| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 39th | Poor |
| Demographics | 25th | Poor |
| Amenities | 60th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 465 N Palm Ave, Hemet, CA, 92543, US |
| Region / Metro | Hemet |
| Year of Construction | 2008 |
| Units | 75 |
| Transaction Date | 2006-05-06 |
| Transaction Price | $450,000 |
| Buyer | HABIBI TERRACE INC |
| Seller | REYALL CORP DEFINED BENEFIT PENSION PLAN |
465 N Palm Ave Hemet Multifamily Investment
2008 construction offers competitive positioning versus older neighborhood stock, with neighborhood occupancy trending steady, according to WDSuite’s CRE market data.
Located in Hemet’s inner-suburb fabric of the Riverside–San Bernardino–Ontario metro, the property benefits from a renter-occupied share of housing near the neighborhood level that supports a stable tenant base. Neighborhood occupancy is reported at roughly the low-90s, and has improved over the past five years; this figure reflects the neighborhood, not the property.
Daily convenience is solid: restaurants and cafes are dense for the area, with restaurant presence ranking competitive among 997 metro neighborhoods and in the top decile nationally by count. Pharmacies and grocery options index above national averages as well, helping support resident retention for workforce-oriented households. By contrast, parks and formal childcare centers are limited locally, which may temper appeal for some family renters.
The asset’s 2008 vintage is newer than the neighborhood’s typical 1970s-era housing stock (average construction year 1973 across the area). This relative youth can reduce near-term capital needs and improve competitive leasing versus older comparables, though investors should still plan for mid-life systems updates and selective unit modernization over a hold.
Within a 3-mile radius, population and household counts have grown in recent years, and projections indicate further increases through the next five years. This expansion suggests a larger tenant base and supports occupancy stability. Median contract rents in the 3-mile area remain moderate, while neighborhood-level rent-to-income around the 30% range points to some affordability pressure—an operational consideration for renewals and pricing discipline.
Home values in the immediate neighborhood read as more accessible relative to many Southern California submarkets. In investor terms, a more accessible ownership landscape can introduce competition with entry-level ownership; however, the neighborhood’s meaningful renter concentration indicates durable multifamily demand, particularly for well-maintained, professionally managed assets.
Safety indicators for the neighborhood track close to metro norms overall. On a national basis, property offense measures land in a favorable band (stronger comparative standing nationally), while violent offense readings sit around the mid-range nationally. These statistics reflect neighborhood aggregates and not block-level conditions.
Year-over-year change data show a recent uptick in violent incidents in the latest reporting window, which merits monitoring and proactive property-level measures (lighting, access control, and resident engagement). As always, investors should underwrite to neighborhood trends, compare to submarket peers across the Riverside–San Bernardino–Ontario metro’s 997 neighborhoods, and align security practices with operating plans.
Regional employers within commuting range underpin renter demand, with nearby roles across packaged foods, energy infrastructure, environmental services, biopharma, and medical distribution supporting workforce housing and lease stability.
- General Mills — packaged foods operations (16.1 miles)
- Kinder Morgan — energy pipelines/terminals (30.6 miles)
- Waste Management — environmental services (35.8 miles)
- Gilead Sciences — biopharma (41.8 miles)
- McKesson Medical Surgical — medical supplies distribution (42.3 miles)
465 N Palm Ave is a 75-unit, 2008-built multifamily asset positioned against an older local stock profile, offering relative competitiveness and potential for targeted value-add. Neighborhood occupancy has improved over the last five years and remains healthy, while the surrounding 3-mile radius shows population and household growth that expands the tenant base. According to CRE market data from WDSuite, local amenities skew toward dining, grocery, and pharmacy access, supporting daily convenience for renters.
Investor considerations include maintaining affordability-sensitive pricing (given neighborhood rent-to-income near the 30% range), watching safety trends that have shown recent volatility, and recognizing that more accessible ownership options can introduce competition. Balanced against these factors, a newer vintage versus metro comparables, stable neighborhood occupancy, and a growing 3-mile renter pool provide a constructive long-term setup.
- 2008 vintage versus 1970s-area norm supports competitiveness; plan mid-life systems updates
- Neighborhood occupancy has trended up and remains healthy, supporting cash flow stability
- 3-mile population and household growth expands the renter base and supports leasing
- Strong everyday amenities (restaurants, grocery, pharmacy) aid retention for workforce renters
- Risks: affordability pressure, recent safety volatility, and competition from accessible ownership