| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 60th | Fair |
| Demographics | 11th | Poor |
| Amenities | 23rd | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 456 E Nicolet St, Banning, CA, 92220, US |
| Region / Metro | Banning |
| Year of Construction | 1982 |
| Units | 81 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
456 E Nicolet St, Banning CA Multifamily Investment
Neighborhood occupancy trends and a sizable renter-occupied housing base point to durable tenant demand, according to WDSuite’s CRE market data, with pricing supported by a high-cost ownership landscape relative to local incomes.
Located in Banning’s inner-suburban fabric of the Riverside–San Bernardino–Ontario metro, the neighborhood carries a C- rating and sits below the metro median on several amenity measures. Dining and cafe density is limited, while grocery access is comparatively stronger, placing the area around the middle of neighborhoods nationally. For investors, this suggests residents rely on regional retail nodes and daily-needs centers, shaping tenant expectations toward convenience over lifestyle.
The neighborhood’s renter-occupied share is high relative to peers (above the 80th percentile nationally), indicating a deep tenant base that supports leasing stability. Reported neighborhood occupancy is around 90%, which is competitive but leaves some room for operational upside via marketing, turns, and retention. Rent levels have risen over the past five years and, based on CRE market data from WDSuite, are projected to continue growing, reinforcing revenue potential where unit finishes and management can capture demand.
Vintage matters: the property’s 1982 construction is newer than the neighborhood’s average stock (mid-1960s). That positioning can improve competitive standing versus older assets, though selective modernization of interiors, building systems, and common areas may still be warranted to drive rents and reduce long-term capital surprises.
Demographics within a 3-mile radius show a modest population dip alongside a small increase in households and families, with projections indicating further household growth and smaller average household sizes. For multifamily, this mix points to a stable to expanding renter pool over time as more, smaller households seek rentals, which can support occupancy stability and steady absorption even without headline population growth.
Home value-to-income ratios trend high versus national norms, signaling a high-cost ownership market that tends to sustain renter reliance on multifamily housing. With neighborhood rent-to-income relatively manageable by national comparison, operators may have room to calibrate rents and fees while focusing on lease retention to balance affordability pressure with revenue goals.
Safety indicators are mixed when viewed across scales. Nationally, the neighborhood performs above average on composite crime measures (around the upper third of neighborhoods nationwide), which supports resident retention narratives for workforce renters. Within the Riverside–San Bernardino–Ontario metro, however, it does not sit among the top-performing safety cohorts, so investors should underwrite routine onsite security practices and lighting/visibility improvements.
Recent trend data from WDSuite shows notable improvement in property-related offenses over the last year, while violent offense metrics sit closer to national mid-to-lower tiers and have shown some recent volatility. Conditions vary by block and over time; prudent underwriting includes reviewing current police blotters, property-level incident reports, and insurance feedback to validate trend durability.
Regional employment is diversified across food manufacturing, energy infrastructure, and environmental services, supporting a broad workforce renter base and pragmatic commute sheds for residents at this address. The list below reflects nearby corporate offices that anchor demand within driving distance.
- General Mills — food manufacturing corporate offices (21.8 miles)
- Kinder Morgan — energy pipelines (30.0 miles)
- Waste Management — environmental services (32.1 miles)
- General Mills — food manufacturing corporate offices (38.6 miles)
456 E Nicolet St offers an 81-unit scale in a renter-heavy pocket of Banning where neighborhood occupancy sits near 90% and household formation trends point to more, smaller households over time. The 1982 vintage is newer than much of the surrounding housing stock, positioning the asset to compete with targeted upgrades, while a high-cost ownership market supports multifamily demand and lease retention. According to CRE market data from WDSuite, rent growth has been positive historically and is projected to continue, favoring operators who can pair modernization with disciplined affordability management.
Risk considerations include thinner lifestyle amenities relative to urban cores and mixed safety signals within the metro, which warrant thoughtful asset management and resident experience programming. Still, the combination of renter concentration, household growth within a 3-mile radius, and relative affordability versus ownership provides a durable foundation for cash flow and value-add execution.
- Renter-occupied housing concentration supports a deep tenant base and steady leasing
- 1982 vintage offers competitive positioning versus older stock with value-add upside
- High-cost ownership market reinforces rental demand and aids retention strategies
- Household growth and smaller household sizes (3-mile radius) support occupancy stability
- Risks: limited amenity density and mixed metro-level safety trends require proactive management