| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 70th | Good |
| Demographics | 6th | Poor |
| Amenities | 46th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3240 Farmington Rd, Stockton, CA, 95205, US |
| Region / Metro | Stockton |
| Year of Construction | 1985 |
| Units | 96 |
| Transaction Date | 2023-11-16 |
| Transaction Price | $9,600,000 |
| Buyer | HBO PROPERTIES |
| Seller | HALO MANAGERS CORP |
3240 Farmington Rd Stockton Multifamily Investment
This 96-unit property built in 1985 benefits from neighborhood-level occupancy of 98.6%, ranking in the top quartile nationally. Strong renter demand in this inner suburb market supports stable cash flows according to CRE market data from WDSuite.
Located in an inner suburb neighborhood that ranks 126th among 179 Stockton metro neighborhoods, this area demonstrates solid fundamentals for multifamily investors. The neighborhood maintains 98.6% occupancy, placing it in the 92nd national percentile and well above typical metro performance. With 48.5% of housing units renter-occupied, the area provides a substantial tenant base for sustained rental demand.
Built in 1985, this property aligns with the neighborhood's average construction year of 1968, positioning it as newer vintage that may require less immediate capital expenditure compared to older area stock. Median contract rents of $985 reflect affordable housing options that support tenant retention, while demographic data within a 3-mile radius shows a population of approximately 58,500 with moderate household income levels that align with current rent structures.
The area benefits from strong grocery access with 3.93 stores per square mile, ranking 22nd among metro neighborhoods and in the 93rd national percentile. Restaurant density of 7.86 per square mile also ranks competitively at 38th metro-wide. However, investors should note limited amenity diversity with minimal parks, cafes, and childcare facilities, which may impact tenant appeal for certain demographics.
Five-year demographic projections indicate household growth of 36.4% and median income increases to $89,729, suggesting strengthening fundamentals. Home values averaging $336,909 with recent appreciation may reinforce rental demand by keeping ownership costs elevated relative to renting options, supporting multifamily occupancy stability.
Crime metrics show the neighborhood ranking 20th among 179 Stockton metro neighborhoods, placing it in the 62nd national percentile for safety performance. Property offense rates of 450 per 100,000 residents rank 66th metro-wide, indicating moderate crime levels compared to area averages.
Notably, both property and violent crime rates have declined significantly over the past year, with property offenses down 65.5% and violent crimes decreasing 43.6%. These improvement trends rank in the 94th and 83rd national percentiles respectively, suggesting positive momentum in neighborhood safety conditions that may support tenant retention and property values.
The Stockton area benefits from proximity to major corporate employers that provide workforce stability for rental demand, including nearby distribution and corporate office operations.
- Clorox — consumer goods (6.7 miles)
- Ross Stores — retail headquarters (39.1 miles) — HQ
- The Clorox Company — consumer goods (40.4 miles)
- Chevron — energy headquarters (41.5 miles) — HQ
- DISH Network Distribution Center — telecommunications (41.5 miles)
This 96-unit property presents a stable cash flow opportunity anchored by exceptional neighborhood occupancy of 98.6%, which ranks in the top quartile nationally. The 1985 construction year positions the asset as newer vintage relative to area averages, potentially reducing near-term capital expenditure needs while maintaining competitive appeal. Demographics within a 3-mile radius show projected household growth of 36.4% through 2028, expanding the potential tenant base and supporting long-term demand fundamentals.
Multifamily property research indicates the area's 48.5% renter-occupied housing share creates substantial rental market depth, while median home values of $336,909 may sustain rental demand by keeping ownership costs elevated. Recent crime reduction trends, with property offenses down 65.5% year-over-year, suggest improving neighborhood conditions that could support tenant retention and property positioning.
- Neighborhood occupancy of 98.6% ranks in 92nd national percentile
- 1985 vintage newer than area average, reducing immediate CapEx needs
- 36.4% projected household growth expands tenant base through 2028
- Strong grocery access supports tenant convenience and retention
- Risk: Limited amenity diversity may impact appeal for certain demographics