| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 75th | Good |
| Demographics | 25th | Fair |
| Amenities | 76th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 23145 Ironwood Ave, Moreno Valley, CA, 92557, US |
| Region / Metro | Moreno Valley |
| Year of Construction | 1986 |
| Units | 47 |
| Transaction Date | 2017-06-27 |
| Transaction Price | $6,815,000 |
| Buyer | IRONWOOD VILLAS APARTMENTS LLC |
| Seller | DAP IRONWOOD VILLAS LLC |
23145 Ironwood Ave, Moreno Valley Multifamily Investment
Neighborhood data points to steady renter demand and occupancy stability, supported by a high renter-occupied share and a high-cost ownership market, according to WDSuite’s CRE market data. Figures referenced reflect neighborhood conditions rather than the property itself.
Situated in Moreno Valley’s Urban Core, the property benefits from a neighborhood rated B+ and ranked 271 out of 997 within the Riverside–San Bernardino–Ontario metro, making it competitive among metro neighborhoods. Housing metrics trend in the top quartile nationally, aiding leasing fundamentals and long-term relevance for workforce tenants.
Daily-needs access is a strength: grocery and pharmacy densities sit in the mid‑90s national percentiles, and restaurants also trend well above average. By contrast, parks and cafes are limited locally. These dynamics tend to support day‑to‑day convenience for residents while suggesting modest lifestyle amenity depth relative to higher-amenity urban cores.
For multifamily, the renter-occupied share of housing units is high at the neighborhood level (72.1%), indicating a deep tenant base and reinforcing leasing durability. Neighborhood occupancy measures are also healthy, with levels in the upper national percentiles; note these are neighborhood indicators, not property performance. Median contract rents trend above national norms while the rent-to-income ratio remains comparatively manageable, which can aid retention and reduce turnover risk.
Within a 3‑mile radius, recent population and household growth, alongside projections for further increases in both population and households, point to a larger tenant base ahead and potential support for occupancy stability. Elevated home values and a high value‑to‑income ratio characterize a high‑cost ownership market in the area, which tends to sustain reliance on rental options and can underpin pricing power for well‑positioned assets.
Vintage matters: built in 1986 versus a neighborhood average vintage of 1978, the asset is newer than much of the local stock. That positioning can be advantageous against older comparables, though investors should still plan for ongoing systems modernization and selective renovations to meet current renter expectations.
Neighborhood safety indicators trend below both metro and national averages. The area’s overall crime rank is 907 out of 997 metro neighborhoods, placing it below the metro median, and national percentiles are in the lower ranges for both property and violent offenses. Recent year-over-year changes indicate elevated activity, so underwriting should account for security measures and tenant screening, and investors may want to compare insurance and operating assumptions to peer submarkets.
Nearby corporate offices provide a diversified employment base that supports renter demand and commute convenience, led by food manufacturing, energy infrastructure, medical supplies distribution, waste services, and logistics.
- General Mills — food manufacturing offices (6.9 miles)
- Kinder Morgan — energy infrastructure offices (10.0 miles)
- Mckesson Medical Surgical — medical supplies distribution (23.8 miles)
- Waste Management — waste services offices (24.9 miles)
- Ryder Vehicle Sales — logistics and fleet services (27.8 miles)
This 47‑unit, 1986‑vintage asset aligns with a neighborhood that exhibits a deep renter pool, healthy occupancy, and strong access to daily-needs retail, according to CRE market data from WDSuite. Elevated ownership costs relative to incomes bolster multifamily reliance, while neighborhood rent levels remain supported by comparatively manageable rent-to-income dynamics that can aid retention.
Forward-looking demographics within a 3‑mile radius indicate expansion in both population and households, pointing to renter pool growth and potential support for occupancy stability. As a newer‑than‑average vintage versus local stock, the property can compete effectively with older assets; investors should still consider capital plans for building systems and modernization to maintain renter appeal. Underwriting should also reflect local safety trends and modest lifestyle amenity depth.
- High renter concentration and solid neighborhood occupancy support leasing stability
- Daily-needs access (groceries, pharmacies, restaurants) in strong national percentiles
- 1986 vintage offers competitive positioning versus older local stock with targeted value-add potential
- 3‑mile demographic growth outlook suggests a larger tenant base and sustained demand
- Risks: below-average neighborhood safety and limited parks/cafes; plan for security and amenities to support retention