| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 67th | Fair |
| Demographics | 12th | Poor |
| Amenities | 14th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 40389 Mayberry Ave, Hemet, CA, 92544, US |
| Region / Metro | Hemet |
| Year of Construction | 1990 |
| Units | 88 |
| Transaction Date | 1994-07-14 |
| Transaction Price | $1,500,000 |
| Buyer | MAYBERRY COLONY ENTERPRISES |
| Seller | PARRISH J R |
40389 Mayberry Ave Hemet 88-Unit Multifamily Opportunity
Neighborhood occupancy has held in the mid-90s with a comparatively high share of renter-occupied units, according to WDSuite’s CRE market data, indicating depth in the local tenant base. Elevated ownership costs in the area further support sustained renter demand.
This Inner Suburb location in Hemet sits within a renter-heavy neighborhood (renter-occupied share is above most U.S. neighborhoods), which supports multifamily demand and day-to-day leasing velocity. Neighborhood occupancy trends are stable and have improved over the last five years, providing a constructive backdrop for maintaining collections and minimizing downtime between turns.
Within a 3-mile radius, population and households have expanded over the past five years and are projected to continue growing through 2028, pointing to a larger tenant base over time. Forecasts also indicate gradually smaller household sizes, which can favor demand for professionally managed apartments and smaller formats.
The ownership landscape reflects a high-cost market relative to local incomes (value-to-income metrics rank in the upper tiers nationally), which tends to reinforce renter reliance on multifamily housing. At the same time, neighborhood rent-to-income ratios sit on the lower side nationally, a combination that can aid retention and reduce turnover risk while still allowing disciplined revenue management.
Local amenity density is modest in the immediate neighborhood, with limited restaurants, grocers, parks, and cafes, though childcare availability compares favorably versus many areas nationwide. School ratings trend below metro and national norms. For on-site offerings, newer community features or resident services can help offset the thinner retail fabric and capture renewals.
Built in 1990, the property is newer than the neighborhood’s average construction vintage from the early 1970s. This positioning can be competitive against older stock; investors should still plan for modernization of aging systems and selective value-add finishes to meet current renter expectations.
Safety indicators for the neighborhood sit below the national median and rank in the lower tier among the 997 neighborhoods in the Riverside–San Bernardino–Ontario metro. Recent year-over-year data show increases in both property and violent offense rates, according to CRE market data from WDSuite. Investors typically underwrite with conservative loss assumptions and emphasize lighting, access control, and community engagement to support resident satisfaction.
Regional employers within commuting range support a diversified renter base, with notable concentrations in packaged foods, energy infrastructure, waste services, biopharma, and medical distribution.
- General Mills — packaged foods (17.8 miles)
- Kinder Morgan — energy infrastructure (32.4 miles)
- Waste Management — waste services (34.4 miles)
- Gilead Sciences — biopharma (41.6 miles)
- McKesson Medical Surgical — medical distribution (44.0 miles)
The 88-unit asset at 40389 Mayberry Ave benefits from a renter-oriented neighborhood where occupancy has been steady and trending up, supporting leasing stability. Within a 3-mile radius, population and household growth—paired with projections for continued expansion—signal a growing tenant pool that can support steady absorption and renewals. According to CRE market data from WDSuite, ownership costs are relatively high versus incomes in this area, which typically sustains reliance on rental housing; meanwhile, rent-to-income levels trend on the lower side nationally, aiding retention and lease management.
Built in 1990, the property is newer than much of the local housing stock from the early 1970s, offering competitive positioning versus older assets. Targeted capital to refresh interiors, common areas, and building systems can capture value-add upside. Key underwriting considerations include modest neighborhood amenity density and below-median safety metrics; thoughtful operations, resident services, and security investments can help mitigate these risks.
- Stable neighborhood occupancy and improving five-year trend support collections and leasing
- Growing 3-mile population and households expand the tenant base through 2028
- High ownership costs vs. income bolster multifamily demand; rents remain manageable relative to incomes
- 1990 vintage outpositions older local stock; selective renovations can drive NOI
- Risks: thinner retail/park access and below-median safety metrics require proactive asset management