| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 75th | Good |
| Demographics | 40th | Fair |
| Amenities | 45th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 511 N Palmetto Ave, Ontario, CA, 91762, US |
| Region / Metro | Ontario |
| Year of Construction | 2003 |
| Units | 86 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
511 N Palmetto Ave, Ontario CA Multifamily Investment
Tight neighborhood occupancy and a high-cost ownership market suggest resilient renter demand in Ontario’s urban core, according to WDSuite’s CRE market data.
Located in Ontario’s Urban Core, 511 N Palmetto Ave benefits from neighborhood fundamentals that are competitive among Riverside–San Bernardino–Ontario submarkets. Daily-needs access tests well, with restaurants and pharmacies performing in the top quartile nationally, while parks, cafes, and childcare options are thinner. For investors, this mix supports convenience-driven retention but may limit lifestyle premiums tied to green space and third places.
The property’s 2003 vintage is newer than the neighborhood’s average construction year of 1966, positioning it favorably versus older local stock. That relative youth can aid leasing and operating efficiency, though prudent capital planning should anticipate typical mid-life system updates and selective modernization to maintain competitive standing.
Neighborhood occupancy readings are exceptionally tight (top among 997 metro neighborhoods), which supports pricing power and lowers lease-up risk compared with many Inland Empire locations. At the same time, unit tenure differs by geography: the immediate neighborhood shows a renter-occupied share around one-third, while within a 3-mile radius renters account for roughly half of housing units. For multifamily owners, this indicates adequate depth in the tenant base locally, with broader-area demand reinforcing absorption and renewal potential.
Within a 3-mile radius, demographics point to a large working-age population and rising incomes, alongside projections for smaller household sizes over the next five years. This combination typically expands the renter pool and supports occupancy stability. Elevated home values in the neighborhood (high relative to national benchmarks) signal a high-cost ownership market that tends to sustain reliance on rental housing, a tailwind for retention and consistent leasing velocity, based on CRE market data from WDSuite.
Safety indicators for the neighborhood present a mixed profile compared with national benchmarks. Overall crime levels track below national averages for safety, while property incidents align closer to the national midpoint and violent incident rates compare somewhat better than national norms. Conditions can vary block to block; investors should underwrite with recent trend data and on-the-ground checks to calibrate security, lighting, and access controls.
At the metro level, neighborhood comparisons show a wide dispersion across Riverside–San Bernardino–Ontario. Positioning here is not among the metro’s safest cohorts, but it is serviceable for workforce-oriented product when paired with appropriate operating practices. Monitoring recent reporting trends and coordinating with local resources can help maintain resident confidence and protect asset performance.
Proximity to major corporate and logistics nodes supports a broad renter base with commute-friendly options. Nearby employers include Waste Management, Ryder Vehicle Sales, McKesson Medical Surgical, General Mills, and United Technologies, which together point to stable industrial, distribution, and services employment pools.
- Waste Management — waste services (4.7 miles)
- Ryder Vehicle Sales — fleet/transportation sales (5.1 miles)
- Mckesson Medical Surgical — medical distribution (7.4 miles)
- General Mills — food manufacturing (8.4 miles)
- United Technologies — aerospace/industrial offices (15.5 miles)
511 N Palmetto Ave offers investors scale at 86 units in Ontario’s Urban Core with fundamentals supported by tight neighborhood occupancy and a broad regional employment base. Built in 2003, the asset is newer than much of the surrounding housing stock, which can support competitive positioning versus older properties; plan for mid-life capital items and targeted interior/amenity refreshes to sustain rentability. Elevated local home values point to a high-cost ownership market that reinforces renter reliance on multifamily, while the 3-mile area shows a sizable working-age population and projections for smaller household sizes — dynamics that typically support a larger tenant base and occupancy stability. These themes track with commercial real estate analysis grounded in WDSuite data across the Inland Empire.
Risks to underwrite include a thinner set of lifestyle amenities (parks/cafes) relative to national leaders, a safety profile that is mixed against national benchmarks, and school ratings that trail higher-performing submarkets. Even so, strong daily-needs access, proximity to employers, and neighborhood-tight occupancy frame a durable operating outlook with value-add potential through selective modernization.
- Tight neighborhood occupancy supports pricing power and reduces lease-up risk
- 2003 vintage is competitive versus older local stock; plan for mid-life systems
- High-cost ownership market sustains renter demand and renewal potential
- 3-mile area shows renter pool expansion potential as household sizes trend smaller
- Risks: mixed safety indicators, thinner lifestyle amenities, below-average school ratings