| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 54th | Fair |
| Demographics | 25th | Fair |
| Amenities | 61st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 800 New Stine Rd, Bakersfield, CA, 93309, US |
| Region / Metro | Bakersfield |
| Year of Construction | 1980 |
| Units | 70 |
| Transaction Date | 2014-11-10 |
| Transaction Price | $5,850,000 |
| Buyer | TESORO DEL SOL II LLC |
| Seller | BRIDGEMONT TERRACE HOLDINGS LLC |
800 New Stine Rd Bakersfield Multifamily Investment
Neighborhood occupancy is in the low 90s with a deep renter base, according to WDSuite’s CRE market data, suggesting stable leasing conditions for well-positioned assets. Rents remain moderate for Bakersfield, supporting retention while leaving room for disciplined revenue management.
This inner-suburban location balances everyday convenience with steady renter demand. Grocery, pharmacy, park, and dining access score well versus both metro and national benchmarks (grocery and restaurants are in high national percentiles), giving residents strong daily-needs coverage that helps with leasing and renewals. Cafés and childcare are thinner locally, which may temper lifestyle appeal but does not materially detract from workforce-oriented demand.
Neighborhood occupancy is above the metro median among 247 Bakersfield neighborhoods, per WDSuite’s CRE market data, pointing to solid baseline stability. Median contract rent sits near the middle of the metro distribution, which supports attainable positioning rather than premium pricing. The surrounding housing market’s value-to-income ratio ranks in a higher national percentile, indicating a relatively high-cost ownership environment that can reinforce reliance on multifamily rentals and support pricing power at reasonable rent-to-income levels.
The share of housing units that are renter-occupied is elevated in this neighborhood (one of the higher concentrations in the metro), which signals depth in the tenant base for a 70-unit asset. Average school ratings track below national norms, so family-oriented leasing may require value-forward positioning or amenity strategies, but proximity to daily services helps offset this with convenience.
Demographic statistics within a 3-mile radius show a modest increase in population and households over the last five years and a projected expansion in households over the next five, indicating a larger tenant base and support for occupancy. Income growth is also projected to rise in the area, which can underpin rent growth while keeping a close eye on affordability to manage retention.
Safety indicators for the neighborhood trend below national medians and are weaker relative to many Bakersfield peers (ranked in the lower tier among 247 metro neighborhoods), based on CRE market data from WDSuite. Recent estimates also point to year-over-year increases in both property and violent offenses, suggesting investors should underwrite with conservative assumptions for security measures and operating protocols.
From an investment standpoint, prudent steps such as lighting, access control, and resident engagement can help mitigate risk and support retention. Compare performance against similarly situated Bakersfield assets to calibrate budget and leasing strategies without overextending on premiums.
Built in 1980, the property is slightly newer than the neighborhood average, offering relative competitiveness versus older stock while leaving room for targeted modernization to drive rent and retention. Occupancy in the neighborhood sits above the metro median with a high share of renter-occupied housing units, indicating durable tenant depth for a 70-unit community. Strong access to groceries, restaurants, parks, and pharmacies supports everyday convenience, while a high-cost ownership landscape locally tends to reinforce multifamily demand. According to CRE market data from WDSuite, rents are positioned around the metro middle, enabling a balanced strategy focused on operational execution rather than top-tier premiums.
Forward-looking 3-mile demographics point to growth in households and incomes, expanding the renter pool and supporting occupancy stability. Key underwriting considerations include below-average school ratings and safety metrics trending weaker than national norms; calibrating amenity spends, security, and leasing strategies can position the asset competitively without overreach.
- Slight vintage edge (1980) vs. nearby stock allows value-add upgrades to enhance competitiveness
- Above-metro-median neighborhood occupancy and high renter-occupied share support leasing stability
- Strong daily-needs access (grocery, restaurants, parks, pharmacies) aids retention and leasing
- Ownership costs locally reinforce reliance on rentals, supporting pricing power at attainable rents
- Risks: weaker safety and school ratings—underwrite security, value-forward positioning, and disciplined renewals