| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 72nd | Good |
| Demographics | 46th | Fair |
| Amenities | 74th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2920 Garfield Ave, Carmichael, CA, 95608, US |
| Region / Metro | Carmichael |
| Year of Construction | 1974 |
| Units | 34 |
| Transaction Date | 2018-06-01 |
| Transaction Price | $4,200,000 |
| Buyer | Chris Sordi |
| Seller | John Caplis |
2920 Garfield Ave Carmichael Multifamily Investment
Neighborhood-level occupancy is strong and renter demand appears durable, according to WDSuite’s CRE market data, supporting stable operations for a 34-unit asset. Pricing power should be balanced against local rent-to-income pressure to manage retention.
Carmichael’s Garfield Avenue area scores A- and sits in the top quartile among 561 metro neighborhoods, signaling competitive fundamentals for multifamily investors. Neighborhood occupancy stands high and has improved over the last five years, and a renter-occupied share above most peers indicates a deep tenant base — both metrics are for the neighborhood, not the property. In a high-cost ownership market, elevated home values tend to reinforce reliance on rental housing, which can support lease stability and absorption.
Amenities are a relative strength: restaurants, grocery, cafes, childcare, and pharmacies are accessible at densities that compare well to many Sacramento submarkets. However, park access within the neighborhood footprint is limited, so on-site open space or nearby alternatives may matter for leasing. Median asking rents in the neighborhood sit above national levels and have grown meaningfully in recent years; investors should translate that into thoughtful renewals and unit positioning rather than across-the-board increases.
Within a 3-mile radius, population and household counts have grown and are projected to continue rising, pointing to a larger tenant base over the next cycle. Household incomes in this radius have also stepped up, which can help support effective rents, though operators should still monitor affordability bands to maintain retention. These dynamics, paired with amenity access, are favorable for long-run multifamily property research and screening.
Vintage context matters: the property was built in 1974, somewhat newer than the neighborhood’s average vintage. That positioning can be competitive versus older stock nearby, while still leaving room for selective modernization of interiors, systems, and common areas to drive yield and reduce near-term capex variability.
Safety indicators track around the middle of the pack locally and slightly better than nationwide. The neighborhood’s overall crime rank is 283 out of 561 metro neighborhoods, placing it near the metro median, while national comparisons are modestly favorable (around the 52nd percentile for safety versus neighborhoods nationwide). Use block-level due diligence to validate property-specific patterns.
Recent trends are mixed: violent-offense estimates show notable improvement year over year (a stronger trend, roughly top quartile nationally), while property-offense estimates have ticked up (a weaker trend compared with national peers). For underwriting, assume average regional risk, emphasize lighting, access controls, and partnership with local patrols, and monitor trend reports during hold.
Proximity to distribution, healthcare, semiconductor offices, and business services supports a stable renter base and commute convenience for workforce tenants. The nearby employment mix below anchors day-to-day leasing and renewals.
- DISH Network Distribution Center — distribution/logistics (6.6 miles)
- Cardinal Health — healthcare distribution (7.0 miles)
- Intel Folsom FM5 — semiconductor R&D/offices (9.4 miles)
- International Paper — packaging and paper (11.6 miles)
- Xerox State Healthcare — healthcare IT services (12.2 miles)
2920 Garfield Ave benefits from strong neighborhood fundamentals: high occupancy at the neighborhood level, a large share of renter-occupied housing, and an ownership market with elevated home values that tends to sustain rental demand. Within a 3-mile radius, population and households have expanded and are projected to grow further, supporting a larger tenant base and aiding occupancy stability. According to CRE market data from WDSuite, neighborhood rents sit above national norms, suggesting pricing power if paired with targeted renewals and product differentiation.
Constructed in 1974, the asset is somewhat newer than the neighborhood average, providing relative competitiveness versus older inventory while still offering value-add potential through selective interior upgrades and building system modernization. Investors should underwrite to retention-focused strategies given rent-to-income pressures and incorporate standard capex for a 1970s vintage.
- High neighborhood occupancy and deep renter-occupied housing base support demand and leasing stability.
- Elevated home values in the area reinforce reliance on rental housing, aiding pricing power and renewals.
- 1974 vintage is competitive versus older stock with clear value-add levers in interiors and systems.
- Amenity access is strong, though limited park space suggests emphasizing on-site or nearby outdoor alternatives.
- Risks: affordability pressure (rent-to-income), mixed property-crime trends, and typical 1970s capex requirements.