| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 52nd | Fair |
| Demographics | 26th | Fair |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5009 Appleblossom Dr, Bakersfield, CA, 93309, US |
| Region / Metro | Bakersfield |
| Year of Construction | 1979 |
| Units | 34 |
| Transaction Date | 2013-11-21 |
| Transaction Price | $1,692,500 |
| Buyer | HALCYON UNITED HOLDING LLC |
| Seller | ATHENA LLC |
5009 Appleblossom Dr Bakersfield Multifamily Investment
Neighborhood multifamily occupancy is above the Bakersfield metro median, supporting cash flow stability, according to WDSuite’s CRE market data. Position within an inner-suburb location suggests durable renter demand relative to nearby submarkets.
The property sits in an Inner Suburb of Bakersfield with a C- neighborhood rating and above-median occupancy among 247 metro neighborhoods, indicating comparatively steady rent rolls at the neighborhood level. Median contract rents in the neighborhood track around the mid-60s percentile nationally, a sign that achievable rents are competitive while still needing disciplined lease management.
At the neighborhood scale, the renter-occupied share of housing units is about one-third, implying a smaller local renter base and potential reliance on demand from adjacent areas. Home values land near national mid-range levels, which can introduce some competition from ownership options and may temper pricing power; investors should underwrite renewal assumptions accordingly.
Within a 3-mile radius, population and households have grown over the past five years, with further gains projected by 2028. This expansion increases the potential tenant base and supports occupancy stability, especially for well-managed assets positioned for workforce renters.
Amenity density within the immediate neighborhood footprint is limited (few measured retail, parks, and services), so residents likely lean on nearby corridors for daily needs. Average school ratings in the area trend below national norms; while not a primary driver for all renter cohorts, it can influence certain family-oriented leasing decisions.
The asset’s 1979 vintage is slightly newer than the neighborhood’s average stock from the mid-1970s. That positioning can help competitiveness versus older comparables, though investors should still plan for periodic modernization of systems and common areas to sustain leasing performance.
Neighborhood safety indicators are mixed. Recent rankings place the area in the lower half among 247 Bakersfield neighborhoods, and national comparisons suggest conditions that are below average for safety. Over the last year, estimated violent and property offense rates have trended upward, based on WDSuite’s CRE market data.
For underwriting, investors typically budget for appropriate security measures, lighting, and insurance assumptions, while weighing these factors against occupancy stability and demand drivers noted elsewhere.
This 34-unit, 1979-vintage asset benefits from neighborhood occupancy that sits above the metro median and a growing 3-mile radius renter pool, supporting a stable leasing backdrop. Rent levels are competitive in national context, and the local rent-to-income profile around 18% supports retention with prudent renewal strategies, according to commercial real estate analysis from WDSuite. The vintage is slightly newer than the neighborhood average, creating light value-add potential via targeted interiors, building systems, and curb appeal enhancements.
Counterbalancing strengths, the immediate neighborhood shows limited amenity density and safety metrics that lag national norms, and relatively accessible ownership options can compete with rentals. Even so, projected household and income gains in the surrounding area point to durable renter demand for well-managed, workforce-oriented units.
- Above-median neighborhood occupancy supports cash flow stability.
- 1979 vintage allows targeted value-add to improve competitive positioning.
- 3-mile radius growth expands the tenant base and supports leasing.
- Rent-to-income near 18% favors renewal management and retention.
- Risks: amenity-light setting, below-average safety rankings, and competition from ownership.