| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 52nd | Fair |
| Demographics | 26th | Fair |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5601 Ming Ave, Bakersfield, CA, 93309, US |
| Region / Metro | Bakersfield |
| Year of Construction | 1978 |
| Units | 76 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
5601 Ming Ave Bakersfield Multifamily Investment
This 76-unit property built in 1978 offers value-add potential in a neighborhood with above-average occupancy rates. Median contract rent of $1,178 according to CRE market data from WDSuite positions the area competitively within the Bakersfield market.
The neighborhood demonstrates stable fundamentals with 95.2% occupancy rates ranking in the 72nd percentile nationally, indicating strong tenant retention among the 247 neighborhoods in the Bakersfield metro. The area maintains a balanced housing mix with 31.4% of units being renter-occupied, supporting consistent rental demand.
Built in 1978, this property aligns with the neighborhood's average construction year of 1976, presenting potential value-add opportunities through strategic renovations and unit upgrades. The median household income of $73,625 within a 3-mile radius has grown 61.8% over five years, while median contract rent increased 38.7% during the same period, suggesting improving affordability dynamics for multifamily operators.
Demographics within the 3-mile radius show a population of approximately 120,700 residents with projected growth to 134,300 by 2028. This 11.2% population increase, combined with forecasted household growth of 40.2%, indicates expanding renter pool that supports long-term occupancy stability. The area's inner suburb classification provides proximity to employment centers while maintaining lower density housing stock.
Amenity density remains limited with minimal retail and dining options per square mile, which may impact tenant preferences but also reduces local competition for discretionary spending. School ratings average 2.0 out of 5, ranking in the 37th percentile nationally, presenting considerations for family-oriented marketing strategies.
Property crime rates in the neighborhood are estimated at 287 incidents per 100,000 residents annually, ranking 117th among 247 metro neighborhoods and placing in the 49th percentile nationally. This positions the area near metro median levels for property crime exposure.
Violent crime rates are lower at 54 incidents per 100,000 residents, ranking 167th among metro neighborhoods and in the 42nd percentile nationally. Both property and violent crime rates have increased over the past year by 28.1% and 17.5% respectively, indicating trends that warrant monitoring for tenant retention and insurance considerations.
Employment data for major employers within commuting distance of this property is not currently available in the provided market analysis.
This 76-unit property presents a value-add investment opportunity in a neighborhood demonstrating occupancy stability above national averages. The 1978 construction year aligns with area norms and provides renovation upside potential to capture growing household incomes, which have increased 61.8% over five years. Demographics within a 3-mile radius support long-term demand with projected population growth of 11.2% and household formation increasing 40.2% through 2028.
The neighborhood's 95.2% occupancy rate ranks in the 72nd percentile nationally according to multifamily property research, indicating tenant retention strength despite limited amenity density. Current median rents of $1,178 provide room for strategic improvements and repositioning as household incomes continue expanding in this inner suburb location.
- Strong occupancy fundamentals with 95.2% neighborhood rates in top quartile nationally
- Value-add potential through renovations of 1978-vintage units
- Growing household incomes support rent growth opportunities
- Projected 40.2% household growth expands tenant base through 2028
- Risk: Rising crime trends and limited amenity density may impact tenant appeal