| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 76th | Good |
| Demographics | 37th | Fair |
| Amenities | 43rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 22945 Bay Ave, Moreno Valley, CA, 92553, US |
| Region / Metro | Moreno Valley |
| Year of Construction | 2008 |
| Units | 56 |
| Transaction Date | 2017-08-22 |
| Transaction Price | $10,700,000 |
| Buyer | Aanenson Properties |
| Seller | Bay Avenue Apartments LLC |
22945 Bay Ave Moreno Valley 56-Unit Multifamily
A high renter-occupied share and a high-cost ownership market point to durable demand in this Moreno Valley neighborhood, according to WDSuite’s CRE market data. Neighborhood occupancy trends in the mid-80s suggest stable leasing conditions; these metrics reflect neighborhood performance, not the property.
The property’s 2008 vintage is newer than the neighborhood’s average 1991 construction year, which can strengthen competitiveness versus older stock while keeping near-term capital needs manageable; selective modernization may still be warranted for systems and common areas over the hold.
Neighborhood fundamentals are moderately supportive for multifamily. Renter-occupied housing is elevated at the neighborhood level (71% share of units are renter-occupied), indicating a deep tenant base that supports leasing velocity and renewal prospects. Median contract rents benchmark above national levels and have grown meaningfully over five years, reinforcing pricing power when paired with professional lease management.
Within a 3-mile radius, demographics show population and households have increased recently, with projections through 2028 indicating further population growth and a sizable increase in household counts. This points to a larger tenant base and potential renter pool expansion that can help support occupancy stability over time.
Ownership costs are elevated locally, with home values high relative to incomes (near the top decile nationally), which tends to sustain reliance on rental housing and can aid retention. At the same time, rent-to-income ratios near 0.29 suggest some affordability pressure; prudent rent setting and renewal strategies remain important to minimize turnover.
Amenity access is mixed: cafes, groceries, restaurants, and parks track near or modestly above national medians, while childcare and pharmacies are limited in the immediate neighborhood. Overall neighborhood quality is rated B+ and ranks 320 out of 997 metro neighborhoods, which is competitive among Riverside-San Bernardino-Ontario submarkets without being top tier. Note that the neighborhood’s occupancy rate is approximately 87%; this reflects neighborhood-level occupancy, not subject property performance.
Safety indicators for the neighborhood are below national averages, with the area ranking 649 out of 997 metro neighborhoods for crime, indicating it trails the metro median. Nationally, the neighborhood falls below the median for safety as well. Investors should underwrite with conservative assumptions for security, lighting, and resident experience initiatives.
That said, recent trends are improving: estimated violent and property offense rates have declined over the last year, with double-digit reductions according to CRE market data from WDSuite. While the area is not among top quartile neighborhoods nationally, continued year-over-year improvement can support resident retention and leasing if maintained.
Nearby employers provide diversified blue- and white-collar demand that supports workforce housing dynamics and commute convenience, including General Mills, Kinder Morgan, McKesson Medical Surgical, and Waste Management.
- General Mills — corporate offices (5.2 miles)
- Kinder Morgan — energy infrastructure offices (11.3 miles)
- McKesson Medical Surgical — healthcare distribution offices (23.8 miles)
- Waste Management — environmental services offices (25.0 miles)
This 56-unit, 2008-built asset benefits from a renter-heavy neighborhood, elevated home values relative to income, and demographic tailwinds within a 3-mile radius. These factors point to a durable tenant base and potential occupancy stability compared with older submarkets in the Riverside-San Bernardino-Ontario metro. According to CRE market data from WDSuite, neighborhood rent levels benchmark above national norms, supporting a case for disciplined revenue management rather than aggressive lease-up assumptions.
The vintage is newer than the neighborhood average, which can reduce near-term capital exposure while offering selective value-add opportunities to drive NOI. Balanced underwriting should account for affordability pressure (rent-to-income near 0.29) and neighborhood safety that trails metro and national averages, offset by year-over-year crime improvements and steady household growth that deepen the renter pool.
- Renter-occupied neighborhood supports deep tenant base and steady renewals
- 2008 vintage offers competitive positioning with targeted value-add potential
- Elevated ownership costs reinforce reliance on multifamily, aiding retention
- Neighborhood rents above national norms enable disciplined revenue management
- Risks: affordability pressure and below-median safety; mitigate via prudent rent setting and property/lighting/security programs