| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 63rd | Good |
| Demographics | 18th | Fair |
| Amenities | 35th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 21501 Lake Shore Dr, California City, CA, 93505, US |
| Region / Metro | California City |
| Year of Construction | 1988 |
| Units | 32 |
| Transaction Date | 2011-12-17 |
| Transaction Price | $228,500 |
| Buyer | KC INVESTMENT GROUP |
| Seller | CALIFORNIA TERRACE APARTMENTS |
21501 Lake Shore Dr, California City Multifamily Investment
Neighborhood renter concentration near one-half and moderate occupancy suggest a stable tenant base, according to WDSuite’s CRE market data.
Situated in California City within the Bakersfield, CA metro, the neighborhood carries a B- rating and ranks 121 out of 247 metro neighborhoods, indicating performance around the metro middle with pockets of strength. Amenity access is competitive among Bakersfield neighborhoods (rank 80 of 247), though retail density is thinner; cafés and grocery options are limited locally. Park access and pharmacy availability test well versus national peers, landing in higher national percentiles, which supports day-to-day livability.
Renter-occupied housing accounts for roughly 48% of units in the neighborhood, a level that is competitive among Bakersfield submarkets (rank 70 of 247; high national percentile), which typically supports consistent multifamily leasing. Neighborhood occupancy trends sit below the metro median, so underwriting should assume moderate lease-up velocity and focus on retention drivers.
Within a 3-mile radius, population and households have grown in recent years and are projected to continue expanding through 2028, pointing to a larger prospective tenant base and support for occupancy stability. Household sizes are trending higher locally, which can sustain demand for two-bedroom formats and larger layouts. Median contract rents in the 3-mile area remain aligned with local incomes, implying manageable rent-to-income levels for lease management and renewal strategies.
Home values in the neighborhood sit below many California metros but, relative to local incomes, ownership remains a high-cost proposition (value-to-income ranks in a high national percentile). For multifamily investors, that context can reinforce reliance on rental housing and help sustain renter demand, particularly for well-managed workforce product.
Constructed in 1988, the property is slightly newer than the neighborhood’s average vintage. This positioning can be competitive versus older stock, while still warranting targeted system updates and common-area refreshes to maintain leasing traction and support rent positioning.
Neighborhood safety indicators are mixed but improving. Overall crime benchmarks land around the mid-50s nationally (safer than average), which is competitive among Bakersfield neighborhoods. Violent crime measures track below national norms, while property crime sits closer to the lower third nationally; both categories show notable year-over-year declines, signaling a favorable trend investors should monitor over subsequent reporting periods.
As with any submarket, conditions can vary within small areas. We recommend aligning security protocols and site operations with observed trends and continuing to track updates from WDSuite’s CRE market data for underwriting.
The broader employment base is anchored by defense/aerospace and essential services within commuting range, supporting workforce housing demand and resident retention tied to steady shifts.
- Lockheed Martin Aeronautics Co. — defense & aerospace (37.2 miles)
- Waste Management - Palmdale — environmental services (40.5 miles)
This 32-unit, 1988-vintage asset in California City offers exposure to a renter base that is competitive within the Bakersfield metro and supported by projected population and household expansion within a 3-mile radius. According to commercial real estate analysis from WDSuite, neighborhood occupancy is moderate while ownership remains relatively costly versus incomes, a combination that can sustain renter reliance on well-managed workforce product. Average unit sizes near the mid-800s square feet provide functional layouts for today’s tenant preferences.
The slightly newer-than-neighborhood vintage creates room for targeted value-add—systems modernization, curb appeal, and amenity light-touch upgrades—to enhance leasing and rent positioning against older nearby stock. Limited local retail density and mixed safety indicators are considerations, but improving safety trends and commuting access to regional employers support stable, needs-based demand.
- Renter-occupied share near one-half supports depth of tenant demand
- Moderate neighborhood occupancy with room to drive retention and renewals
- 1988 vintage offers value-add via systems and common-area refreshes
- Ownership costs relative to incomes reinforce multifamily positioning
- Risks: thinner retail amenities and mixed safety metrics require focused operations