| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Good |
| Demographics | 15th | Poor |
| Amenities | 27th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3101 Coventry Dr, Bakersfield, CA, 93304, US |
| Region / Metro | Bakersfield |
| Year of Construction | 1991 |
| Units | 88 |
| Transaction Date | 2023-10-25 |
| Transaction Price | $6,600,000 |
| Buyer | COVENTRY ESTATES LP |
| Seller | COVENTRY APARTMENTS LP |
3101 Coventry Dr Bakersfield 88-Unit Multifamily Investment
Neighborhood occupancy is competitive among Bakersfield neighborhoods and supported by a high renter-occupied share and strong grocery access, according to WDSuite’s CRE market data.
Situated in an Inner Suburb of Bakersfield, the property benefits from a renter-occupied share that is high for the metro (56.5% of housing units) and ranks 44th out of 247 neighborhoods. For investors, that depth of renter households signals a resilient tenant base and supports leasing stability over the cycle.
Occupancy in the neighborhood is 95.8% and ranks 82 of 247, which is competitive among Bakersfield neighborhoods and above the metro median. That stability, paired with median contract rents in line with broader metro levels, suggests steady demand without over-reliance on premium pricing to maintain lease-up.
Everyday retail access is a relative strength: the area ranks 6th of 247 for grocery density and sits in the 98th percentile nationally, while parks, pharmacies, and cafes are less concentrated nearby. For multifamily, this mix typically supports daily convenience for residents, even if lifestyle amenities are more dispersed.
Within a 3-mile radius, population and household counts have inched higher in recent years and are projected to continue growing by 2028, indicating gradual renter pool expansion that can support occupancy and absorption. Home values relative to incomes are on the higher side compared with many U.S. neighborhoods (national percentile ~79 for value-to-income ratio), which tends to sustain reliance on rental housing and can underpin retention and pricing power for well-managed assets.
School ratings in the neighborhood are below national norms (near the lower percentiles nationwide). For assets targeting households with school-age children, this may influence marketing positioning and amenity strategy, though it does not preclude stable performance in workforce-oriented segments.
The 1991 construction is newer than the neighborhood’s average vintage (1978), offering relative competitiveness versus older stock. Investors should still plan for modernization of systems and common areas to align with current renter expectations and to capture potential value-add upside.
Safety indicators for the neighborhood trend weaker than many areas of Bakersfield, with crime rank in the lower tier (217 out of 247 neighborhoods). Nationally, the neighborhood falls into lower percentiles for safety, indicating it is less safe than many U.S. neighborhoods. Investors often address this with visible property management, lighting, and access controls, which can support resident retention and leasing.
Recent year-over-year estimates point to increases in both property and violent offense rates locally. While neighborhood-level conditions can change, prudent underwriting should reflect potential security and insurance cost considerations and the importance of active on-site management.
Proximity to central Bakersfield employment nodes across healthcare, education, logistics, and public services supports workforce housing demand and commute convenience for residents.
This 88-unit, 1991-vintage asset sits in a renter-heavy Bakersfield neighborhood where occupancy ranks above the metro median (82 of 247). The area’s strong grocery access and steady, incremental growth in the 3-mile resident base point to a broad tenant pool and durable day-to-day livability. According to CRE market data from WDSuite, home values relative to incomes skew higher than many U.S. neighborhoods, which tends to reinforce rental demand and can help support pricing power for well-operated properties.
Compared with older local stock, the vintage provides a competitive baseline while leaving room for targeted upgrades to drive rent premiums. Underwriting should account for safety metrics that lag metro and national averages and lower neighborhood school ratings; thoughtful management, security investments, and value-add programming can mitigate risk and support retention.
- Competitive neighborhood occupancy supports leasing stability
- High renter-occupied share indicates depth of tenant demand
- 1991 vintage offers relative advantage versus older local stock with value-add potential
- Elevated ownership costs locally reinforce reliance on rental housing
- Risks: below-average safety metrics and school ratings warrant active management and capex for security