| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 59th | Good |
| Demographics | 13th | Poor |
| Amenities | 43rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2903 Pioneer Dr, Bakersfield, CA, 93306, US |
| Region / Metro | Bakersfield |
| Year of Construction | 2007 |
| Units | 81 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2903 Pioneer Dr Bakersfield Multifamily Investment
This 81-unit property built in 2007 serves a rental-majority neighborhood with 96.1% occupancy rates. Demographics within a 3-mile radius show stable renter demand supported by commercial real estate analysis from WDSuite.
The property sits in an inner suburb neighborhood ranking 125th among 247 Bakersfield metro neighborhoods, with a B- overall rating. Built in 2007, this asset is significantly newer than the neighborhood average construction year of 1950, positioning it competitively with reduced near-term maintenance requirements and modern unit features that appeal to today's renters.
Neighborhood-level occupancy trends show strong stability at 96.1%, ranking in the top quartile nationally at the 78th percentile. The area maintains a rental-focused housing stock with 59.8% of units occupied by renters, ranking in the top quartile nationally and supporting consistent demand for multifamily properties. Contract rents average $936 with 20% growth over five years, while the rent-to-income ratio of 0.22 suggests manageable affordability for area households.
Demographics within a 3-mile radius reveal a population of approximately 104,000 residents with projected 4% growth through 2028. The area maintains 53.8% renter-occupied housing units, with household formation expected to increase 45% over the next five years according to forecasts. Median household income of $54,175 is projected to grow 28% by 2028, supporting rental demand and potential for measured rent increases.
The neighborhood offers solid amenity access with grocery stores at 3.07 per square mile ranking in the top quartile nationally, and restaurant density of 6.14 per square mile above metro median. However, childcare and park amenities are limited, which may affect family tenant retention in certain unit types.
Crime metrics show the neighborhood performing near metro median levels, ranking 92nd among 247 Bakersfield neighborhoods and at the 51st percentile nationally. Property offense rates of 720 per 100,000 residents declined 15.8% over the past year, indicating improving conditions that support tenant retention and property values.
Violent crime rates remain relatively low at 58 per 100,000 residents, with a notable 28% decrease over the past year ranking in the upper quartile for improvement trends. These declining crime patterns, while still requiring standard property management protocols, suggest stabilizing neighborhood conditions that can support long-term investment fundamentals.
Employment data for specific anchor employers near this property location is not currently available in our analysis. Investors should conduct additional due diligence on local employment centers and commute patterns that support rental demand in this Bakersfield submarket.
This 81-unit property presents a value-oriented multifamily opportunity in a rental-focused Bakersfield neighborhood with strong occupancy fundamentals. The 2007 construction vintage provides modern unit appeal while avoiding the capital intensity of older properties, and neighborhood-level occupancy of 96.1% ranks in the top quartile nationally. According to CRE market data from WDSuite, the area's 53.8% renter occupancy rate and projected 45% household formation growth through 2028 support sustained rental demand.
Demographic trends within a 3-mile radius show median household income growth of 28% projected through 2028, while current rent-to-income ratios of 0.22 suggest room for measured increases. The property's newer vintage relative to neighborhood averages positions it competitively for tenant attraction and retention, though investors should monitor limited childcare and park amenities that may affect family tenant segments.
- Strong occupancy fundamentals with 96.1% neighborhood rates ranking top quartile nationally
- Modern 2007 construction reduces near-term capital requirements compared to area average
- Rental-majority market with 53.8% renter occupancy supporting multifamily demand
- Projected household formation growth of 45% through 2028 expands tenant base
- Risk consideration: Limited childcare and park amenities may impact family tenant retention