| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 41st | Poor |
| Demographics | 39th | Good |
| Amenities | 27th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 500 W Columbus St, Bakersfield, CA, 93301, US |
| Region / Metro | Bakersfield |
| Year of Construction | 2013 |
| Units | 24 |
| Transaction Date | 2005-10-25 |
| Transaction Price | $300,000 |
| Buyer | COLUMBUS AVENUE HOUSING PARTNERS LP |
| Seller | BUENTE ROBERT M |
500 W Columbus St Bakersfield 24-Unit Multifamily
Built in 2013 with larger-than-typical unit sizes, this asset is positioned to compete against older local stock while serving a broad renter base; according to WDSuite’s CRE market data, neighborhood metrics point to steady renter demand supported by a high share of renter-occupied housing units in the broader area.
The surrounding neighborhood rates C+ and is an Inner Suburb within the Bakersfield, CA metro, placing it above the metro median on only a few dimensions but offering practical fundamentals for workforce housing. Compared with the metro’s 247 neighborhoods, the area’s overall rank of 155 indicates it is not a top performer, yet it remains competitive for investors focused on operations over headline growth.
Property vintage matters here: the average construction year in the neighborhood skews older (1975), while this property was built in 2013. Newer construction improves competitive positioning against older inventory and can reduce near-term capital needs, though periodic system updates and modernization may still be prudent for leasing and retention.
Amenity access is mixed. Restaurants per square mile are above many areas in the metro, while cafes, grocery, parks, and childcare options are limited. Notably, pharmacy access ranks near the top of Bakersfield and is in the top percentile nationally, supporting daily living needs. These dynamics suggest residents rely on a few concentrated corridors for services rather than a broad mix of neighborhood conveniences.
Tenure patterns support multifamily demand. Within the neighborhood, the share of housing units that are renter-occupied is moderate, while demographics aggregated within a 3-mile radius indicate a deeper renter pool (about two-thirds renter-occupied), which can help sustain leasing velocity. Population and households within 3 miles have increased over the last five years and are projected to continue rising, implying a larger tenant base; smaller average household size in forecasts also points to more households seeking individual units. Based on CRE market data from WDSuite, median contract rents in the area sit near mid-range levels nationally, while ownership costs are comparatively low for the neighborhood, which can introduce competition from entry-level ownership but still supports practical demand for well-managed rentals.
Safety indicators for the neighborhood are below the metro median. The crime rank sits in the lower tier among Bakersfield’s 247 neighborhoods, and national comparisons place the area below the median for safety. Recent year-over-year readings show an uptick in violent incidents, while property crime remains an ongoing consideration. For investors, this suggests underwriting for security measures, lighting, and resident engagement may aid retention and stabilize operations.
This 24-unit property, built in 2013, stands out versus the neighborhood’s older housing stock, offering more competitive product positioning and potential maintenance efficiencies. Larger average unit sizes can support resident retention, while a broad renter base within a 3-mile radius and ongoing population and household growth point to steady demand. According to CRE market data from WDSuite, local rents track near national mid-range levels, which supports occupancy stability for well-managed assets.
Key considerations include a safety profile that is weaker than metro averages, limited nearby everyday amenities beyond strong pharmacy access, and local affordability pressure that may constrain pricing power. Even so, the combination of newer construction, sizable floor plans, and a sizable renter pool offers a pragmatic long-term thesis focused on consistent operations and selective value-add.
- 2013 construction provides competitive positioning versus older neighborhood inventory
- Large average unit sizes support retention and family-oriented demand
- Broad 3-mile renter base and projected household growth support leasing stability
- Mid-range rents nationally, per WDSuite CRE market data, align with steady demand
- Risks: below-metro safety profile, limited nearby amenities, and affordability pressure can cap pricing power