| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 69th | Good |
| Demographics | 50th | Good |
| Amenities | 42nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3280 Blue Ridge Cir, Stockton, CA, 95219, US |
| Region / Metro | Stockton |
| Year of Construction | 1977 |
| Units | 67 |
| Transaction Date | 2015-10-26 |
| Transaction Price | $3,300,000 |
| Buyer | PATMON PARKSIDE LLC |
| Seller | PARKSIDE ASSOCIATES |
3280 Blue Ridge Circle Stockton Multifamily Investment
This 67-unit property built in 1977 is positioned in a high-renter concentration neighborhood with neighborhood-level occupancy of 91.6%, supported by a strengthening household income base that has grown 58% over five years according to CRE market data from WDSuite.
The property sits within a B+-rated urban core neighborhood in Stockton, ranking 56th among 179 metro neighborhoods. The immediate area demonstrates above-average renter concentration, with 53.7% of housing units renter-occupied—placing the neighborhood in the top decile nationally (91st percentile) for renter tenure. This depth of rental housing stock supports sustained multifamily demand and lease-up velocity, particularly as the surrounding 3-mile radius population has expanded 6.2% over the past five years to approximately 104,700 residents.
Median household income within the 3-mile radius stands at $84,286, with notable momentum: income has risen 34.5% over five years, and projections through 2028 suggest further gains to $132,568—a 57.3% increase from current levels. This income growth expands the pool of qualified renters and supports pricing power. Neighborhood-level median contract rent of $1,404 ranks in the 75th percentile nationally, reflecting competitive pricing relative to the metro average, while the rent-to-income ratio of 0.20 indicates manageable affordability for tenants. Median home values in the neighborhood have climbed 35.7% over five years to $451,659, limiting accessibility to ownership and sustaining reliance on rental housing.
The property was constructed in 1977, matching the neighborhood's average vintage of 1980. This alignment suggests the asset fits within the prevailing building stock; however, investors should anticipate capital expenditure needs typical of mid-1970s construction, including potential HVAC, plumbing, and unit interior upgrades. These renovations may unlock value-add upside if executed strategically to capture rent premiums in a neighborhood where contract rents have grown 54.9% over five years.
Amenity density is mixed. The neighborhood ranks in the 94th percentile nationally for cafés per square mile and in the 82nd percentile for grocery stores, supporting day-to-day tenant convenience. However, childcare and park access are limited, with both ranking at the bottom of the metro distribution. School ratings average 2.0 out of 5, which may constrain appeal to families with school-age children but does not materially affect broader renter demand in a high-tenure rental market. Neighborhood-level occupancy of 91.6% has remained stable, with a modest 0.5% increase over five years, indicating consistent absorption despite the mixed amenity profile.
The neighborhood ranks 107th out of 179 Stockton metro neighborhoods for overall crime, placing it in the 34th percentile nationally—below the national median but above the metro midpoint. Property crime rates stand at approximately 640 incidents per 100,000 residents, ranking in the 32nd percentile nationally, and have declined 5.2% year-over-year, a favorable trend that outpaces many peer neighborhoods. Violent crime rates are estimated at 135 incidents per 100,000 residents (26th percentile nationally), though this figure has increased 21.9% over the past year.
For investors, these metrics suggest the neighborhood faces safety challenges relative to national benchmarks, but conditions are improving on the property crime front. Prospective buyers should consider security enhancements—lighting, surveillance, and on-site management presence—as part of capital planning to support tenant retention and competitive positioning. While crime levels warrant attention, the neighborhood's strong renter concentration and occupancy stability indicate that residents are actively choosing to lease here, suggesting perceived livability remains adequate for the local tenant base.
The property benefits from proximity to a diversified corporate employment base anchored by consumer goods, retail, and energy employers that support workforce housing demand and commute convenience for tenants.
- Clorox — consumer goods (11.8 miles)
- Ross Stores — retail headquarters (35.8 miles) — HQ
- DISH Network Distribution Center — telecommunications & distribution (36.0 miles)
- Chevron — energy headquarters (37.3 miles) — HQ
- International Paper — manufacturing & packaging (39.8 miles)
This 67-unit asset offers multifamily investors exposure to a neighborhood with strong structural rental demand, evidenced by 91st percentile renter concentration and stable 91.6% occupancy. The immediate area's renter-dominated tenure profile reduces ownership competition and supports consistent absorption, while household income growth of 34.5% over five years—with projections indicating further gains to $132,568 by 2028—expands the qualified tenant pool and underpins pricing power.
Value-add potential is embedded in the property's 1977 vintage. Contract rents in the neighborhood have grown 54.9% over five years, and median home values have risen 35.7% to $451,659, creating a widening affordability gap that sustains rental housing reliance. Strategic capital investment in unit interiors, building systems, and property security may capture rent premiums and improve competitive positioning, particularly given the neighborhood's 75th percentile rent levels and manageable 0.20 rent-to-income ratio.
Location fundamentals support long-term hold strategies. The 3-mile radius population has grown 6.2% over five years, and the property benefits from proximity to major employers including Clorox (11.8 miles) and regional headquarters for Ross Stores and Chevron. Amenity density is favorable for daily tenant needs, with cafés and grocery stores ranking in the 82nd to 94th percentile nationally. While crime metrics warrant attention and security enhancements, property crime trends are improving (-5.2% year-over-year), and occupancy stability indicates acceptable perceived livability among the tenant base.
The neighborhood's B+ rating and mid-tier metro ranking (56th of 179) position the asset in Stockton's core urban rental market, offering balanced risk-return dynamics for investors seeking workforce housing exposure in a California Central Valley market with demonstrated income and rent growth momentum.