| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 59th | Poor |
| Demographics | 21st | Poor |
| Amenities | 44th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1625 Richland Ave, Ceres, CA, 95307, US |
| Region / Metro | Ceres |
| Year of Construction | 1979 |
| Units | 44 |
| Transaction Date | 2024-03-25 |
| Transaction Price | $32,600,000 |
| Buyer | VINEYARD CERES APARTMENTS LLC |
| Seller | VINEYARDS GENERAL PARTNERSHIP |
1625 Richland Ave, Ceres CA Multifamily Investment
Neighborhood fundamentals point to steady renter demand and resilient occupancy, according to WDSuite’s CRE market data. For investors, the property’s positioning in an inner-suburban pocket of the Modesto metro supports stable leasing with room for operational upside.
Situated in an Inner Suburb of the Modesto, CA metro, the neighborhood is rated C+ and sits above the metro median (ranked 79 of 130 neighborhoods locally). Renter-occupied housing represents a meaningful share of the area’s unit mix, with a renter concentration above most Modesto neighborhoods (top decile locally). For multifamily owners, that indicates a sizable tenant base and supports day-to-day leasing depth.
Everyday amenities are a practical strength: grocery access is competitive among Modesto neighborhoods and ranks in the top decile nationally, and restaurants also score well compared with U.S. neighborhoods. By contrast, formal parks, pharmacies, and childcare options are limited nearby, which can matter for certain renter cohorts and should be considered in marketing and amenity programming.
Market performance signals are constructive. Neighborhood occupancy is strong (around the mid-90s) and compares favorably to national norms, while rent levels are mid-market for the region with a rent-to-income profile that suggests manageable affordability pressure for typical renters. Home values are elevated for the area relative to incomes (upper-tier nationally on value-to-income), which tends to reinforce reliance on rental housing and can aid lease retention.
Demographic statistics are aggregated within a 3-mile radius. The local population has been roughly stable in recent years with a modest increase in households, and forecasts point to growth in both households and incomes over the next five years. A larger tenant base and rising incomes generally support occupancy stability and measured rent growth for well-positioned assets.
Vintage context: the property’s 1979 construction is newer than the neighborhood’s average vintage (late 1960s). That positioning can provide a competitive edge versus older stock, while still warranting selective capital planning for aging systems or value-add upgrades that improve durability and operating efficiency.
Safety indicators are mixed when viewed across metro and national lenses. Within the Modesto metro, the neighborhood ranks closer to the higher-incident end of the spectrum (10th among 130 neighborhoods, where a lower rank indicates more reported crime), suggesting investors should underwrite prudent security and operating practices. Nationally, however, composite safety percentiles sit around the middle of the pack to modestly better, indicating conditions that are not outliers versus many U.S. neighborhoods.
Recent trend data show divergence by category: estimated property offense rates compare favorably at a high national percentile and improved over the last year, while violent offense metrics are better than many U.S. neighborhoods but exhibited notable one-year volatility. For underwriting, this argues for standard risk management measures, resident engagement, and lighting/camera investments rather than assuming outsized ongoing impacts to leasing.
Regional employers within commuting distance help support renter demand via access to stable jobs across consumer goods and related industries. The list below highlights a notable nearby employer relevant to workforce renters.
- Clorox — consumer goods (23.8 miles)
This 44-unit asset offers exposure to an inner-suburban submarket where neighborhood occupancy remains solid and the renter pool is deep relative to the Modesto metro. According to CRE market data from WDSuite, rents sit in a mid-market range with a rent-to-income profile that supports retention, while home values relative to incomes are elevated in national terms—conditions that typically underpin sustained multifamily demand. The 1979 vintage is newer than the neighborhood norm, suggesting competitive positioning versus older stock and potential to capture value with targeted modernization.
Forward-looking fundamentals are supported by stable-to-growing 3-mile household counts and income projections, which can expand the tenant base and aid occupancy stability. Key watch items include mixed safety signals (metro-relative exposure and recent violent-offense volatility) and neighborhood NOI per unit trends that trail national benchmarks, arguing for disciplined expense control and thoughtful amenity investment to differentiate.
- Solid neighborhood occupancy and deep renter concentration support leasing stability
- 1979 construction is newer than local average, with value-add potential through selective upgrades
- Mid-market rents and elevated ownership costs bolster tenant retention and demand
- 3-mile household and income growth outlook supports long-term demand and pricing power
- Risks: metro-relative safety ranking and below-benchmark neighborhood NOI require active management