| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 63rd | Fair |
| Demographics | 34th | Fair |
| Amenities | 77th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 221 New York St, Redlands, CA, 92373, US |
| Region / Metro | Redlands |
| Year of Construction | 1986 |
| Units | 88 |
| Transaction Date | 2014-07-01 |
| Transaction Price | $9,500,000 |
| Buyer | VPM Colony LP |
| Seller | Redlands Colony Apartments LP |
221 New York St Redlands Multifamily Investment
Strong renter demand and a high-cost ownership landscape in Redlands support stable leasing, according to WDSuite’s CRE market data. Metrics cited below reflect neighborhood conditions, not the property, providing context for occupancy, rents, and tenant depth.
Located in Redlands’ inner suburb of the Riverside–San Bernardino–Ontario metro, the neighborhood scores A- (ranked 159 out of 997 locally), signaling competitive positioning among metro peers. Dining and daily-needs access are a clear strength: restaurants and cafes rank in the 99th percentile nationally, while grocery and pharmacy density land in the upper percentiles. Park access is limited, which may modestly weigh on outdoor amenity appeal.
For investors, the tenure profile is notable: the share of housing units that are renter-occupied in the neighborhood is elevated (73.4%), indicating a deep tenant base for multifamily. Median contract rent sits above many U.S. neighborhoods (national percentile 76), and the neighborhood’s rent-to-income ratio is in a lower national percentile (11), suggesting relatively manageable rent loads that can support retention and reduce turnover risk. By contrast, elevated home values (national percentile 83) and a value-to-income ratio in the 94th percentile point to a high-cost ownership market, which can reinforce reliance on multifamily rental housing.
Occupancy at the neighborhood level measures at 83.4% with a modest five-year softening, signaling some leasing competition and the importance of asset quality and operations. Vintage context favors this asset: the area’s average construction year is 1956, while the property was built in 1986, offering relatively newer product versus much of the surrounding stock; investors should still plan for targeted modernization of systems and finishes to sustain competitiveness.
Within a 3-mile radius, demographics show recent population and household growth with further increases projected, indicating a gradually expanding renter pool. Household incomes have trended higher, and median contract rent in this radius has also risen, supporting the case for durable demand. These trends are aggregated within a 3-mile radius and suggest a broader base of potential tenants for an 88-unit community averaging 782 square feet per unit.
Neighborhood safety compares favorably both locally and nationally. The area’s overall crime rank is 44 out of 997 metro neighborhoods, indicating stronger safety relative to much of the metro and placing the neighborhood roughly in the top quartile nationally (77th percentile). Violent offense risk compares even more favorably with a national percentile of 96 and a meaningful year-over-year improvement. Property offense sits in a stronger national percentile (78), though the most recent year shows a slight uptick, a reminder to maintain standard security and lighting best practices.
These safety metrics are measured at the neighborhood level and provide context rather than block-by-block guarantees. For multifamily operations, comparatively safer positioning can support leasing velocity, resident satisfaction, and renewal prospects versus submarkets with weaker readings.
Proximity to regional employers supports renter demand and commute convenience for workforce households, with nearby corporate offices spanning energy infrastructure, consumer goods, and logistics/medical distribution. The following anchors illustrate the employment base that can underpin leasing and retention.
- Kinder Morgan — energy infrastructure (9.9 miles)
- General Mills — consumer packaged goods (14.5 miles)
- Mckesson Medical Surgical — medical distribution (28.1 miles)
- Waste Management — environmental services (28.4 miles)
- Ryder Vehicle Sales — logistics & fleet services (31.0 miles)
221 New York St offers scale at 88 units with an average 782 sq. ft. unit profile and a 1986 vintage that is newer than much of the surrounding housing stock. The neighborhood exhibits strong amenity access and a high renter-occupied share, while elevated ownership costs relative to incomes point to sustained reliance on multifamily. At the same time, neighborhood occupancy has softened in recent years, underscoring the need for disciplined operations and targeted upgrades to preserve pricing power.
Safety readings compare favorably in the metro and top quartile nationally, and 3-mile demographics indicate recent and projected growth in population and households, expanding the tenant base. According to CRE market data from WDSuite, median rents in the neighborhood sit above many U.S. areas yet remain supported by relatively lower rent-to-income burdens, a constructive backdrop for retention and steady collections.
- 1986 vintage vs. older local stock supports competitive positioning with focused modernization
- High renter-occupied share and expanding 3-mile household base deepen the tenant pool
- Favorable safety profile (top quartile nationally) supports leasing and renewals
- Elevated ownership costs reinforce demand for rentals; rents supported by manageable rent-to-income
- Risk: neighborhood occupancy has eased, requiring disciplined asset management to sustain performance