| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 48th | Poor |
| Demographics | 9th | Poor |
| Amenities | 24th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 22 P St, Bakersfield, CA, 93304, US |
| Region / Metro | Bakersfield |
| Year of Construction | 2004 |
| Units | 21 |
| Transaction Date | 2003-11-08 |
| Transaction Price | $272,500 |
| Buyer | 22 P ST LP |
| Seller | SOLOMON CAROLE |
22 P St, Bakersfield CA — Newer Vintage Multifamily
Neighborhood occupancy is in the low-to-mid 90s and renter concentration is high, supporting a durable tenant base according to WDSuite’s CRE market data. The asset’s 2004 construction offers competitive positioning versus older local stock.
Situated in an inner-suburb pocket of Bakersfield (neighborhood rating: C-), the area shows above metro median occupancy performance (95.4% for the neighborhood) and an elevated share of renter-occupied units (about eight in ten). For investors, that combination points to consistent leasing and a broad renter pool, per commercial real estate analysis from WDSuite.
Amenities are mixed. Grocery access is comparatively strong (competitive among Bakersfield neighborhoods) while cafes, parks, and pharmacies are sparse at the block-group level. That pattern typically supports day-to-day convenience but may limit lifestyle-driven premiums. Average school ratings trend below national norms, which can influence family-oriented demand and marketing strategy.
The building stock nearby skews older (average vintage late 1950s), making a 2004 asset relatively modern in this submarket. Newer construction often supports curb appeal and operational efficiency versus legacy properties, though periodic system updates or light renovations may still be prudent as the asset seasons.
Demographic indicators aggregated within a 3-mile radius show recent population and household growth, with forecasts pointing to continued expansion. Rising incomes and projected rent growth in the trade area suggest a gradually deepening tenant base, which can support occupancy stability and steady leasing velocity. At the same time, neighborhood-level rent-to-income ratios indicate some affordability pressure, implying the need for disciplined lease management and renewal strategies.
Home values in the immediate neighborhood are lower than many California metros, which can introduce some competition from ownership options. However, the combination of high renter concentration locally and steady 3-mile demand drivers tends to reinforce reliance on multifamily rentals and support retention through economic cycles.
Safety metrics trend below regional and national averages. The neighborhood ranks in the lower tier within Bakersfield (ranked 220 among 247 metro neighborhoods) and sits in a lower national percentile, indicating comparatively higher reported incidents than many peer areas nationwide, based on WDSuite’s CRE market data.
Recent year-over-year readings indicate upticks in both property and violent offense categories. Investors typically underwrite with prudent assumptions here, emphasizing lighting, access control, and partnership with professional management to support resident experience and leasing stability. Comparisons should be made against submarket alternatives to calibrate achievable rents and marketing focus.
Constructed in 2004, this 21-unit property stands newer than much of the surrounding housing stock, offering relative competitiveness on design and systems versus older assets. Neighborhood occupancy is solid and renter-occupied share is elevated, signaling a deep tenant base and potential for stable cash flow even as amenities are uneven and schools trail national norms.
Within a 3-mile radius, population and households have grown with further expansion forecast, supporting renter pool expansion and lease-up durability. According to CRE market data from WDSuite, neighborhood rents and incomes point to some affordability pressure, suggesting measured rent setting and renewal tactics. On balance, the asset’s vintage and location fundamentals align with a value-focused strategy emphasizing operational execution.
- Newer 2004 vintage relative to nearby housing stock enhances competitive positioning.
- Neighborhood occupancy in the mid-90% range and high renter concentration support demand depth.
- 3-mile population and household growth trends backfill tenant pipeline and retention.
- Grocery access is comparatively strong, while other amenities are thinner—plan marketing accordingly.
- Risks: below-metro safety metrics and affordability pressure require conservative underwriting and active management.