1970s vintage, even if newer than much of the surrounding stock. The combination of a defined renter base and daily-need amenities provides a foundation for consistent occupancy, with upside via value-add execution and disciplined expense control.
- Amenity-rich location supports leasing and retention
- 1972 vintage is newer than neighborhood average, with value-add and modernization potential
- Neighborhood occupancy of 88.3% (neighborhood metric) supports stable cash flow underwriting
- Home value trends reinforce renter reliance on multifamily, aiding pricing power management
- Risks: small-market scale, moderate occupancy drift, and ongoing capex needs for 1970s systems