| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Fair |
| Demographics | 21st | Poor |
| Amenities | 38th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 25585 New Chicago Ave, Hemet, CA, 92544, US |
| Region / Metro | Hemet |
| Year of Construction | 1977 |
| Units | 21 |
| Transaction Date | 2004-09-23 |
| Transaction Price | $2,100,000 |
| Buyer | BURTAL INVESTMENTS LLC |
| Seller | NEW CHICAGO PARTNERS LLC |
25585 New Chicago Ave Hemet Multifamily Value-Add Opportunity
Neighborhood occupancy has trended upward and remains resilient, according to WDSuite s CRE market data, suggesting stable renter demand at the area level rather than the property itself.
Positioned in Hemet s inner-suburban fabric of the Riverside San Bernardino Ontario metro, the property benefits from solid grocery and pharmacy access while overall amenity density is mixed. Grocery and pharmacy availability rank stronger locally, while parks and cafes are sparse, indicating convenience for daily needs but fewer lifestyle destinations within the immediate neighborhood.
At the neighborhood level, occupancy is strong and in the top quartile nationally, supporting investor confidence in lease-up and retention through typical cycles. Median asking rents in the area have risen over the past five years, and the rent-to-income relationship indicates relatively manageable tenant affordability, which can aid renewal performance and reduce turnover risk.
Vintage matters here: built in 1977, the asset is older than the neighborhood s average construction year (1988). Investors should plan for ongoing capital improvements and systems upgrades, with potential to capture value-add upside through targeted unit renovations and common-area refreshes to stay competitive against newer inventory.
Unit tenure skews more owner-occupied locally, with a modest share of housing units renter-occupied. That implies a thinner but still serviceable renter base; however, demographics aggregated within a 3-mile radius show population and household growth in recent years with additional household gains projected by 2028, expanding the prospective tenant pool over time. Elevated home values relative to incomes in the neighborhood reinforce renter reliance on multifamily, supporting demand for well-maintained units.
Safety trends are mixed but improving. Neighborhood crime levels sit below the national median on some indicators, and recent data show year-over-year declines in both property and violent offenses at the neighborhood level. According to WDSuite s CRE market data, estimated property offenses decreased by about 24% and violent offenses declined by roughly 9% over the last year, a constructive signal for investor risk underwriting.
Within the Riverside San Bernardino Ontario metro, the neighborhood s crime ranking places it behind the metro median when measured against 997 neighborhoods, but the downward trajectory suggests gradually improving conditions. As always, investors should pair neighborhood statistics with on-site observation and submarket comps to calibrate operating assumptions.
Proximity to regional employers supports renter demand by shortening commutes and broadening the workforce housing base, notably in consumer products, environmental services, energy infrastructure, and life sciences.
- General Mills consumer products offices (20.2 miles)
- Waste Management environmental services (31.5 miles)
- Kinder Morgan energy infrastructure (34.1 miles)
- Gilead Sciences life sciences offices (43.6 miles)
This 21-unit Hemet asset offers a pragmatic value-add path: neighborhood occupancy is firm and has improved over time, while the 1977 vintage positions renovations and system updates as clear levers to enhance competitiveness and rents. Based on commercial real estate analysis from WDSuite, the area s rent-to-income dynamics appear manageable, which can support renewal rates and stabilize cash flows.
Demographics aggregated within a 3-mile radius show recent population gains and a notable projected increase in households toward 2028, indicating a larger tenant base over the medium term. Although the renter-occupied share is modest locally and amenity density is uneven, elevated ownership costs in the neighborhood context sustain rental demand for well-managed, updated units.
- Occupancy strength at the neighborhood level supports stable leasing and retention.
- 1977 vintage creates tangible value-add potential via unit and systems upgrades.
- Growing households within a 3-mile radius expand the tenant pipeline over the next few years.
- Elevated ownership costs locally reinforce reliance on multifamily rentals, aiding pricing power.
- Risks: thinner renter concentration and mixed amenity depth may moderate absorption and rent growth.