| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 59th | Poor |
| Demographics | 21st | Poor |
| Amenities | 44th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2004 Evans Rd, Ceres, CA, 95307, US |
| Region / Metro | Ceres |
| Year of Construction | 1982 |
| Units | 40 |
| Transaction Date | 2001-12-20 |
| Transaction Price | $2,100,000 |
| Buyer | ASOCIACION CAMPESINA LAZARO CARDENAS INC |
| Seller | ADKISON MARION ROBERT |
2004 Evans Rd, Ceres CA Multifamily Opportunity
Positioned in an inner-suburban pocket of the Modesto metro, this 40-unit asset benefits from a renter-heavy neighborhood and steady occupancy, according to WDSuite’s CRE market data.
The property sits within an Inner Suburb of the Modesto, CA metro that shows durable renter demand: the neighborhood’s share of renter-occupied units is competitive among Modesto neighborhoods (ranked 17 out of 130), and occupancy in the surrounding neighborhood has tracked above many national peers in recent years. Local amenity density leans practical, with grocery options ranking competitive among Modesto neighborhoods (16 of 130) and cafes also competitive (11 of 130), supporting day‑to‑day convenience for residents.
Construction vintage at the property is 1982, newer than the area’s average building age (1967). For investors, that positioning typically offers a relative edge versus older stock while still warranting targeted capital planning for systems modernization or value-add upgrades to sustain leasing momentum.
Within a 3-mile radius, demographics indicate a growing tenant base: population and households have increased in recent years, with forecasts pointing to additional household growth over the next five years. This expansion supports a larger renter pool and potential occupancy stability. Median rent levels in the neighborhood have risen meaningfully over five years, while a rent-to-income profile near one-fifth suggests room for lease management without outsized affordability pressure.
Ownership costs in the area trend elevated relative to national norms (high national percentile for value-to-income), which can reinforce reliance on rental housing and support retention. At the same time, limited access to certain neighborhood amenities—such as parks, childcare, and pharmacies ranking at the low end among 130 Modesto neighborhoods—may require operators to emphasize on-site services or partnerships to enhance resident experience. These mixed signals are consistent with a C+ neighborhood rating and should be balanced in underwriting with a commercial real estate analysis lens.
Safety indicators show a mixed picture when viewed against metro and national benchmarks. Within the Modesto metro, a lower crime rank (10 out of 130 neighborhoods) signals comparatively higher reported crime concentrations locally, even as national positioning sits modestly above the median. Recent trends diverge by type: estimated property offenses have declined year over year, while violent offense estimates moved higher. Investors typically reflect these contrasts through prudent security measures, tenant screening, and insurance assumptions rather than relying on block-level conclusions.
Overall, the takeaway is to underwrite with conservative assumptions and monitor local trendlines, using neighborhood-level data rather than property-level anecdotes to calibrate operating practices and capex for safety-related improvements.
Regional employers contribute to a broad commuter shed that can support renter demand and retention for workforce-oriented housing. The list below highlights a nearby corporate presence relevant to the tenant base.
- Clorox — consumer products (24.4 miles)
This 1982 vintage, 40-unit asset offers relative competitiveness versus older neighborhood stock while benefiting from a renter-occupied concentration that is top quartile among 130 Modesto neighborhoods. Neighborhood occupancy has remained resilient versus many national peers, and household growth within a 3-mile radius points to a larger tenant base over time. Elevated ownership costs locally help sustain multifamily reliance and can aid lease retention, while rent-to-income levels suggest manageable affordability pressure for thoughtful pricing.
Based on CRE market data from WDSuite, local amenities skew toward everyday conveniences (notably groceries and cafes), supporting resident livability even as parks and certain services remain thin. The investment case centers on stable renter demand with value-add potential through targeted renovations and operating execution, balanced by prudent underwriting for safety variability and selective amenity gaps.
- Renter concentration competitive among 130 Modesto neighborhoods supports depth of tenant base.
- 1982 vintage provides an edge versus older stock with potential for targeted value-add.
- Neighborhood occupancy and 3‑mile household growth trends support leasing stability.
- Elevated ownership costs bolster multifamily reliance and potential retention.
- Risks: safety variability within the metro and limited parks/childcare/pharmacy access warrant conservative operating and capex planning.