| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 59th | Poor |
| Demographics | 21st | Poor |
| Amenities | 44th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1859 Richard Way, Ceres, CA, 95307, US |
| Region / Metro | Ceres |
| Year of Construction | 1982 |
| Units | 67 |
| Transaction Date | 2008-07-01 |
| Transaction Price | $4,000,000 |
| Buyer | Pacific Park Executive Plaza |
| Seller | HUD |
1859 Richard Way, Ceres Multifamily Investment
Neighborhood occupancy around 95% and a majority renter-occupied housing signal durable tenant demand, according to WDSuite’s CRE market data.
Located in Ceres within the Modesto metro, the neighborhood posts an estimated 94.9% occupancy and a renter-occupied share near 56.5%, indicating a sizable tenant base and support for leasing stability. Median asking rents trend in the low $1,200s per month, and the area’s rent-to-income metrics suggest manageable affordability pressure that can aid retention and limit turnover risk, based on CRE market data from WDSuite.
Daily-needs access is a relative strength. Grocery options and cafes are dense for the metro—competitive among Modesto’s 130 neighborhoods—and both categories land in the top quartile nationally for availability. Restaurant density also tracks above national averages. By contrast, park and pharmacy counts are limited within the immediate neighborhood, which modestly softens livability for residents who prioritize those amenities.
Within a 3-mile radius, population and household counts have inched higher over the last five years, and WDSuite’s projections point to further growth by 2028, supporting a gradual renter pool expansion. Household sizes are larger than the national norm in this area, which can sustain demand for smaller, functional units as well as two-bedroom formats. Median home values sit in a higher-cost ownership context relative to local incomes, which tends to reinforce reliance on rental housing and supports pricing power for well-maintained assets.
The property’s 1982 vintage is newer than the neighborhood’s average construction year (1967). That relative youth can be a competitive edge versus older stock in Ceres, while still leaving room for selective modernization of systems and interiors to enhance yield and extend useful life.
Safety indicators are mixed when viewed across metro and national lenses. Compared with other Modesto neighborhoods (130 total), the area’s crime rank suggests comparatively higher reported activity locally. However, national percentiles paint a more favorable picture: recent readings align above the national midpoint for overall and violent offenses, and property crime sits in a stronger national percentile, indicating comparatively lower property-crime exposure than many U.S. neighborhoods.
Trend-wise, WDSuite’s recent-year change data flags a sharp uptick in violent incidents, which warrants ongoing monitoring in underwriting and operations. Investors may wish to account for proactive security measures and partnership with local community resources to maintain resident confidence and support retention.
Regional employers contribute to commuter demand for workforce housing, with access to corporate offices that can support leasing stability for properties serving Modesto–Ceres residents. The list below highlights a notable nearby corporate presence.
- Clorox — consumer products (24.1 miles)
This 67-unit asset at 1859 Richard Way benefits from a renter-oriented neighborhood where occupancy approximates the mid-90s and a majority of housing units are renter-occupied. According to commercial real estate analysis from WDSuite, daily-needs retail density (notably groceries and cafes) supports livability, while an ownership market with elevated value-to-income ratios helps sustain renter demand and pricing power for well-kept multifamily assets.
Built in 1982, the property is newer than much of the surrounding stock, offering competitive positioning alongside value-add potential through targeted renovations and system upgrades. Within a 3-mile radius, population and household growth—coupled with forecast increases by 2028—suggest a gradually expanding tenant base that can support occupancy stability over a multi-year hold.
- Renter-heavy neighborhood with occupancy near 95% supports demand stability and lease retention.
- Strong daily-needs access (groceries, cafes) and above-average restaurant density enhance resident convenience.
- 1982 vintage provides a relative age advantage versus older neighborhood stock, with room for value-add upgrades.
- Higher-cost ownership context reinforces reliance on rental housing, supporting pricing power for quality units.
- Risks: locally elevated crime rank within the metro and limited parks/pharmacies; consider security measures and amenity strategies in underwriting.