| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 60th | Good |
| Demographics | 51st | Good |
| Amenities | 45th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 800 S Norma St, Ridgecrest, CA, 93555, US |
| Region / Metro | Ridgecrest |
| Year of Construction | 1990 |
| Units | 66 |
| Transaction Date | 2021-08-20 |
| Transaction Price | $5,325,000 |
| Buyer | NORMA ST APTS LLC |
| Seller | SVPP PROPERTIES LLC |
800 S Norma St Ridgecrest Multifamily Investment
This 66-unit property benefits from perfect neighborhood occupancy rates and stable rental demand in Ridgecrest's established residential market, according to CRE market data from WDSuite.
Located in Ridgecrest's inner suburb environment, this neighborhood demonstrates strong occupancy fundamentals with 100% occupancy rates, ranking first among 247 metro neighborhoods. The area maintains a balanced tenure mix with 51% of housing units renter-occupied, supporting consistent rental demand for multifamily properties.
Built in 1990, this property aligns with the neighborhood's average construction year of 1966, positioning it as newer vintage housing that may require less immediate capital expenditure compared to older area stock. The 837 square foot average unit size reflects the market's workforce housing segment, with median contract rents at $1,031 representing affordable options in the broader Bakersfield metro context.
Demographic data aggregated within a 3-mile radius shows a stable population base of 27,370 residents with median household income of $86,333. The area's rent-to-income ratio of 0.15 indicates strong affordability for tenants, which supports lease retention and renewal rates. Projected household growth of 27.6% through 2028 suggests expanding renter pool depth, reinforcing multifamily demand fundamentals in this established residential submarket.
The neighborhood's safety profile shows mixed trends with property crime rates declining 58% year-over-year, ranking in the top 15th percentile nationally for crime reduction. Current property offense rates place the area in the lower portion of metro neighborhoods, though the significant improvement trajectory suggests positive momentum for tenant appeal and retention considerations.
Violent crime rates remain relatively stable with minimal year-over-year change, positioning the neighborhood competitively among Bakersfield metro areas. Investors should monitor ongoing crime trends as they relate to tenant satisfaction and lease renewal rates in this established residential market.
The Ridgecrest area's employment base centers on government and defense operations, providing stable workforce housing demand for multifamily properties serving federal employees and contractors.
- Naval Air Weapons Station China Lake — defense & military operations
- Ridgecrest Regional Hospital — healthcare services
- Sierra Sands Unified School District — education services
This 66-unit property offers stable cash flow potential supported by perfect neighborhood occupancy rates and strong tenant affordability fundamentals. The 1990 construction year positions the asset as newer vintage housing in a market where average building age dates to 1966, potentially reducing near-term capital expenditure needs while maintaining competitive positioning.
Demographic projections show household growth of 27.6% through 2028 within the 3-mile radius, expanding the potential renter pool while median rent-to-income ratios of 0.15 support tenant retention. The significant 58% reduction in property crime rates demonstrates improving neighborhood fundamentals that enhance long-term tenant appeal and asset stability.
- Perfect neighborhood occupancy rates indicate strong rental demand fundamentals
- Projected 27.6% household growth through 2028 supports expanding tenant base
- 1990 vintage offers competitive positioning with reduced capital expenditure risk
- Government employment base provides workforce housing stability
- Monitor potential homeownership competition given affordable local housing values