| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 75th | Good |
| Demographics | 25th | Fair |
| Amenities | 76th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 23650 Hemlock Ave, Moreno Valley, CA, 92557, US |
| Region / Metro | Moreno Valley |
| Year of Construction | 1985 |
| Units | 76 |
| Transaction Date | 2004-06-01 |
| Transaction Price | $7,100,000 |
| Buyer | --- |
| Seller | --- |
23650 Hemlock Ave Moreno Valley Multifamily Investment
This 76-unit property serves a stable rental market with 72% renter-occupied housing units and neighborhood-level occupancy rates tracking above 94%, according to CRE market data from WDSuite.
The Moreno Valley neighborhood presents a B+ rating with strong fundamentals for multifamily investments, ranking in the top quartile among 997 metro neighborhoods for housing metrics. Built in 1985, this property aligns with the area's average construction vintage of 1978, positioning it well within the established building stock without immediate capital expenditure pressures typical of significantly older properties.
Rental demand benefits from a market where 72% of housing units are renter-occupied, ranking in the 98th percentile nationally and indicating deep tenant pool depth. Neighborhood-level occupancy rates of 94.5% reflect stable absorption, while median contract rents of $1,522 provide competitive positioning within the broader Riverside-San Bernardino-Ontario metro area.
Demographics within a 3-mile radius show a population of approximately 117,000 with household growth of 7.2% over five years, supporting sustained rental demand. The area maintains strong amenity access with grocery stores ranking in the 96th percentile nationally for density, while restaurants and pharmacy access also score well above metro averages, contributing to tenant retention appeal.
Forward-looking indicators suggest continued multifamily demand, with projected household growth of 41% through 2028 and median household income forecasted to reach $113,000. Home values averaging $451,000 with strong appreciation trends help sustain rental demand by keeping ownership costs elevated relative to rental options.
Safety metrics for this neighborhood show mixed performance relative to the broader Riverside-San Bernardino-Ontario metro area. Property crime rates rank in the lower quartile among 997 metro neighborhoods, while violent crime statistics also trend below regional averages, indicating areas where prospective investors should factor security considerations into their underwriting and property management strategies.
Recent crime trend data shows increases in both property and violent offense rates over the past year, suggesting the importance of evaluating security measures and tenant screening protocols as part of the investment analysis. Investors should consider these factors alongside other neighborhood fundamentals when assessing long-term hold strategies and potential capital improvements.
The surrounding employment base includes several major corporate offices within reasonable commuting distance, supporting workforce housing demand for the property's tenant profile.
- General Mills — food manufacturing offices (6.7 miles)
- Kinder Morgan — energy infrastructure offices (10.5 miles)
- General Mills — corporate operations (17.2 miles)
- Mckesson Medical Surgical — healthcare distribution (24.4 miles)
- Waste Management — environmental services (25.4 miles)
This 76-unit property benefits from neighborhood fundamentals that support stable multifamily performance, including 94.5% occupancy rates and a rental market where 72% of housing units serve tenants rather than owners. Built in 1985, the property's vintage aligns with area norms while avoiding the immediate capital expenditure needs often associated with significantly older assets. Demographics within a 3-mile radius show household growth of 7.2% over five years, with projections indicating continued expansion through 2028, supporting sustained tenant demand.
The investment case centers on rental demand stability in a market where home values averaging $451,000 help maintain the rental pool, while strong amenity access including top-quartile grocery store density supports tenant retention. According to commercial real estate analysis from WDSuite, the neighborhood's B+ rating reflects balanced fundamentals across housing, demographics, and amenity metrics, though investors should factor crime trends and lower educational attainment levels into their risk assessment.
- Strong rental market with 72% renter-occupied units and 94.5% neighborhood occupancy
- Household growth trends support sustained tenant demand through 2028
- Property vintage aligns with area norms, reducing immediate capital expenditure pressure
- Top-quartile amenity access supports tenant retention and lease-up velocity
- Risk considerations include below-average safety metrics and lower educational attainment levels