| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 61st | Fair |
| Demographics | 18th | Poor |
| Amenities | 61st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 157 N Columbia St, Hemet, CA, 92544, US |
| Region / Metro | Hemet |
| Year of Construction | 1980 |
| Units | 23 |
| Transaction Date | 2021-02-02 |
| Transaction Price | $2,837,500 |
| Buyer | NOLAND CLIFFORD W |
| Seller | AB JACOBS & ASSOCIATES INC |
157 N Columbia St Hemet Multifamily Investment
Neighborhood renter-occupied share is high, supporting a deeper tenant base and steady leasing, according to WDSuite’s CRE market data, while occupancy has trended upward over the past five years.
The property sits in an Inner Suburb location within the Riverside–San Bernardino–Ontario metro. Amenity access is competitive, with the neighborhood ranking in the top quartile among 997 metro neighborhoods and landing above average nationally for overall amenities. Strong grocery and pharmacy density (both high national percentiles) supports daily convenience, though cafe and park options are limited nearby.
Median contract rents in the neighborhood are above the national middle, and the local occupancy rate has improved in recent years, suggesting resilient renter demand. The neighborhood’s renter-occupied share is elevated, indicating a sizable tenant pool for multifamily owners. Home values are also above the national middle, and a high value-to-income ratio (upper national percentile) points to a high-cost ownership market that can reinforce reliance on rental housing and support pricing power for well-managed assets.
Within a 3-mile radius, population and household counts have grown and are projected to continue expanding through 2028, which supports a larger tenant base and lease-up stability. Average household size is steady, and rent-to-income levels are comparatively manageable, which can aid retention and reduce turnover risk. Based on CRE market data from WDSuite, the neighborhood’s 1980 vintage at the asset level is newer than the area’s older housing stock (average construction year late 1960s), implying moderate capital planning needs today with potential value-add through targeted renovations and systems modernization.
Safety metrics are mixed when viewed against metro and national benchmarks. Overall crime levels sit near the national midpoint, and the neighborhood is positioned around the middle of 997 metro neighborhoods. Recent trends show improvement in violent-offense measures (upper national percentile improvement), while property-offense estimates have ticked up year over year. Investors may want to monitor these trends at the neighborhood level rather than block-by-block and incorporate standard security and lighting measures in underwriting.
Regional employers within commuting distance help support workforce renter demand and lease retention. Nearby corporate offices include packaged foods, energy infrastructure, waste services, biopharma, and medical distribution.
- General Mills — packaged foods (18.1 miles)
- Kinder Morgan — energy pipelines (32.4 miles)
- Waste Management — waste services (33.8 miles)
- General Mills — packaged foods (38.7 miles)
- Gilead Sciences — biopharma (42.4 miles)
- Mckesson Medical Surgical — medical distribution (44.3 miles)
157 N Columbia St is a 23-unit 1980 multifamily asset positioned in a neighborhood with improving occupancy, elevated renter concentration, and daily-needs convenience. According to CRE market data from WDSuite, the area compares above the national middle on rents and home values, with a high-cost ownership landscape that supports sustained reliance on multifamily housing. Within a 3-mile radius, population and household growth — along with a manageable rent-to-income profile — underpin depth of demand and support leasing stability.
The 1980 vintage is newer than the neighborhood’s older housing stock, suggesting moderate near-term capital planning alongside clear value-add potential through common-area and unit upgrades to stay competitive against both renovated Class C/B peers and newer deliveries across the metro. Amenity access is strong for groceries and pharmacies, though limited parks and cafes warrant positioning the asset around convenience and affordability rather than lifestyle branding.
- Elevated renter-occupied share and upward-trending occupancy support a deeper tenant base and stable leasing.
- High-cost ownership market reinforces rental demand, aiding pricing power for well-managed units.
- 1980 construction offers value-add potential through targeted renovations and systems modernization.
- Within 3 miles, population and household growth point to ongoing renter pool expansion through 2028.
- Risk: property-offense measures have risen recently; underwriting should account for security and operating practices.