| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 64th | Fair |
| Demographics | 36th | Fair |
| Amenities | 66th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2346 S Cucamonga Ave, Ontario, CA, 91761, US |
| Region / Metro | Ontario |
| Year of Construction | 1989 |
| Units | 56 |
| Transaction Date | 2021-08-10 |
| Transaction Price | $13,000,000 |
| Buyer | MGR APARTMENTS 1 LLC |
| Seller | PERALTA HOLDINGS LLC |
2346 S Cucamonga Ave Ontario Multifamily Investment
Neighborhood occupancy and renter concentration point to durable leasing fundamentals, according to WDSuite’s CRE market data, with income levels that support steady absorption for stabilized assets.
The property sits in Ontario’s inner-suburb fabric with an A- neighborhood rating (ranked 223 among 997 metro neighborhoods), placing it in the top quartile locally for overall performance. Amenity access is a relative strength: grocery availability ranks within the top quartile among 997 metro neighborhoods and cafes and restaurants trend above national midpoints, supporting daily-life convenience valued by renters.
Renter-occupied housing accounts for a majority of neighborhood units, with renter concentration positioned around the 90th percentile nationally. For investors, that signals a deep tenant base and helps underpin occupancy stability; neighborhood occupancy trends are above the national midpoint and have improved over the past five years, based on CRE market data from WDSuite.
Within a 3-mile radius, demographic data indicate household counts have grown in recent years and are projected to rise further over the next five years, implying a larger tenant base and supporting leasing velocity. Income growth within this radius has outpaced prior periods, which, paired with rent levels that remain manageable for many households, supports retention and measured rent increases.
Ownership costs in the neighborhood are comparatively accessible versus many coastal California markets, which can introduce some competition with entry-level ownership. However, a favorable rent-to-income profile and strong renter concentration suggest sustained reliance on multifamily housing, aiding pricing power and lease renewal rates. School quality trends modestly below national midpoints, which may limit appeal for some family renters but does not negate workforce housing demand driven by proximity to employment nodes.
Safety indicators rank in the lower tier among 997 metro neighborhoods (crime rank near the bottom and a low national percentile), so investors should underwrite for pragmatic measures such as lighting, access control, and tenant screening that support resident comfort and retention.
Recent-year estimates also point to an uptick in both property and violent offenses at the neighborhood level. While these statistics can be volatile year to year, comparative positioning below metro averages warrants conservative operating assumptions and attention to on-site management practices.
Proximity to regional corporate and logistics nodes supports workforce renter demand and commute convenience. Nearby employers include Waste Management, McKesson Medical Surgical, General Mills, Ryder, and Kinder Morgan.
- Waste Management — corporate offices (3.6 miles)
- Mckesson Medical Surgical — corporate offices (5.3 miles)
- General Mills — corporate offices (5.8 miles)
- Ryder Vehicle Sales — corporate offices (5.9 miles)
- Kinder Morgan — corporate offices (15.3 miles)
This 56-unit asset benefits from a neighborhood that is competitive among Riverside–San Bernardino–Ontario submarket peers, with amenity access, a sizable renter base, and occupancy that trends above national midpoints. According to CRE market data from WDSuite, renter concentration sits high for the metro and neighborhood occupancy has improved over the past five years, supporting consistent leasing performance.
Within a 3-mile radius, household counts have grown and are projected to continue rising, suggesting renter pool expansion and steady absorption potential. While comparatively accessible ownership costs may create competition at the margins—and safety ranks below metro averages—balanced underwriting, targeted capital plans, and diligent management can position the asset to capture workforce demand and maintain stable cash flow.
- Strong renter concentration supports depth of tenant demand and occupancy stability.
- Amenity access (notably groceries and daily services) enhances livability and retention.
- 3-mile household growth and projected increases point to sustained leasing velocity.
- Manageable rent-to-income dynamics provide room for disciplined rent growth and renewal capture.
- Risks: below-metro safety positioning and relatively accessible ownership options may require conservative underwriting and active management.