| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Fair |
| Demographics | 16th | Poor |
| Amenities | 59th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2028 Walnut Ave, Ceres, CA, 95307, US |
| Region / Metro | Ceres |
| Year of Construction | 1983 |
| Units | 24 |
| Transaction Date | 2015-09-02 |
| Transaction Price | $2,700,000 |
| Buyer | GARCIA JESUS |
| Seller | ROBINS RUBY J |
2028 Walnut Ave, Ceres CA Multifamily Investment
High neighborhood occupancy and steady household growth support durable renter demand near Modesto, according to WDSuite’s CRE market data.
Situated in Ceres’ inner-suburban fabric of the Modesto metro, the property benefits from a neighborhood rated B with occupancy levels that have remained high in recent years. Renter demand is supported by a meaningful renter-occupied share within a 3-mile radius and population and household growth that expand the local tenant base. Compared with national trends, the area’s rent-to-income dynamics indicate manageable affordability pressure, which can aid retention and occupancy stability.
Amenity access is a relative strength. Grocery availability ranks among the most concentrated in the metro (competitive among 130 Modesto neighborhoods and in a high national percentile), with cafes, parks, and childcare also above typical levels for similar inner-suburban locations. Restaurant options and pharmacies are thinner locally, so residents may rely on nearby corridors for dining and health services.
Home values are elevated for the region, and the value-to-income relationship trends higher than many U.S. neighborhoods. In investor terms, a high-cost ownership market tends to reinforce reliance on multifamily housing and can support pricing power where operations and product positioning are well managed. Neighborhood-level contract rents remain moderate relative to incomes, helping sustain a broad prospective renter pool.
The asset’s 1983 vintage is newer than the neighborhood average stock, which skews older. That positioning can be competitive versus legacy properties, while still leaving room for targeted system upgrades or common-area refreshes to capture demand from households seeking well-maintained, practical housing.
Safety indicators are mixed and should be monitored over time. Relative to neighborhoods nationwide, overall conditions track below the national median, placing the area in a more moderate-to-higher risk cohort. Within the Modesto metro, the neighborhood falls in the mid-to-lower tier among 130 neighborhoods. Recent data show fluctuations in incident trends; property-related offenses compare more favorably than violent categories on a national basis. Investors should prioritize standard security measures and active property management to support resident retention.
Regional employment is diversified across Central Valley manufacturing and consumer products, providing a commutable base that can underpin workforce housing demand. Notable nearby corporate presence includes:
- Clorox — consumer products corporate offices (25.3 miles)
This 24-unit, 1983-vintage property aligns with stable neighborhood fundamentals: high occupancy, a sizable renter base within a 3-mile radius, and amenity access that supports day-to-day living. Elevated ownership costs in the region help sustain reliance on rentals, while neighborhood-level rents remain moderate versus incomes, supporting lease retention and occupancy stability. Based on CRE market data from WDSuite, the area’s grocery, parks, and childcare access compare favorably to both metro and national benchmarks, adding to its livability profile.
Positioned newer than much of the local housing stock, the asset can compete well with older properties while benefiting from selective value-add upgrades to drive rentability. Key watch items include thinner on-neighborhood restaurant and pharmacy options and variability in safety metrics, which call for disciplined operations and resident experience initiatives.
- High neighborhood occupancy supports stable cashflow potential
- 3-mile population and household growth expands the renter pool
- 1983 vintage is newer than area average, with targeted upgrade upside
- Elevated ownership costs reinforce multifamily demand and pricing power
- Risks: limited on-neighborhood dining/pharmacy options and mixed safety trends