| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 75th | Good |
| Demographics | 25th | Fair |
| Amenities | 76th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 23163 Ironwood Ave, Moreno Valley, CA, 92557, US |
| Region / Metro | Moreno Valley |
| Year of Construction | 1986 |
| Units | 47 |
| Transaction Date | 2017-08-31 |
| Transaction Price | $6,815,000 |
| Buyer | Ironwood Villas Apartments, LLC |
| Seller | DAP Ironwood Villas, LLC |
23163 Ironwood Ave: Moreno Valley Workforce Multifamily
Neighborhood occupancy sits in the mid-90s and renter-occupied housing is prevalent in this area of Moreno Valley, supporting steady leasing according to WDSuite’s CRE market data.
Competitive among Riverside-San Bernardino-Ontario neighborhoods (ranked 271 of 997), the immediate area shows balanced fundamentals for workforce rentals. Grocery and pharmacy access are strong — both in the top quartile nationally — while restaurants are plentiful; parks and cafes are limited, which may modestly affect lifestyle appeal but not day-to-day convenience for residents.
The property’s 1986 vintage is newer than the neighborhood’s average construction year, suggesting relative competitiveness versus older stock; investors should plan for selective modernization and systems upkeep typical of late-1980s assets. Neighborhood occupancy is above the metro median, and median asking rents are above national norms, indicating consistent demand and pricing power potential in a high-cost ownership market.
Within a 3-mile radius, population and household counts have grown over the past five years, with forecasts pointing to further household expansion and a smaller average household size. This points to a larger tenant base and diversified apartment demand over the next cycle, which can support occupancy stability and renewals. Median household incomes have risen meaningfully, reinforcing the area’s capacity to absorb rent growth where value is evident.
Home values in the neighborhood sit in a high national percentile, and the value-to-income ratio is elevated, underscoring a high-cost ownership environment that reinforces reliance on multifamily options. With a neighborhood rent-to-income ratio near one-quarter, lease management should balance rent growth with retention to mitigate affordability pressure risk. These dynamics, based on CRE market data from WDSuite, position the area for durable renter demand even as consumer preferences evolve.
Safety conditions are mixed relative to peers. The neighborhood ranks in the lower half for crime among 997 metro neighborhoods and is below the national median for safety, indicating investors should underwrite prudent security measures and engage in active property management.
Recent year estimates indicate an uptick in both property and violent offenses versus the prior year. While conditions can vary by block and over time, comparative trends suggest monitoring local enforcement initiatives and resident services to support retention and asset performance. These insights reflect neighborhood-level patterns, not property-specific incidents.
Nearby employers provide a diversified employment base that supports renter demand through commuter convenience, including roles in consumer goods, energy infrastructure, medical distribution, waste services, and logistics.
- General Mills — consumer foods offices (6.9 miles)
- Kinder Morgan — energy infrastructure (10.0 miles)
- Mckesson Medical Surgical — medical distribution (23.9 miles)
- Waste Management — waste services (24.9 miles)
- Ryder Vehicle Sales — fleet logistics (27.8 miles)
23163 Ironwood Ave combines a renter-heavy neighborhood with above-median occupancy and strong daily-needs access, creating a durable foundation for leasing. The 1986 construction is newer than the neighborhood average, offering relative competitiveness versus older stock while leaving room for targeted value-add and building systems upgrades. According to commercial real estate analysis from WDSuite, high neighborhood home values and elevated value-to-income ratios reinforce long-run reliance on multifamily housing, supporting pricing power when paired with disciplined lease management.
Within a 3-mile radius, population and households have been rising and are projected to expand further, enlarging the tenant base and supporting occupancy stability. Strong grocery/pharmacy density and restaurant options bolster livability, though limited parks and cafes suggest amenity curation on-site can enhance appeal. Underwriting should account for neighborhood safety trends and retain flexibility on concessions to preserve retention where affordability pressures emerge.
- Renter-heavy neighborhood and above-median occupancy support steady leasing
- 1986 vintage offers competitive positioning with value-add and systems upgrade potential
- High-cost ownership context reinforces multifamily demand and pricing power
- 3-mile population and household growth expands the tenant base and supports renewals
- Risks: below-median safety and limited parks/cafes; manage via security, on-site amenities, and disciplined leasing