| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 59th | Poor |
| Demographics | 21st | Poor |
| Amenities | 44th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1675 Richland Ave, Ceres, CA, 95307, US |
| Region / Metro | Ceres |
| Year of Construction | 1979 |
| Units | 56 |
| Transaction Date | 2024-03-25 |
| Transaction Price | $32,600,000 |
| Buyer | VINEYARD CERES APARTMENTS LLC |
| Seller | VINEYARDS GENERAL PARTNERSHIP |
1675 Richland Ave Ceres CA Multifamily Investment
Neighborhood occupancy trends sit in the mid-90s with a majority renter-occupied housing stock, supporting stable tenant demand according to WDSuite’s CRE market data. Positioning within the Modesto metro’s inner suburb offers steady workforce demand and comparatively accessible rents for lease retention.
The property sits in an Inner Suburb of the Modesto, CA metro with a neighborhood rating of C+. Within this area, the share of housing units that are renter-occupied is elevated, indicating a deeper tenant base for multifamily and helping support occupancy stability at the neighborhood level. Median contracted rents are mid-market locally, and the rent-to-income profile suggests manageable affordability pressure that can aid retention and reduce turnover risk.
Local amenities skew toward everyday convenience rather than destination retail. Cafe and grocery densities are competitive among Modesto neighborhoods (ranked 11th and 16th out of 130, respectively) and sit in high national percentiles, which supports renter livability and day-to-day convenience. By contrast, parks, pharmacies, and childcare are limited within the neighborhood footprint, so residents may rely on adjacent areas for those services.
Demographic statistics aggregated within a 3-mile radius show a largely stable population with a slight increase in households, which points to a steady or gradually expanding renter pool. Forecasts indicate meaningful growth in both households and incomes by 2028, implying a larger tenant base and potential for measured rent growth without unduly stressing affordability.
The asset’s 1979 vintage is newer than the neighborhood’s average construction year (1967). That relative youth can be a competitive advantage versus older stock, though investors should still plan for modernization of aging systems and selective value-add to keep positioning strong against renovated comparables.
Home values in the area are above national medians and the value-to-income ratio sits in an upper national percentile. In practice, this high-cost ownership context tends to reinforce reliance on multifamily housing, supporting demand depth and aiding leasing stability through cycles.
Crime indicators present a mixed but generally improving picture. Property offense metrics are comparatively favorable versus neighborhoods nationwide (high national safety percentiles), and recent year-over-year trends show notable declines. Violent offense levels benchmark in an above-average national percentile, though the most recent year’s change was volatile upward, warranting continued monitoring rather than block-level conclusions.
At the metro level, safety conditions can vary widely across Modesto neighborhoods. Investors should evaluate on-site security practices and surrounding street activation as part of diligence, using trends as context rather than relying on a single-year swing.
Regional employment access is oriented toward commuting within the Central Valley, supporting workforce housing demand. Notable nearby corporate presence includes:
- Clorox — consumer products offices (23.9 miles)
1675 Richland Ave offers scale at 56 units in an inner-suburban Modesto location where renter-occupied housing share is high and neighborhood occupancy trends sit near the mid-90s. According to CRE market data from WDSuite, local rents are mid-market with a rent-to-income profile that supports retention, while elevated ownership costs in the area help sustain multifamily demand through cycles.
Built in 1979, the property is newer than much of the surrounding stock, offering relative competitiveness versus older assets while leaving room for targeted capital improvements and value-add to capture leasing momentum. Three-mile demographics point to steady population with households projected to expand, indicating a growing tenant base to support occupancy and measured rent growth over the medium term.
- Neighborhood occupancy near the mid-90s and a sizable renter concentration support stable leasing.
- 1979 vintage is newer than local averages, with potential for targeted renovations to enhance positioning.
- Everyday amenities (cafes, groceries) in strong supply and an ownership market that reinforces rental demand.
- Risks: limited nearby parks/pharmacies, crime trend volatility, and typical capex needs for late-1970s construction.