| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 39th | Poor |
| Demographics | 57th | Best |
| Amenities | 46th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 335 N Circeli Way, Hemet, CA, 92545, US |
| Region / Metro | Hemet |
| Year of Construction | 2006 |
| Units | 26 |
| Transaction Date | 2003-04-29 |
| Transaction Price | $163,000 |
| Buyer | BROOKE TERRACE SENIOR APARTMENTS II |
| Seller | TIBBITTS INVESTMENT CO |
335 N Circeli Way Hemet Multifamily Investment
This 26-unit property built in 2007 serves a neighborhood with strong rental demand, where 47% of housing units are renter-occupied and median contract rents have increased 44% over five years according to CRE market data from WDSuite.
The property sits in an inner suburb neighborhood that ranks in the top quartile among 997 metro neighborhoods for restaurant density and grocery access, with 16.29 restaurants per square mile and 4.79 grocery stores per square mile. The area maintains a 47% rental occupancy share, significantly above the national average for suburban markets, indicating sustained multifamily demand.
Built in 2007, this property aligns with the neighborhood's average construction year of 1978, positioning it as newer stock that may require less near-term capital expenditure compared to older area buildings. Median contract rents of $1,457 in the immediate neighborhood reflect a 44% increase over the past five years, though occupancy has softened to 80.2% from higher historical levels.
Demographics within a 3-mile radius show a population of 76,431 with 37% of housing units occupied by renters. Household income averages $75,483 with median income at $53,982, supporting current rent levels. Five-year projections indicate 22% population growth and 55% household formation, expanding the potential renter pool, though forecast data suggests a shift toward higher ownership rates that may increase competition for rental demand.
The rent-to-income ratio of 0.37 ranks in the bottom quartile nationally, indicating affordability pressures that could affect lease renewals and pricing power. Home values averaging $94,230 with a 124% five-year increase may reinforce rental demand as ownership costs rise, though investors should monitor concession trends given occupancy pressures.
Property crime rates of 95.8 incidents per 100,000 residents place this neighborhood in the 67th percentile nationally, indicating below-average crime levels compared to neighborhoods across the country. However, property crime increased 7.1% over the past year, ranking in the bottom half of metro neighborhoods for crime trend performance.
Violent crime rates remain low at 10.3 incidents per 100,000 residents, ranking in the 69th percentile nationally. Investors should note that violent crime increased 180% year-over-year, though this likely reflects statistical volatility from a very low baseline rather than a sustained trend. The neighborhood's overall crime rank of 575 out of 997 metro neighborhoods places it near the middle of the regional safety spectrum.
The employment base includes major corporate operations within reasonable commuting distance, supporting workforce housing demand in the Hemet area.
- General Mills — food manufacturing (14.9 miles)
- Kinder Morgan — energy infrastructure (29.7 miles)
- General Mills — food manufacturing (35.7 miles)
- Waste Management — environmental services (37.2 miles)
- Mckesson Medical Surgical — healthcare distribution (41.0 miles)
This 26-unit property offers exposure to a rental market with demonstrated demand fundamentals, where 47% of neighborhood housing units are renter-occupied and median rents have increased 44% over five years. The 2007 construction vintage positions the asset as newer stock within a neighborhood averaging 1978 construction, potentially reducing near-term capital expenditure needs while maintaining competitive appeal.
Demographic projections within a 3-mile radius show 22% population growth and 55% household formation through 2028, expanding the potential tenant base. However, commercial real estate analysis from WDSuite indicates occupancy pressures at 80.2% and a rent-to-income ratio in the bottom quartile nationally, requiring careful lease management and potentially limiting aggressive rent growth strategies.
- Strong rental demand with 47% of neighborhood units renter-occupied
- Newer 2007 construction reducing near-term capex needs
- 44% rent growth over five years demonstrates pricing power
- Projected 22% population growth expanding tenant base
- Risk: Occupancy at 80.2% and affordability pressures may limit rent growth