| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 61st | Good |
| Demographics | 26th | Fair |
| Amenities | 43rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2731 Bernard St, Bakersfield, CA, 93306, US |
| Region / Metro | Bakersfield |
| Year of Construction | 1983 |
| Units | 84 |
| Transaction Date | 1997-07-15 |
| Transaction Price | $2,121,000 |
| Buyer | BARCELONA HOUSING PARTNERS LP |
| Seller | BERNARD INVESTORS |
2731 Bernard St Bakersfield Multifamily Investment
Positioned in an inner-suburb location with steady renter demand, the area shows a moderate renter-occupied share in the immediate neighborhood and a larger renter base within 3 miles, according to WDSuite s CRE market data. Investors can underwrite for stable occupancy while focusing on affordability and value-add execution.
This inner-suburb Bakersfield location offers daily-life convenience with strong neighborhood access to restaurants and pharmacies. Neighborhood amenities index competitively versus many U.S. areas (restaurants and pharmacies test in high national percentiles), while cafes and parks are less prevalent. For investors, this mix supports routine needs and service-oriented employment, but on-site communal space may matter more given limited parkland nearby.
Neighborhood housing indicators point to a balanced rental market: the neighborhood s occupancy rate is near 90% (measured for the neighborhood, not the property) and sits below the metro median among 247 Bakersfield neighborhoods. Renter concentration in the neighborhood is moderate, while within a 3-mile radius, more than half of housing units are renter-occupied, implying a deeper tenant pool for leasing and renewals.
Within a 3-mile radius, demographics show essentially flat population over the last five years and a slight decrease in average household size, with forecasts indicating an increase in households over the next five years. For multifamily owners, a stable-to-expanding household count can support occupancy stability and a broader tenant base even if population growth is modest.
Home values in the neighborhood track as a higher-cost ownership market relative to local incomes (value-to-income metrics rank in higher national percentiles), which can reinforce reliance on multifamily housing and support lease retention. Median contract rents register in the mid range for the metro, and the rent-to-income profile suggests some affordability pressure to manage via lease pacing, renewal strategies, and unit mix optimization.
School ratings for the neighborhood score on the lower side compared with national benchmarks, which may influence demand from family households. Operators can offset this by emphasizing property-level amenities, security, and access to daily-needs retail.
Safety metrics for the neighborhood trend below metro averages, ranking 198 out of 247 Bakersfield neighborhoods, and sit below national norms (lower national percentile). In practical terms, investors should underwrite for elevated security measures and consider resident-experience enhancements that can aid retention and broaden the applicant pool.
Recent readings indicate property-related offenses have risen year over year at the neighborhood level, while violent-offense indicators remain closer to mid-range nationally. These are neighborhood-level signals rather than property-specific observations, and they argue for thoughtful operating plans lighting, access control, and partnerships with local resources to support leasing performance.
Built in 1983 across 84 units (average unit size ~594 sq. ft.), the asset s vintage points to clear value-add and capital-planning opportunities from interiors to efficiency upgrades that can sharpen competitive positioning against older stock nearby. According to CRE market data from WDSuite, the neighborhood registers near-90% occupancy (neighborhood measure), a moderate renter concentration locally, and a larger renter base within a 3-mile radius factors that can support consistent leasing and renewal velocity when paired with targeted renovations.
The submarket combines strong access to daily-needs retail with limited parkland and lower school scores, so demand may skew toward workforce and convenience-oriented renters. Ownership costs run comparatively high versus income, which can sustain reliance on rentals and aid retention, while mid-range local rents and a measured rent-to-income profile call for thoughtful revenue management to balance pricing power and retention risk.
- 1983 vintage supports value-add scope and systems modernization for durable NOI gains.
- Neighborhood occupancy near 90% (neighborhood metric) with a deeper 3-mile renter base supports leasing stability.
- High-cost ownership context relative to income can reinforce renter reliance and renewal potential.
- Amenity access favors daily needs (restaurants, pharmacies), offsetting limited parkland.
- Risks: below-metro safety rankings, lower school scores, and affordability pressure warrant prudent underwriting and operating plans.