| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 49th | Poor |
| Demographics | 28th | Fair |
| Amenities | 27th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1501 N Brown St, Hanford, CA, 93230, US |
| Region / Metro | Hanford |
| Year of Construction | 1980 |
| Units | 31 |
| Transaction Date | 2005-06-14 |
| Transaction Price | $5,000,000 |
| Buyer | ICASLANO PACIFICO M |
| Seller | EAT TITLE HOLDER 2003-G076 LLC |
1501 N Brown St Hanford Multifamily Investment
Renter demand is supported by a high neighborhood renter-occupied share and everyday retail access, while occupancy trends sit near metro norms, according to WDSuite’s CRE market data.
Situated in Hanford’s inner-suburban fabric, the property benefits from practical retail proximity. Grocery access is a relative strength—this neighborhood ranks 2 out of 34 metro neighborhoods for grocery density—helping sustain day-to-day convenience that supports leasing and retention. Restaurant options also compare favorably within the metro. By contrast, parks, cafes, childcare, and pharmacies are sparse in the immediate area, which investors should factor into positioning and amenity programming.
Neighborhood occupancy is around the metro middle, while the share of housing units that are renter-occupied is above half, indicating depth in the tenant base and potential demand stability for multifamily. Median school ratings are competitive among Hanford-Corcoran neighborhoods (ranked 8 out of 34) and hover near national mid-range, which can aid longer‑term retention for family-oriented renters.
Demographics aggregated within a 3‑mile radius signal a growing renter pool: population and households have expanded in recent years, with forecasts pointing to additional growth over the next five years. Rising household incomes and projected rent increases suggest room for measured rent optimization, balanced against lease management to monitor affordability pressure. In a high-level commercial real estate analysis context, ownership costs in this market are comparatively accessible, which may create some competition from entry-level ownership but also supports stable workforce demand for rental housing.
Vintage matters: built in 1980, this asset is newer than much of the surrounding neighborhood stock (average year 1957). That relative youth can be a competitive edge versus older comparables, while still offering potential value‑add through modernization of interiors, common areas, and building systems planning as components age.
Safety indicators for the neighborhood trend around the metro middle (overall crime rank 19 out of 34). Compared with neighborhoods nationwide, violent‑offense measures sit in higher percentiles, and property‑offense metrics also compare favorably at the national level, according to WDSuite’s CRE market data.
Trend-wise, the most recent year showed an unfavorable uptick in property‑offense activity even as violent‑offense rates improved. Investors should underwrite with standard precautions—lighting, access control, and resident engagement—while recognizing that the broader comparative context remains competitive among many U.S. neighborhoods.
The employment base is anchored by regional manufacturing and packaging operations that draw a broad workforce. These employers support renter demand through steady hourly and salaried roles within commuting distance.
- International Paper — paper & packaging (26.3 miles)
- Con Agra Foods — food processing (27.8 miles)
This 31‑unit, 1980‑vintage asset in Hanford offers exposure to a renter‑heavy neighborhood with practical retail proximity and occupancy near metro norms. According to CRE market data from WDSuite, the area’s renter concentration supports depth of demand, while grocery and restaurant access enhance day‑to‑day livability that can bolster leasing and retention. The vintage is relatively newer than much of the surrounding stock, creating potential to compete on condition while executing targeted value‑add and systems planning.
Within a 3‑mile radius, population and households have risen with additional growth projected, pointing to a larger tenant base over time. Incomes have advanced, and rents are expected to follow, suggesting measured pricing power if paired with affordability‑minded lease management. Ownership costs remain comparatively accessible for the region, which can create some competition with entry‑level homeownership; however, the neighborhood’s higher renter‑occupied share and workforce orientation continue to underpin multifamily demand.
- Renter‑heavy neighborhood supports demand depth and occupancy stability
- Retail convenience (notably grocery) enhances leasing and retention
- 1980 vintage offers competitive positioning with value‑add upside
- 3‑mile population and household growth expands the tenant base
- Risks: limited park/cafe amenities and recent property‑offense uptick warrant prudent operations