| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 76th | Good |
| Demographics | 37th | Fair |
| Amenities | 43rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 22954 Bay Ave, Moreno Valley, CA, 92553, US |
| Region / Metro | Moreno Valley |
| Year of Construction | 2007 |
| Units | 56 |
| Transaction Date | 2017-08-22 |
| Transaction Price | $10,700,000 |
| Buyer | Aanenson Properties LP |
| Seller | Bay Avenue Apartments LLC, Other, Naji Doumit, PrCiaces/hu Enqitu aivnadle /nstf |
22954 Bay Ave Moreno Valley Multifamily Investment
This 56-unit property built in 2007 benefits from strong rental demand in a neighborhood where 71% of housing units are renter-occupied, well above regional averages according to CRE market data from WDSuite.
The Bay Avenue property sits in a suburban Riverside County neighborhood rated B+ overall, ranking in the top third among 997 metro neighborhoods. With 71% of housing units renter-occupied compared to regional norms, the area demonstrates sustained multifamily demand. Neighborhood-level occupancy currently stands at 87%, while demographic data within a 3-mile radius shows over 100,000 residents with median household incomes of $72,153.
Built in 2007, the property's vintage aligns with the neighborhood's average construction year of 1991, positioning it as newer stock that may require fewer near-term capital expenditures. Home values in the area median at $595,436 with strong appreciation trends, which can reinforce rental demand as elevated ownership costs keep households in the rental market longer.
Demographic projections within the 3-mile radius indicate household growth of 41% through 2028, expanding the potential renter pool from approximately 26,850 to 37,963 households. Median rents in the neighborhood currently track at $1,773, with forecasted increases supporting pricing power. The combination of rental tenure dominance and projected household expansion suggests sustained absorption potential for well-positioned multifamily assets.
Crime metrics show the neighborhood ranking 649th among 997 metro neighborhoods, placing it in the middle tier for safety relative to the broader Riverside-San Bernardino region. Property crime rates have declined 25% year-over-year, indicating improving trends that support tenant retention and leasing activity.
Violent crime rates remain moderate compared to national benchmarks, with recent declining trends suggesting stabilization. Investors should monitor these metrics alongside occupancy and renewal rates, as safety perceptions can influence tenant satisfaction and turnover costs in suburban multifamily properties.
The property benefits from proximity to established corporate offices that support workforce housing demand in the Moreno Valley corridor.
- General Mills — food manufacturing and distribution (5.3 miles)
- Kinder Morgan — energy infrastructure (11.3 miles)
- Mckesson Medical Surgical — healthcare distribution (23.8 miles)
- Waste Management — environmental services (25.0 miles)
This Moreno Valley property offers exposure to a rental-dominant neighborhood with strong demographic tailwinds. The 71% renter-occupied housing share significantly exceeds regional averages, indicating established multifamily demand that supports occupancy stability. Household growth projections of 41% through 2028 within the 3-mile radius suggest expanding tenant pools, while median home values above $595,000 create affordability barriers that reinforce rental market participation.
The 2007 construction vintage positions the asset as newer stock within the neighborhood, potentially reducing near-term capital expenditure requirements while maintaining competitive positioning. With neighborhood-level NOI averaging $7,460 per unit and declining property crime trends, the fundamentals support both operational performance and tenant retention strategies for multifamily property research focused investors.
- Strong rental tenure at 71% of housing units creates stable demand base
- Projected 41% household growth through 2028 expands potential renter pool
- 2007 vintage reduces near-term capital expenditure pressure
- Risk: Middle-tier safety ranking requires ongoing tenant satisfaction monitoring