| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 59th | Good |
| Demographics | 14th | Poor |
| Amenities | 13th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 234 Chester Ave, Bakersfield, CA, 93301, US |
| Region / Metro | Bakersfield |
| Year of Construction | 1972 |
| Units | 40 |
| Transaction Date | 2003-03-24 |
| Transaction Price | $1,600,000 |
| Buyer | GILBERT VERNE E |
| Seller | GRAPEVINE INVESTMENTS INC |
234 Chester Ave Bakersfield Multifamily Investment
Neighborhood occupancy is high with a deep renter base, supporting stable leasing dynamics according to WDSuite’s CRE market data. Investors should note strong renter demand at the neighborhood level alongside pricing that may require careful affordability management.
The property sits in an Inner Suburb pocket of Bakersfield with a C neighborhood rating and steady renter demand. Neighborhood occupancy is 95.8%, which is competitive among Bakersfield neighborhoods (81 of 247) and sits in the top quartile nationally, a favorable signal for baseline leasing stability based on CRE market data from WDSuite. Daily-needs amenities within the immediate neighborhood are limited, though restaurant density is relatively stronger than other categories.
Renter-occupied share in the neighborhood is elevated at 83.2% of housing units (near the top of Bakersfield’s distribution), indicating a deep tenant base that can support absorption and retention for multifamily assets. Median contract rents at the neighborhood level trend on the lower side of the metro, which can aid occupancy, but investors should underwrite with attention to rent-to-income dynamics.
Within a 3-mile radius, recent population growth and an increase in households point to a larger tenant base, with forecasts indicating further gains by 2028. Median household incomes in the 3-mile area have improved, and projected income growth should help sustain demand for well-managed rental housing, reinforcing occupancy stability over the medium term.
Ownership conditions show a high value-to-income ratio relative to national norms (top decile nationally), signaling a higher-cost ownership market compared with local incomes. This context typically sustains renter reliance on multifamily housing and can support pricing power when units are maintained competitively. That said, the neighborhood’s rent-to-income ratio is elevated, so operators should plan for targeted renewals and service-driven retention to balance occupancy and collections.
Vintage matters: built in 1972, the asset is newer than the neighborhood’s average construction year (1960). This positioning can be competitive versus older stock, though investors should plan for modernization of aging systems and selective value-add to meet current renter expectations.
Safety indicators for the neighborhood track below national norms (national safety percentile in the mid-teens), suggesting investors should incorporate prudent security and operating protocols. Trends have shown recent year-over-year increases in reported offenses, so underwriting should reflect conservative assumptions and potential operating costs for lighting, access control, and coordination with local resources. Comparatively within the Bakersfield metro, conditions vary by neighborhood; site-level measures and active management can help support tenant retention.
234 Chester Ave offers a mid-1970s, 40-unit footprint in a Bakersfield neighborhood characterized by strong renter concentration and occupancy that is competitive locally and solid nationally. According to CRE market data from WDSuite, the area’s renter-occupied share and occupancy support demand depth, while lower median rents can aid lease-up and renewals when paired with disciplined affordability management. The 1972 vintage provides a platform for targeted upgrades to enhance positioning versus older nearby stock.
Within a 3-mile radius, population and household growth are expected to expand the renter pool through the forecast period, reinforcing the case for stable tenancy. Ownership remains relatively costly versus incomes, which can sustain multifamily demand; however, elevated rent-to-income levels and below-national safety metrics warrant conservative operations and focused resident services to support retention and collections.
- Competitive neighborhood occupancy supports baseline stability and renewal potential.
- High renter concentration indicates deep tenant demand for multifamily units.
- 1972 vintage offers value-add upside via selective system upgrades and finishes.
- 3-mile population and household growth point to a larger renter pool over time.
- Risks: elevated rent-to-income ratios and below-national safety metrics require careful affordability and security planning.