| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 78th | Best |
| Demographics | 16th | Poor |
| Amenities | 71st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 16296 Merrill Ave, Fontana, CA, 92335, US |
| Region / Metro | Fontana |
| Year of Construction | 1988 |
| Units | 52 |
| Transaction Date | 2004-06-29 |
| Transaction Price | $5,800,000 |
| Buyer | CCCC Growth Fund LLC |
| Seller | Nelson Brewart |
16296 Merrill Ave Fontana Multifamily Investment
The neighborhood demonstrates strong rental occupancy at 98.1%, ranking in the top quartile nationally for rental tenure with 76.1% of housing units renter-occupied, according to CRE market data from WDSuite.
This 52-unit property built in 1988 sits in an urban core neighborhood that ranks 227th among 997 metro neighborhoods with an A- rating. The area demonstrates exceptional rental demand fundamentals, with 76.1% of housing units renter-occupied — placing it in the 98th percentile nationally for rental tenure concentration. Neighborhood-level occupancy stands at 98.1%, ranking in the 90th percentile nationwide and indicating strong absorption and retention dynamics.
Median home values of $438,306 have risen 68.3% over five years, while median household income reached $67,398 with 63.9% growth over the same period. These elevated ownership costs sustain rental demand, as the value-to-income ratio ranks in the 90th percentile nationally. The rent-to-income ratio of 0.25 suggests manageable affordability for tenants, supporting lease retention and renewal rates.
Demographics within a 3-mile radius show a population of approximately 145,600 with modest 2.1% growth over five years. Household formation has increased 7.8% during this period, expanding the potential tenant base. The area maintains strong amenity density with restaurants, cafes, and parks ranking in the upper quartiles nationally, supporting tenant appeal and retention. However, school ratings average 1.0 out of 5, ranking in the bottom quartile, which may limit appeal to family renters but could reduce competition for units targeting other demographics.
Crime data for this neighborhood is currently unavailable in the dataset, limiting direct safety assessments. Investors should conduct independent due diligence on local crime trends and consider consulting recent police reports or community safety statistics when evaluating this location's risk profile relative to comparable properties in the Riverside-San Bernardino-Ontario metro area.
The area benefits from proximity to several major corporate offices that provide workforce housing demand, with industrial and logistics employers within commuting distance supporting steady tenant demand.
- Kinder Morgan — energy infrastructure (5.2 miles)
- General Mills — food manufacturing (6.8 miles)
- Waste Management — environmental services (14.9 miles)
- McKesson Medical Surgical — healthcare distribution (15.7 miles)
- Ryder Vehicle Sales — transportation services (17.1 miles)
This 1988-vintage property offers stable cash flow potential in a neighborhood demonstrating exceptional rental demand characteristics. With 98.1% occupancy and 76.1% renter-occupied housing units ranking in the 98th percentile nationally, the area shows strong tenant retention dynamics. The 812-square-foot average unit size aligns with workforce housing demand, while rising home values and income growth support rental pricing power. The property's age presents value-add renovation opportunities to capture upside in a market with limited new supply competition.
Demographic trends within a 3-mile radius support long-term demand stability, with household formation increasing 7.8% over five years and projected income growth of 40.6% through 2028. However, investors should consider the area's lower educational attainment levels and limited pharmacy access, which may affect tenant profile and retention strategies.
- Exceptional rental market fundamentals with 98.1% neighborhood occupancy ranking in top 10% nationally
- Strong rental tenure concentration at 76.1% of housing units, indicating sustained demand
- Value-add potential from 1988 construction year with opportunity for strategic renovations
- Proximity to major employers including Kinder Morgan and General Mills within 7 miles
- Risk consideration: Lower school ratings may limit appeal to family demographics