| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 63rd | Good |
| Demographics | 7th | Poor |
| Amenities | 61st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1012 Water St, Bakersfield, CA, 93305, US |
| Region / Metro | Bakersfield |
| Year of Construction | 1973 |
| Units | 22 |
| Transaction Date | 2014-01-15 |
| Transaction Price | $1,400,000 |
| Buyer | WATERLANE LP |
| Seller | AQUA TERRACE APARTMENTS |
1012 Water St Bakersfield Multifamily Investment
This 22-unit property in an established rental market benefits from neighborhood occupancy at 96.8% and strong renter demand, with 60.5% of local housing units renter-occupied according to CRE market data from WDSuite.
The property sits in an inner suburb neighborhood that ranks in the top quartile among Bakersfield's 247 neighborhoods for housing metrics, reflecting stable rental fundamentals. Neighborhood-level occupancy stands at 96.8%, well above typical market averages, while 60.5% of housing units are renter-occupied, indicating strong rental demand depth. The area maintains a rent-to-income ratio of 0.22, suggesting manageable affordability for tenants within a 3-mile radius where median household income reaches $48,266.
Built in 1973, the property aligns with the neighborhood's average construction year of 1965, positioning it within established housing stock that may present value-add renovation opportunities. The surrounding area offers solid amenity access with 3.06 grocery stores per square mile (90th percentile nationally) and 12.23 restaurants per square mile (92nd percentile nationally), supporting tenant retention through convenience. Demographics within the 3-mile radius show a population of 98,500 with projected growth to 102,106 by 2028, expanding the potential renter pool by 3.7%.
Median contract rents in the neighborhood have grown 15.8% over five years to $884, while the broader 3-mile area shows rents at $910 with 20% five-year growth. Home values averaging $239,350 with 72.6% appreciation over five years may reinforce rental demand as ownership costs remain elevated relative to local incomes. The neighborhood's B+ rating and competitive positioning among metro areas reflect balanced fundamentals for multifamily investment consideration.
Property crime rates in the neighborhood rank 217th among Bakersfield's 247 neighborhoods, placing it in the lower quartile for property crime metrics at the 14th percentile nationally. Violent crime rates show similar patterns, ranking 214th locally at the 20th percentile nationwide. These metrics suggest investors should factor security considerations into property management strategies and tenant retention planning.
Crime trends show property offenses increased 75.5% year-over-year, while violent offenses rose 19.3%, indicating volatility that warrants monitoring. The neighborhood's overall crime ranking of 207th among 247 local neighborhoods reflects challenges that may influence tenant turnover patterns and require proactive management approaches to maintain occupancy stability.
Employment data for major anchor employers near this property location is not available in the current dataset. Investors should conduct independent research on local employment centers and workforce drivers that support rental demand in this Bakersfield submarket.
The 1012 Water St property offers exposure to a stable rental market with neighborhood occupancy at 96.8% and strong renter tenure, where 60.5% of housing units remain renter-occupied. Built in 1973, the property presents potential value-add opportunities through strategic renovations while benefiting from established neighborhood infrastructure and amenity access. Demographic projections show population growth of 3.7% through 2028 within the 3-mile radius, supporting rental demand expansion as household formation increases.
The investment case centers on rental market fundamentals in an area where home values have appreciated 72.6% over five years, potentially keeping ownership costs elevated relative to median household incomes of $48,266. According to multifamily property research from WDSuite, the neighborhood ranks in the top quartile locally for housing metrics while maintaining manageable rent-to-income ratios at 0.22, suggesting sustainable tenant affordability within current market conditions.
- Strong occupancy fundamentals with neighborhood-level rates at 96.8%
- Established rental market with 60.5% renter-occupied housing units
- Value-add potential from 1973 construction requiring strategic capital improvements
- Population growth projected at 3.7% through 2028 supporting rental demand
- Crime metrics require proactive management strategies for tenant retention