| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 48th | Poor |
| Demographics | 9th | Poor |
| Amenities | 24th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 500 R St, Bakersfield, CA, 93304, US |
| Region / Metro | Bakersfield |
| Year of Construction | 2004 |
| Units | 80 |
| Transaction Date | 2002-08-15 |
| Transaction Price | $52,500 |
| Buyer | BAKERSFIELD SENIOR CENTER INC |
| Seller | BOYDSTUN JOHN E |
500 R St, Bakersfield CA Multifamily Investment
Neighborhood occupancy trends and a very high renter-occupied share point to durable tenant demand, according to WDSuite’s CRE market data, while the 2004 vintage offers competitive positioning versus older local stock. Lease management should consider area affordability dynamics to sustain retention.
The property’s 2004 construction stands newer than the neighborhood’s older housing stock (average year 1959), suggesting relative competitiveness versus many nearby assets; investors should still plan for mid‑life system updates and select modernization to sharpen positioning.
Local livability is mixed. Grocery access is competitive among Bakersfield neighborhoods (rank 64 of 247), and restaurant density is also competitive (rank 90 of 247), but nearby parks, pharmacies, cafes, and childcare options are limited based on neighborhood rankings. School ratings trend below national norms, which may influence unit‑mix strategy for family households.
For rental dynamics, neighborhood occupancy is above national averages (73rd percentile) and the renter‑occupied share is very high at the neighborhood level (rank 8 of 247), indicating a deep tenant base that can support leasing velocity and occupancy stability. Median contract rents in the neighborhood sit near mid‑range nationally, while home values are relatively low for California; this combination can create some competition from entry‑level ownership, yet the strong renter concentration suggests sustained demand for multifamily.
Within a 3‑mile radius, population grew modestly in recent years and households increased, with forecasts indicating further population growth and a notable increase in households alongside smaller average household sizes. This points to a larger tenant base and potential renter pool expansion over the next cycle, supporting occupancy and absorbing renovated units, based on multifamily property research from WDSuite.
Safety indicators for the neighborhood trend below national averages (overall safety in the mid‑teens percentile nationally), and the area ranks in the lower tier among 247 Bakersfield neighborhoods. Recent estimates indicate year‑over‑year increases in both property and violent offense rates, underscoring the importance of practical security measures and expense allowances in underwriting rather than reliance on improvement assumptions alone.
Built in 2004 with 80 units, the asset is competitively positioned versus older neighborhood stock and benefits from above‑average neighborhood occupancy that supports income stability. According to CRE market data from WDSuite, the immediate area maintains a very high share of renter‑occupied housing, which deepens the tenant base and supports leasing durability even as ownership remains relatively accessible for the market.
Within a 3‑mile radius, recent population growth and a projected increase in households suggest ongoing renter pool expansion that can aid retention and absorb value‑add upgrades. Investors should balance this with area affordability pressure (elevated rent‑to‑income at the neighborhood level) and below‑average safety metrics by tightening screening, calibrating amenities to workforce demand, and reserving for mid‑life capital items typical for a 2004 vintage.
- Newer 2004 vintage relative to area stock supports competitive positioning
- Above‑average neighborhood occupancy and high renter concentration underpin leasing stability
- 3‑mile household growth outlook expands the tenant base for renovated units
- Pricing power tempered by neighborhood rent‑to‑income; prioritize retention‑oriented lease management
- Risk: Below‑average safety metrics and mid‑life capex needs require prudent underwriting