| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Best |
| Demographics | 42nd | Good |
| Amenities | 74th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5501 Lennox Ave, Bakersfield, CA, 93309, US |
| Region / Metro | Bakersfield |
| Year of Construction | 1977 |
| Units | 22 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
5501 Lennox Ave, Bakersfield Multifamily Investment
Neighborhood occupancy is strong and renter demand is supported by solid amenity access, according to WDSuite’s CRE market data; note that occupancy and renter shares reference the surrounding neighborhood, not the property.
Situated in an Inner Suburb of Bakersfield, the property benefits from a neighborhood with high amenity access. Cafes and restaurants rank 8th and 14th out of 247 metro neighborhoods, respectively—top quartile nationally—while groceries (53rd of 247) and parks (3rd of 247) are also competitive, helping support day-to-day convenience and leasing appeal. These ranks reflect neighborhood conditions, not the asset itself.
Neighborhood occupancy is elevated (top quartile nationally), and roughly half of housing units are renter-occupied (50.5% renter concentration; 62nd of 247 in the metro), indicating a deep tenant base for multifamily demand. Median contract rents in the neighborhood sit above national norms (81st percentile) while the rent-to-income ratio trends modest (27th percentile), which can aid retention and reduce turnover risk from affordability pressure.
Median home values are elevated versus many U.S. areas (64th percentile nationally). In investor terms, a comparatively high-cost ownership market tends to reinforce renter reliance on multifamily housing and can sustain pricing power, particularly when paired with tight neighborhood occupancy. Average school ratings in the neighborhood are below national norms (15th percentile), which is a consideration for family-oriented demand, though it may have limited impact on typical workforce-oriented renter segments.
The asset’s 1977 vintage is slightly older than the neighborhood’s average construction year (1982). Investors should plan for targeted capital expenditures and consider value-add upgrades to maintain competitiveness against newer stock, especially given the area’s strong amenity profile and steady renter pool.
Within a 3-mile radius, demographics point to a larger tenant base today and projected growth ahead. Recent years show modest population and household increases, and WDSuite’s data indicates forward projections for additional population growth and more households by 2028, which supports occupancy stability and leasing velocity for well-positioned assets.
Crime indicators for the neighborhood trend weaker than national averages, and the area ranks in the lower half among Bakersfield neighborhoods. Property-offense measures sit in lower national percentiles and have trended up year over year, while violent-offense measures are also below national medians. Investors should underwrite to enhanced security, lighting, and operational practices, and compare trends against nearby submarkets to calibrate risk and insurance assumptions.
This 22-unit, 1977-vintage property sits in a Bakersfield neighborhood with strong amenity access and high neighborhood occupancy, supporting leasing durability. The area’s renter concentration and above-average national positioning for restaurants, cafes, groceries, and parks bolster demand depth, while home values and a modest rent-to-income profile suggest room for sustained rental reliance and manageable retention risk. Based on CRE market data from WDSuite, forward demographic growth within a 3-mile radius points to a larger tenant base over the next several years.
Given its older vintage compared with the neighborhood average, the asset is a candidate for targeted value-add or systems modernization to sharpen competitive positioning. Underwriting should incorporate neighborhood safety considerations and routine capex, but the combination of occupancy stability, renter demand, and daily-needs amenities provides a constructive long-term backdrop.
- High neighborhood occupancy and strong amenity access support leasing stability.
- Renter-occupied share indicates depth of tenant demand for multifamily units.
- 1977 vintage offers value-add and modernization potential versus newer stock.
- Home values and modest rent-to-income metrics support renter reliance and retention.
- Risk: Neighborhood crime trends below national benchmarks; underwrite security and insurance accordingly.