| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 45th | Poor |
| Demographics | 10th | Poor |
| Amenities | 42nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 716 Espee St, Bakersfield, CA, 93301, US |
| Region / Metro | Bakersfield |
| Year of Construction | 1985 |
| Units | 35 |
| Transaction Date | 2014-11-06 |
| Transaction Price | $1,730,000 |
| Buyer | RCM SOCAL INC |
| Seller | VV APTS LLC |
716 Espee St, Bakersfield, CA Multifamily Investment
1985 vintage positions this 35-unit asset competitively against older neighborhood stock while the surrounding renter base supports steady leasing, according to WDSuite’s CRE market data.
Located in Bakersfield’s Inner Suburb, the neighborhood carries a C rating and shows mixed fundamentals for multifamily investors. Parks and groceries are accessible — park density ranks 2nd among 247 Bakersfield neighborhoods (top quartile nationally), and grocery access is competitive among Bakersfield neighborhoods — while cafes, childcare, and pharmacies are thin locally. These dynamics favor everyday convenience without the premium amenity profile of core submarkets.
Renter-occupied housing accounts for a meaningful share of local units (neighborhood renter concentration ranks 66th of 247, above the metro median), which points to depth in the tenant pool. Neighborhood occupancy trends near the mid‑80s suggest leasing velocity is active but not tight; operators may prioritize marketing and renewals to sustain stability.
Within a 3‑mile radius, population has expanded recently and is forecast to keep growing, with household counts increasing and average household size trending lower. This combination typically expands the renter pool and supports occupancy stability. Median incomes have risen over the last five years, and projected gains indicate more purchasing power entering the area — a tailwind for collections and modest rent growth management.
Ownership remains a higher-cost path relative to local incomes (value‑to‑income measures sit in an upper metro tier), which tends to reinforce reliance on rental housing. Neighborhood rent‑to‑income metrics skew on the lower side, supporting retention and reducing turnover risk. Median contract rents in the vicinity remain accessible compared with larger coastal markets, offering room for thoughtful revenue management rather than outsized, immediate increases based on commercial real estate analysis alone.
Construction in the neighborhood skews older (average around the mid‑1950s), making a 1985 asset relatively newer and potentially more competitive against legacy stock, while still leaving room for targeted updates to drive rent positioning.
Safety indicators in this neighborhood trend below national averages, with the area landing in lower national percentiles for both violent and property incidents. Within the Bakersfield metro, the crime rank is in the lower tier (ranked 204 out of 247 neighborhoods), indicating comparatively higher incident levels than many parts of the region.
Investors commonly address these conditions through practical measures — lighting, access control, and community standards — and by aligning underwriting with elevated operating considerations. Monitoring trend direction over time remains important when calibrating loss assumptions and retention strategies.
The 1985 construction stands newer than much of the surrounding housing stock, offering a competitive edge versus older properties while preserving value‑add pathways through selective renovations and system upgrades. Neighborhood renter concentration above the metro median and a growing 3‑mile tenant base support occupancy stability, according to CRE market data from WDSuite. Local ownership costs relative to income tend to sustain demand for rentals, and rent‑to‑income levels suggest manageable affordability — helpful for renewals and collections.
Counterbalancing strengths, safety metrics trail metro and national benchmarks, and neighborhood occupancy sits below tighter submarkets. Prudent operators can mitigate these factors with targeted capex, security protocols, and focused leasing and renewal management.
- 1985 vintage is newer than neighborhood average, with value‑add and modernization potential
- Renter-occupied share above metro median indicates a deeper tenant pool
- 3‑mile household and income growth trends support leasing and retention
- Ownership costs vs. income favor sustained rental demand and pricing discipline
- Risk: below‑average safety and mid‑range occupancy warrant stronger operations and security