| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 52nd | Fair |
| Demographics | 26th | Fair |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5001 Appleblossom Dr, Bakersfield, CA, 93309, US |
| Region / Metro | Bakersfield |
| Year of Construction | 1979 |
| Units | 34 |
| Transaction Date | --- |
| Transaction Price | $3,910,000 |
| Buyer | -- |
| Seller | Athena LLC |
5001 Appleblossom Dr Bakersfield Multifamily Investment
This 34-unit property built in 1979 offers value-add potential in a neighborhood with strong occupancy fundamentals. Neighborhood-level occupancy rates of 95.2% rank in the top quartile among 247 metro neighborhoods, according to CRE market data from WDSuite.
Located in an inner suburb neighborhood of Bakersfield, this property sits within a market showing solid rental demand fundamentals. The neighborhood maintains a 95.2% occupancy rate, ranking 101st among 247 metro neighborhoods and placing in the 72nd national percentile. With 31.4% of housing units renter-occupied, the area provides a stable tenant base for multifamily operators.
Built in 1979, this property aligns with the neighborhood's average construction year of 1976, indicating consistent building stock that may present capital expenditure planning considerations typical for properties of this vintage. Median contract rents in the neighborhood reach $1,178, with 38.7% growth over the past five years, reflecting strengthening rental pricing power.
Demographics within a 3-mile radius show a population of approximately 138,000 residents with household incomes averaging $87,697. The area maintains a balanced age distribution with 28.7% of residents aged 18-34 and 32.8% aged 35-64, supporting diverse renter demand. Projections indicate continued population growth of 10.6% through 2028, with median household incomes forecast to rise 25.4%, potentially expanding the qualified renter pool.
The neighborhood's amenity profile shows limited walkable retail density, with minimal cafes, restaurants, and grocery stores per square mile. While this may impact tenant appeal for some demographics, it also suggests potential for future commercial development that could enhance the location's attractiveness over time.
Safety metrics for this neighborhood show mixed performance relative to metro and national comparisons. Property crime rates of 287 incidents per 100,000 residents rank 117th among 247 Bakersfield metro neighborhoods, placing the area near the metro median with a 49th national percentile. However, property crime has increased 28.1% over the past year, ranking 131st metro-wide and in the 25th national percentile for crime trends.
Violent crime rates remain more favorable at 54 incidents per 100,000 residents, ranking 167th among metro neighborhoods and achieving the 42nd national percentile. Violent crime trends show a 17.5% year-over-year increase, though this places the neighborhood at the 37th national percentile for violent crime changes, indicating the increase is less severe than many comparable areas nationwide.
Employment data for major anchor employers near this property location is not currently available in our database. Investors should conduct independent research on local employment drivers and commute patterns to assess workforce housing demand in this Bakersfield submarket.
This 34-unit property presents a value-add opportunity in a neighborhood demonstrating strong occupancy fundamentals despite mixed amenity access. The 95.2% neighborhood occupancy rate ranks in the top quartile among Bakersfield metro neighborhoods, while rent growth of 38.7% over five years indicates improving pricing power. Built in 1979, the property's vintage suggests potential for strategic capital improvements to capture additional rent premiums.
Demographic projections within the 3-mile radius support long-term rental demand, with population growth of 10.6% and household income increases of 25.4% forecast through 2028. The balanced renter-owner split and diverse age demographics provide stability, though investors should monitor the recent uptick in property crime rates and limited walkable amenities when evaluating tenant retention strategies.
- Strong occupancy fundamentals with 95.2% neighborhood rate ranking top quartile metro-wide
- Solid rent growth trajectory with 38.7% increases over five years
- Favorable demographic trends with 10.6% population growth projected through 2028
- Value-add potential given 1979 construction and neighborhood rent performance
- Risk considerations include rising property crime rates and limited walkable amenities