| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Poor |
| Demographics | 26th | Fair |
| Amenities | 52nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 550 N Santa Fe St, Hemet, CA, 92543, US |
| Region / Metro | Hemet |
| Year of Construction | 1973 |
| Units | 22 |
| Transaction Date | 2019-08-08 |
| Transaction Price | $8,000,000 |
| Buyer | 550 N SANTA FE ST LLC |
| Seller | HEMET VILLA |
550 N Santa Fe St Hemet Multifamily Investment
This 22-unit property from 1973 sits in a neighborhood with 97% occupancy rates and strong rental demand fundamentals, according to CRE market data from WDSuite.
Located in Hemet's inner suburban landscape, this neighborhood demonstrates stable rental demand with 97% occupancy rates ranking in the 83rd percentile nationally among neighborhoods. The area maintains a 53% renter-occupied housing unit share, placing it in the 90th percentile nationwide and indicating strong multifamily housing demand.
Demographics within the 3-mile radius show a population of approximately 107,000 with modest growth trends. Household income projections suggest a median increase to $85,261 by 2028, representing 57% growth from current levels of $54,442. This income trajectory, combined with forecast rent increases to $1,660, supports sustained rental demand as ownership costs remain elevated relative to income levels.
The 1973 construction year aligns closely with the neighborhood average of 1979, indicating consistent building stock that may present value-add renovation opportunities for investors focused on modernization and unit upgrades. Current median contract rents of $930 in the immediate neighborhood provide potential upside compared to the broader 3-mile area's $1,244 median.
Amenity access includes moderate restaurant and pharmacy density, though childcare and park availability rank lower among metro neighborhoods. The area's retail and service infrastructure supports tenant retention while maintaining affordability compared to higher-cost Riverside County submarkets.
Property crime rates in this neighborhood rank 899th among 997 metro neighborhoods, indicating elevated property crime levels compared to regional averages. However, the area has experienced a 16% decline in property crime rates over the past year, ranking in the 59th percentile nationally for crime reduction trends.
Violent crime rates place the neighborhood in the 19th percentile nationally, with recent increases of 9.3% representing typical fluctuation patterns seen across similar suburban markets. Investors should factor security considerations and tenant screening protocols into operational planning while monitoring ongoing crime trend improvements.
The broader Riverside County employment base includes several corporate offices within commuting distance, supporting workforce housing demand for the property's tenant profile.
- General Mills — food manufacturing (17.1 miles)
- Kinder Morgan — energy infrastructure (31.3 miles)
- Waste Management — environmental services (34.7 miles)
- Gilead Sciences — biotechnology (42.4 miles)
This Hemet property offers exposure to stable rental fundamentals with 97% neighborhood occupancy rates and a substantial renter base representing 53% of local housing units. The 1973 vintage presents value-add renovation opportunities to capture rent premiums as the broader 3-mile area commands $1,244 median rents compared to $930 in the immediate neighborhood.
Demographic projections show household income growth to $85,261 by 2028, supporting rent escalation potential while forecast rental demand remains strong with 36% of future housing units expected to be renter-occupied. Commercial real estate analysis indicates the property benefits from declining property crime trends and sustained multifamily demand in this Riverside County submarket.
- High neighborhood occupancy at 97% ranks in top quintile nationally
- Value-add potential with $300+ rent gap to area median
- Strong renter demand with 53% of units renter-occupied
- Income growth projections support rent escalation through 2028
- Risk consideration: Property crime levels require security planning