| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 37th | Poor |
| Demographics | 26th | Fair |
| Amenities | 31st | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1501 Lillyhill Dr, Needles, CA, 92363, US |
| Region / Metro | Needles |
| Year of Construction | 1986 |
| Units | 43 |
| Transaction Date | 1994-12-30 |
| Transaction Price | $50,000 |
| Buyer | BAGHDADY HANY H |
| Seller | MOUNTAIN VIEW RENTALS LLC |
1501 Lillyhill Dr, Needles CA — 43-Unit Multifamily Opportunity
Neighborhood renter concentration and steady occupancy trends signal a workable tenant base, while broader-area growth offers upside, according to CRE market data from WDSuite. (Occupancy figures reference the neighborhood, not this property.)
Neighborhood and Market Context
The asset is positioned in a suburban pocket of the Riverside–San Bernardino–Ontario metro where neighborhood occupancy has shown a modest uptick over the past five years. Renter-occupied housing represents a substantial share of units locally and ranks in the top quartile among 997 metro neighborhoods, indicating meaningful depth in the tenant base and support for leasing stability.
Livability indicators are mixed. Amenity access places above the metro median (rank 459 of 997), yet day-to-day retail such as cafes and childcare is limited, pointing to more car-dependent living patterns. Parks and pharmacy access trend closer to national mid-to-above-median levels, providing baseline convenience. Average school ratings are weaker versus national peers, which may skew the renter profile toward workforce households seeking value.
Housing and income context suggests sustained reliance on rentals. While local home values are comparatively lower than major coastal California hubs, the value-to-income relationship is elevated by national standards, which can reinforce rental demand and help retention. At the same time, neighborhood income-per-unit benchmarks are low relative to national peers, so execution and expense control remain important for cash flow durability.
Demographics aggregated within a 3-mile radius indicate notable momentum: population and household counts have increased in recent years, and projections point to additional gains through 2028, supporting a larger tenant base over time. The immediate neighborhood’s legacy rent levels have trended lower, but the 3-mile view shows rising contract rents and further increases projected, implying gradual pricing support in the broader trade area.
Vintage can be a differentiator: the property’s 1986 construction is newer than much of the local housing stock (the neighborhood average skews mid-century), enhancing relative competitiveness versus older assets; investors should still plan for aging systems and targeted modernization where it helps repositioning.
Safety Context
Neighborhood safety indicators sit around the metro midpoint (crime rank 527 of 997) and roughly near the national median. Recent trend data shows year-over-year declines in both violent and property offense rates, with improvement momentum that outpaces national averages, indicating directional progress rather than a block-level guarantee.
As always, investors should evaluate property-specific measures (lighting, access controls, and onsite management) alongside neighborhood trends when underwriting security-related expenses and retention assumptions.
Why Invest
Positioned as a 43-unit, 1986-vintage asset in a renter-leaning neighborhood, the property benefits from a meaningful tenant base and a broader trade area that is expanding in population and households within a 3-mile radius. Rising contract rents at the 3-mile level suggest improving revenue potential over time, while neighborhood occupancy stability supports a manageable leasing backdrop.
The vintage is newer than much of the local housing stock, offering competitive positioning versus older properties, though planning for system updates and selective value-add remains prudent. Based on CRE market data from WDSuite, local income and ownership dynamics reinforce renter reliance on multifamily housing, but softer neighborhood amenity density and mid-pack occupancy call for disciplined operations and conservative lease-up assumptions.
- Newer 1986 vintage versus older neighborhood stock, with potential for targeted modernization
- Renter concentration in the top quartile of metro neighborhoods supports tenant base depth
- 3-mile population and household growth plus rising contract rents point to gradual pricing support
- Ownership-cost context sustains rental demand, aiding retention and lease stability
- Risk: softer amenity density and mid-pack occupancy require disciplined operations and conservative underwriting