| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 39th | Poor |
| Demographics | 57th | Best |
| Amenities | 46th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2789 Rafferty Rd, Hemet, CA, 92545, US |
| Region / Metro | Hemet |
| Year of Construction | 1999 |
| Units | 54 |
| Transaction Date | 2006-05-01 |
| Transaction Price | $5,600,000 |
| Buyer | Regional Land LLC |
| Seller | Parkside Gardens LP |
2789 Rafferty Rd Hemet Multifamily Investment
Neighborhood renter concentration is elevated while occupancy at the neighborhood level trends softer, suggesting selective leasing conditions that still benefit from strong daily-needs amenities and steady 3-mile household growth, according to WDSuite’s CRE market data.
Positioned in Hemet’s inner suburban fabric, the property benefits from daily-needs convenience: neighborhood access to groceries and restaurants ranks strong compared with areas nationwide, while cafes are present but more limited. Parks, pharmacies, and childcare are thinner locally, which can modestly affect family-oriented appeal and walk-to services.
The neighborhood’s renter-occupied share is high for the metro context, supporting depth in the tenant base and lease-up potential. At the same time, the neighborhood-level occupancy rate is softer than many U.S. areas, so operators should plan for focused marketing and renewals to sustain performance. Current median contract rents in the neighborhood sit above many U.S. locations, and the rent-to-income profile indicates noticeable affordability pressure — a consideration for pricing power and renewal strategy.
Construction in the surrounding neighborhood skews older (average late-1970s), while this asset was built in 1999. That vintage provides a relative competitive edge versus older stock and can reduce near-term obsolescence risk, though investors should still plan for system updates and common-area refreshes typical of late-1990s product.
Demographic statistics aggregated within a 3-mile radius point to sustained demand drivers: population and households have expanded in recent years and are projected to continue growing, which supports a larger tenant base even as average household size trends down. Home values nearby are comparatively low in the national context, which can increase competition from ownership options; however, it also helps retain demand for more accessible rental choices, placing emphasis on effective leasing and resident retention.
Public-safety indicators for the neighborhood are mixed in national comparison. Property and violent offense levels score above national averages for safety (higher percentiles indicate safer conditions), yet recent year-over-year trends show some volatility that warrants monitoring. Investors should underwrite to current operating practices and consider the trajectory of neighborhood-wide data rather than block-level assumptions.
Within the Riverside–San Bernardino–Ontario metro, crime performance varies widely across neighborhoods; this area sits around the middle of the pack, not among the metro’s top-quartile precincts. For asset planning, prudent measures such as lighting, access control, and resident engagement can support stability alongside local policing initiatives.
Regional employment is anchored by diversified corporate presences within commuting distance, supporting workforce housing demand and resident retention. Notable nearby employers include General Mills, Kinder Morgan, Waste Management, Gilead Sciences, and McKesson Medical Surgical.
- General Mills — consumer packaged goods offices (15.2 miles)
- Kinder Morgan — energy infrastructure offices (30.1 miles)
- Waste Management — environmental services offices (36.9 miles)
- Gilead Sciences — biopharma offices (41.0 miles)
- Mckesson Medical Surgical — healthcare distribution offices (41.4 miles)
Built in 1999 with 54 units, the asset competes favorably against older neighborhood stock while remaining a candidate for targeted modernization to enhance renter appeal. Neighborhood-level occupancy runs softer than many U.S. areas, but strong proximity to daily-needs retailers and a sizable renter base help support leasing. Based on CRE market data from WDSuite, the surrounding area’s rent profile and rent-to-income dynamics call for disciplined revenue management to balance pricing with retention.
Demographic statistics aggregated within a 3-mile radius show population and household growth with further expansion projected, pointing to a gradually enlarging tenant pool even as average household size declines. Low surrounding home values in national context can increase competition from ownership, so positioning around convenience, professional management, and unit upgrades can help sustain occupancy and renewals over the hold.
- 1999 vintage offers relative competitiveness vs. older stock with clear, plan-able value-add and systems-refresh opportunities.
- Strong grocery and restaurant access supports resident convenience and leasing velocity.
- 3-mile population and household growth expands the renter pool, aiding occupancy stability over time.
- Revenue management focus advised given elevated rent-to-income ratios and softer neighborhood occupancy.
- Competitive pressure from comparatively low-cost ownership nearby is a risk; emphasize service quality and unit upgrades to drive renewals.