| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 72nd | Good |
| Demographics | 10th | Poor |
| Amenities | 26th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 246 E Iris Ave, Stockton, CA, 95210, US |
| Region / Metro | Stockton |
| Year of Construction | 1975 |
| Units | 80 |
| Transaction Date | 1998-06-17 |
| Transaction Price | $1,680,000 |
| Buyer | GRANITE RIDGE HOUSING LP |
| Seller | GP STOCKTON TERRACE LP |
246 E Iris Ave, Stockton Multifamily Investment
Neighborhood multifamily occupancy sits in the top quartile nationally, pointing to steady renter demand in this Stockton submarket, according to WDSuite’s CRE market data.
Situated in Stockton’s Urban Core, the area around 246 E Iris Ave shows resilient renter demand: neighborhood occupancy ranks 37th of 179 Stockton neighborhoods and is in the top quartile nationally. For investors, this suggests comparatively stable lease-up and retention conditions versus many U.S. submarkets.
Renter-occupied housing accounts for a majority of units in the neighborhood (58% renter concentration; 19th of 179 in Stockton and high nationally), indicating a deeper tenant base that can support multifamily absorption. Median contract rents benchmark above the national median (mid-60s national percentile), while the rent-to-income ratio trends lower than many areas nationwide, which can aid collections and reduce near-term affordability pressure from an operator’s perspective.
Local amenities are mixed. Parks per square mile are strong (top quintile nationally), adding day-to-day livability, while cafés, grocery, and pharmacy density rank at the bottom of the metro, requiring residents to rely on nearby corridors for daily needs. School ratings in the immediate neighborhood benchmark weak relative to national peers, which may concentrate demand among workforce households rather than school-driven movers.
Within a 3-mile radius, demographics show population and household growth over the past five years with additional expansion projected, supporting a larger tenant base. Rising household incomes in the radius also expand the renter pool able to absorb rent growth. Elevated home value-to-income ratios (about the 90th national percentile at the neighborhood level) signal a high-cost ownership market, which tends to reinforce reliance on multifamily rentals and supports occupancy durability. The property’s 1975 vintage, in a neighborhood with an early-1970s average construction year, implies potential value-add through selective renovations and systems updates to remain competitive against newer offerings.
Safety benchmarks in the immediate neighborhood trend below national averages, with the area ranking 114th of 179 within Stockton and landing in lower national percentiles for both violent and property offenses. For context, this places the neighborhood below the metro median on safety. However, recent data indicate year-over-year improvement in violent offense rates, suggesting incremental progress that investors can monitor over upcoming leasing cycles.
Operators often address these conditions through on-site management presence, lighting and access controls, and community engagement. Comparative positioning versus nearby neighborhoods matters for leasing; investors should underwrite security measures and insurance costs consistent with submarket norms while noting the improving trend.
The employment base includes nearby manufacturing, distribution, and corporate roles that support workforce housing demand and commute convenience, notably Clorox, DISH Network Distribution Center, Ross Stores, International Paper, and Chevron.
- Clorox — consumer products (12.1 miles)
- DISH Network Distribution Center — logistics & distribution (35.3 miles)
- Ross Stores — corporate offices (38.2 miles) — HQ
- International Paper — packaging & paper (39.6 miles)
- Chevron — energy corporate offices (39.8 miles) — HQ
This 1975-vintage, 80-unit asset sits in a neighborhood with competitive occupancy performance—top quartile nationally and above the metro median—supporting a case for stable leasing and cash flow. A majority renter-occupied housing mix points to a deep tenant base, while high ownership costs at the neighborhood level tend to sustain demand for rental housing. According to CRE market data from WDSuite, local rents benchmark above national medians yet rent burdens trend lower than many U.S. areas, a combination that can help preserve collections and limit turnover pressure.
Within a 3-mile radius, population and households have grown and are projected to expand further, adding to renter pool depth. The asset’s mid-1970s vintage suggests practical value-add potential through unit and building system upgrades to enhance competitiveness against newer stock. Investors should balance these fundamentals with prudent allowances for safety-related operating measures and the relatively thin local retail/amenity fabric immediately surrounding the property.
- Competitive neighborhood occupancy (top quartile nationally) supports leasing stability
- Majority renter-occupied housing indicates a deeper tenant base for absorption
- High ownership costs reinforce reliance on rentals, aiding retention and pricing power
- 1975 vintage offers value-add potential via targeted renovations and system updates
- Risks: below-average safety benchmarks and limited nearby retail require proactive management