| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 61st | Good |
| Demographics | 2nd | Poor |
| Amenities | 24th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2901 Virginia Ave, Bakersfield, CA, 93307, US |
| Region / Metro | Bakersfield |
| Year of Construction | 1993 |
| Units | 60 |
| Transaction Date | 2020-10-24 |
| Transaction Price | $3,405,000 |
| Buyer | KRISTINE HOUSING PARTNERS LP |
| Seller | VIRGINIA AVENUE AFFORDABLE HOUSING LIMIT |
2901 Virginia Ave Bakersfield Multifamily Investment
Renter-occupied housing is prevalent in the surrounding neighborhood, supporting steady multifamily demand, according to WDSuite’s CRE market data. A 1993 vintage positions this 60-unit asset as newer than much of the local stock, offering competitive appeal with potential to modernize select systems.
The property sits in an Inner Suburb of Bakersfield with a neighborhood rating of C and a rank of 195 among 247 metro neighborhoods, indicating performance below the metro median on several criteria, per WDSuite. Even so, renter-occupied housing makes up a large share of local units (67.5%), signaling depth in the tenant base and supportive fundamentals for sustained leasing.
Amenity access is mixed: grocery availability is strong relative to peers (competitive nationally), while restaurants are present at moderate density. Cafés, parks, and pharmacies are sparse locally, so residents will rely on nearby corridors for daily needs. For investors, this pattern suggests stable workforce demand anchored by essentials rather than lifestyle-driven premiums.
Median contract rents in the neighborhood trend around $950, and neighborhood occupancy is reported near the high-80s, according to WDSuite’s CRE market data. Together with a high renter concentration, these signals point to durable absorption, with pricing power tied more to affordability than to amenities.
Within a 3-mile radius, demographics show recent population growth with a modest increase in households and projections for further household expansion over the next five years. This implies a larger renter pool over time, which can support occupancy stability. Elevated home values relative to incomes (high national percentile for value-to-income) indicate a high-cost ownership market locally, reinforcing renter reliance on multifamily housing. At the same time, a high rent-to-income ratio in the neighborhood points to affordability pressure, making proactive lease management and unit mix positioning important for retention.
Construction in the immediate area skews older than this asset (neighborhood average year 1970 versus the property’s 1993 delivery). The vintage advantage can help competitiveness versus older buildings, while investors should still budget for system refreshes and modernization typical of 1990s construction.
Based on WDSuite’s neighborhood benchmarks, overall crime metrics place the area roughly middle-of-the-pack nationally, with violent offense rates testing modestly better than the U.S. average. Within the Bakersfield metro, the neighborhood’s crime rank sits in the lower half (98 of 247, where lower ranks indicate more crime), suggesting safety conditions that are competitive among some Bakersfield neighborhoods but not top tier.
Trends are mixed: estimated violent offenses declined year over year, while property offenses showed an uptick. For investors, this argues for standard security measures and partnership with professional management to support resident experience and retention.
This 60-unit, 1993-vintage asset benefits from a deep renter base and essentials-oriented location dynamics. Neighborhood rents and occupancy, combined with a renter-occupied share that is high by national standards, indicate durable demand. Elevated ownership costs relative to income in the area sustain reliance on rentals, while 3-mile demographics point to population growth and an expanding household count that can broaden the tenant pool. According to CRE market data from WDSuite, the property’s newer-than-neighborhood vintage provides a competitive edge versus 1970s stock, though selective modernization can further strengthen positioning.
Key considerations include balancing affordability and rent growth given higher rent-to-income ratios, and maintaining resident satisfaction amid mixed but improving safety trends. The investment thesis favors stable occupancy with value-add potential through targeted upgrades and efficient operations.
- High renter concentration supports a deep tenant base and leasing stability.
- 1993 vintage is competitive versus older neighborhood stock, with modernization upside.
- Essentials-oriented location with solid grocery access underpins workforce demand.
- Demographic tailwinds within 3 miles suggest a gradually expanding renter pool.
- Risks: affordability pressure (higher rent-to-income) and mixed but improving safety trends warrant active management.