| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 75th | Good |
| Demographics | 28th | Fair |
| Amenities | 31st | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 144 N Palmetto Ave, Ontario, CA, 91762, US |
| Region / Metro | Ontario |
| Year of Construction | 1973 |
| Units | 28 |
| Transaction Date | 2005-01-28 |
| Transaction Price | $15,100,000 |
| Buyer | DEFALCO JOHN A |
| Seller | PALMETTO VILLAS INVESTORS LLC |
144 N Palmetto Ave Ontario Multifamily Investment
Neighborhood occupancy has been resilient and supportive of stable leasing, according to WDSuite’s CRE market data.
Situated in Ontario’s Urban Core, the property benefits from a renter-driven neighborhood profile and steady demand fundamentals. The surrounding neighborhood’s occupancy is competitive among Riverside–San Bernardino–Ontario neighborhoods (374 out of 997) and strong versus many areas nationally, which can underpin stable collections and lower downtime between turns.
Local daily-needs access is a relative strength: grocery availability ranks near the top of neighborhoods nationwide (98th percentile), and restaurant density is also high (90th percentile). In contrast, immediate access to parks, pharmacies, childcare, and cafes is limited within the neighborhood footprint, which investors should weigh against the strong retail and food options nearby.
The neighborhood shows a high share of renter-occupied housing units (ranked 53 of 997; 97th percentile nationally), signaling a deep tenant base for multifamily. Median contract rents benchmark in the upper tier nationally (86th percentile), while the local rent-to-income relationship trends toward manageable levels in this area, supporting retention and lease stability.
Within a 3-mile radius, demographics are broadly stable with essentially flat population trends, but household counts are poised to expand and incomes are projected to rise over the next five years, supporting renter pool expansion. Elevated home values relative to many U.S. neighborhoods (80th percentile) indicate a high-cost ownership market that tends to sustain reliance on multifamily rentals, reinforcing depth of demand.
Safety indicators for the neighborhood trail both metro and national benchmarks. The neighborhood’s crime rank is toward the weaker end of the Riverside–San Bernardino–Ontario spectrum (911 out of 997), and overall safety levels align with lower national percentiles (around the 21st). Recent year-over-year readings indicate volatility in reported offense rates, so prudent operators may consider enhanced lighting, access controls, and partnerships with local patrols to support resident comfort and retention.
Nearby corporate and logistics employers provide a broad employment base that supports workforce housing demand and commute convenience, including Waste Management, Ryder Vehicle Sales, McKesson Medical Surgical, General Mills, and United Technologies.
- Waste Management — environmental services offices (4.4 miles)
- Ryder Vehicle Sales — transportation and fleet services (4.9 miles)
- Mckesson Medical Surgical — medical distribution offices (7.1 miles)
- General Mills — food manufacturing offices (8.2 miles)
- United Technologies — aerospace/industrial offices (15.3 miles)
This 28-unit asset sits in a renter-heavy Ontario neighborhood with competitive occupancy versus the metro and solid positioning nationally, supporting consistent leasing and collections. Daily-needs retail is a relative strength, with exceptional grocery access and strong restaurant density offsetting fewer nearby parks and cafes. Elevated ownership costs in the area help sustain multifamily reliance, while projected income gains and an increase in households within a 3-mile radius point to a larger tenant base over time, based on CRE market data from WDSuite.
Built in 1973, the property is somewhat newer than the neighborhood’s average vintage, offering a competitive edge versus older stock; selective modernization may still unlock rents and enhance durability while preserving operating efficiency. Overall, demand depth, stable occupancy dynamics, and workforce accessibility create a durable long-term thesis, with prudent attention to security and amenity positioning.
- Competitive neighborhood occupancy supports stable leasing
- High renter concentration indicates deep tenant base
- Strong grocery and restaurant access drives livability
- 1973 construction offers edge over older stock with value-add potential
- Risk: safety metrics lag metro and require active management