| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 60th | Good |
| Demographics | 7th | Poor |
| Amenities | 13th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3001 S Chester Ave, Bakersfield, CA, 93304, US |
| Region / Metro | Bakersfield |
| Year of Construction | 1982 |
| Units | 34 |
| Transaction Date | 2020-08-14 |
| Transaction Price | $2,590,000 |
| Buyer | DHA OPPORTUNITY 1 LP |
| Seller | GROUP XIII PROPERTIES LP |
3001 S Chester Ave Bakersfield Multifamily Investment
Neighboring submarket fundamentals point to durable renter demand, with neighborhood occupancy competitive among Bakersfield areas and a broad tenant base within 3 miles, according to WDSuite’s CRE market data. 1982 vintage offers a practical value-add path relative to older nearby stock.
This Inner Suburb location balances access to Bakersfield job corridors with a modest amenity footprint. Neighborhood restaurants index well versus many areas (nationally higher than most), while daily services like groceries, parks, pharmacies, and cafes are comparatively sparse. School rating data is limited in this immediate neighborhood; investors often lean on commute convenience and unit features to drive leasing.
On housing fundamentals, the neighborhood’s occupancy ranks 66 of 247 Bakersfield neighborhoods, making it competitive among Bakersfield neighborhoods and in the top quartile nationally by occupancy percentile. The share of housing units that are renter-occupied is substantial (ranked 79 of 247; high national percentile), signaling depth in the tenant base and supporting renewal stability. Median contract rent in the neighborhood sits below many coastal California markets, which can help sustain demand while still allowing disciplined revenue management.
Demographic statistics aggregated within a 3-mile radius indicate steady population growth recently and a projected increase over the next five years, alongside a notable forecast increase in households. This points to a larger tenant base and supports occupancy stability. Median incomes in the 3-mile area have risen and are projected to continue growing, while rents are also forecast to increase; together with a neighborhood rent-to-income ratio near one-fifth, this suggests manageable affordability pressure and potential for measured rent optimization.
Home values in the neighborhood are lower than many California metros, yet the value-to-income ratio trends on the higher side nationally, implying that ownership costs relative to incomes can reinforce reliance on multifamily housing. For this property specifically, a 1982 construction year is slightly newer than the neighborhood average (1976), which can offer competitive positioning versus older stock, though investors should plan for aging systems and targeted modernization to meet today’s renter expectations.
Safety trends are mixed and should be underwritten with care. The neighborhood’s crime profile ranks 182 out of 247 within the Bakersfield metro, indicating below-metro-average safety. Nationally, overall crime measures sit below the median (around the lower-third percentiles), while violent and property offense indicators also track below national midpoints.
Recent year-over-year estimates point to an uptick in violent offense rates in this neighborhood, and property offense levels have also increased. Investors commonly address this through operations, lighting, access control, and community engagement, and by benchmarking performance against comparable Bakersfield assets.
For a 34-unit asset, this Bakersfield address benefits from a neighborhood occupancy profile that is competitive among metro peers and strong nationally, supporting leasing stability and renewals. The immediate neighborhood shows a meaningful share of renter-occupied housing units, while 3-mile demographics point to population growth and a forecast increase in households, expanding the renter pool and supporting absorption. According to CRE market data from WDSuite, neighborhood-level rents and rent-to-income dynamics suggest manageable affordability pressure that can sustain retention while allowing disciplined rent growth.
With a 1982 vintage, the property is slightly newer than the neighborhood average. That positioning can be leveraged through targeted renovations to interiors, curb appeal, and energy or systems upgrades to enhance competitiveness versus older stock. Investors should underwrite for modest capital planning while noting local amenity scarcity and mixed safety trends as manageable operational considerations rather than structural impediments.
- Occupancy competitive among 247 Bakersfield neighborhoods and strong nationally, supporting leasing stability
- 3-mile population and household growth expand the tenant base and support absorption
- Rent-to-income dynamics indicate manageable affordability pressure with room for disciplined pricing
- 1982 vintage enables targeted value-add to outperform older competing stock
- Risks: sparse nearby amenities and mixed safety metrics require proactive operations and capex planning