| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Good |
| Demographics | 16th | Poor |
| Amenities | 46th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 23925 Bay Ave, Moreno Valley, CA, 92553, US |
| Region / Metro | Moreno Valley |
| Year of Construction | 1984 |
| Units | 118 |
| Transaction Date | 2017-09-29 |
| Transaction Price | $17,500,000 |
| Buyer | Afton Properties |
| Seller | Laguna Point Properties |
23925 Bay Ave Moreno Valley Multifamily Investment
This 118-unit property built in 1984 benefits from strong neighborhood occupancy at 98.6% and elevated rental share of 43.3% among housing units, according to CRE market data from WDSuite.
The property sits in an Inner Suburb neighborhood within the Riverside-San Bernardino-Ontario metro area, ranking in the top quartile nationally for occupancy performance among 997 neighborhoods. With a B- neighborhood rating, the area demonstrates solid fundamentals for multifamily investment despite some demographic challenges.
Built in 1984, this property aligns with the neighborhood's average construction year of 1974, suggesting consistent building stock that may present value-add renovation opportunities for investors focused on capital improvements. The 824 square foot average unit size provides competitive positioning in a market where median contract rent reaches $1,686.
Demographics within a 3-mile radius show a population of 135,475 with household income growth of 42.8% over five years, reaching a current median of $75,455. The area maintains 43.8% renter-occupied housing units, creating a substantial rental market. Five-year projections indicate continued household formation with median income expected to reach $112,068, supporting rental demand and potential for measured rent growth.
Amenity density favors grocery access with 4.82 stores per square mile ranking in the 95th percentile nationally, while restaurant density of 11.24 per square mile ranks in the 92nd percentile. However, the area shows limited childcare and park amenities, which may affect tenant demographics and retention strategies.
Crime metrics show the neighborhood performing above metro median among 997 neighborhoods, with property offense rates declining 57.5% year-over-year, ranking in the 91st percentile nationally for improvement trends. Current property offense rates of 583 per 100,000 residents rank in the middle tier of metro neighborhoods.
Violent crime rates remain moderate at 42 incidents per 100,000 residents, with a 17.2% year-over-year decline indicating improving conditions. The neighborhood's crime rank of 247 out of 997 metro neighborhoods suggests competitive safety positioning relative to the broader market, though investors should monitor ongoing trends for tenant retention considerations.
The property benefits from proximity to several major corporate employers within commuting distance, supporting workforce housing demand in the Riverside-San Bernardino metro area.
- General Mills — food manufacturing (5.0 miles)
- Kinder Morgan — energy infrastructure (11.9 miles)
- McKesson Medical Surgical — healthcare distribution (24.8 miles)
- Waste Management — environmental services (26.0 miles)
- United Technologies — aerospace & defense (35.4 miles)
This 118-unit property presents a value-add opportunity in a neighborhood with strong occupancy fundamentals and improving safety metrics. Built in 1984, the asset offers potential for strategic capital improvements while benefiting from neighborhood-level occupancy of 98.6% that ranks in the top quartile nationally. The area's 43.3% rental share creates substantial demand depth, while projected household income growth to $112,068 by 2028 supports rent advancement potential.
Demographic trends within the 3-mile radius show continued population growth and household formation, with multifamily property research indicating sustained rental demand. However, investors should consider the area's below-average educational attainment and moderate crime positioning when evaluating long-term tenant profile and retention strategies.
- Neighborhood occupancy of 98.6% ranks top quartile nationally among 997 metro neighborhoods
- Strong rental market with 43.3% of housing units renter-occupied
- 1984 construction year enables value-add renovation strategies
- Property crime declining 57.5% year-over-year with improving safety trends
- Risk consideration: Below-average demographics may limit premium positioning