| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 63rd | Good |
| Demographics | 30th | Fair |
| Amenities | 78th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 601 24th St, Bakersfield, CA, 93301, US |
| Region / Metro | Bakersfield |
| Year of Construction | 2013 |
| Units | 32 |
| Transaction Date | 2005-11-29 |
| Transaction Price | $350,000 |
| Buyer | COLUMBUS AVENUE HOUSING PARTNERS LP |
| Seller | BUENTE ROBERT M |
601 24th St Bakersfield Multifamily Investment
Neighborhood occupancy remains high and renter demand is deep in this inner-suburb pocket of Bakersfield, according to WDSuite’s CRE market data, supporting stable leasing for mid-size assets. The area’s strong amenity access further underpins day-to-day livability for residents.
This Inner Suburb neighborhood rates A (ranked 18 of 247 in the Bakersfield metro), indicating competitive fundamentals among metro peers. Restaurants, grocery options, parks, and pharmacies score in the upper national percentiles, which translates into convenient daily needs access that can aid lease retention and reduce turnover-related friction for operators.
The local housing stock skews older (average vintage around 1960 across the neighborhood), while the subject asset was built in 2013. Newer construction typically offers a comparative edge versus legacy buildings, with potential benefits for curb appeal and operations; investors should still plan for routine system updates and selective repositioning over the hold.
Renter concentration in the neighborhood is high, indicating a sizable share of housing units are renter-occupied. Combined with a neighborhood occupancy rate near the top decile nationally, this points to a deep tenant base and supports occupancy stability. Within a 3-mile radius, households have grown in recent years and are projected to continue increasing, expanding the renter pool and helping sustain demand. In this context, elevated value-to-income levels for owners suggest a high-cost ownership market relative to local incomes, which can reinforce reliance on multifamily housing; however, rent-to-income levels signal some affordability pressure, a lease management consideration for underwriting and renewals.
From a commercial real estate analysis standpoint, the combination of strong amenity access and tight neighborhood occupancy—along with 3-mile demographic growth in households—supports steady renter demand. School ratings in the neighborhood trend below national norms, which may matter for family-oriented product, but proximity to daily services and food options can offset for a broad renter cohort.
Safety indicators in this neighborhood trail both metro and national norms. The area ranks 221 out of 247 Bakersfield metro neighborhoods on crime, placing it below metro median and in lower national percentiles for safety. This suggests elevated exposure to property and violent offenses compared with many U.S. neighborhoods.
For investors, the takeaway is to weight security measures and operational practices (lighting, access control, partnerships with local patrols) in underwriting and asset plans. Monitoring recent trend movement is prudent, as local changes can influence retention and marketing costs over the hold.
Built in 2013 with 32 units, the property is newer than much of the surrounding housing stock, which can position it competitively versus older assets while still allowing targeted upgrades for rent and expense optimization. Neighborhood-level occupancy is strong and renter concentration is high, indicating depth in the tenant base and potential for steady leasing. According to CRE market data from WDSuite, amenity access is a relative strength, which, paired with growing households within a 3-mile radius, supports ongoing renter demand.
Counterbalancing factors include below-average school ratings, affordability pressure implied by rent-to-income dynamics, and safety metrics that lag metro peers—each requiring prudent underwriting assumptions and operational focus. Even so, the combination of tight neighborhood occupancy, high renter share, and a 2013 vintage creates a defensible long-term hold with measured value-add options.
- 2013 vintage offers competitive positioning versus older neighborhood stock with targeted upgrade potential
- High neighborhood occupancy and renter concentration support leasing stability
- Amenity-rich location and 3-mile household growth underpin renter demand
- Risk: safety indicators below metro norms warrant enhanced security and marketing strategy
- Risk: rent-to-income pressure suggests careful renewal and pricing management