| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Fair |
| Demographics | 16th | Poor |
| Amenities | 59th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2040 Walnut Ave, Ceres, CA, 95307, US |
| Region / Metro | Ceres |
| Year of Construction | 1984 |
| Units | 21 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2040 Walnut Ave Ceres Multifamily Investment
This 21-unit property built in 1984 sits in a neighborhood with 97% occupancy rates, reflecting solid rental demand in the broader Modesto market according to CRE market data from WDSuite.
The Ceres neighborhood ranks in the top half among 130 metro neighborhoods for housing fundamentals, with 97% occupancy rates that exceed the national percentile by ranking in the 84th percentile nationwide. The area maintains a 27.1% rental share, indicating a stable tenant base for multifamily properties.
Demographic statistics within a 3-mile radius show moderate household income growth, with median household income reaching $69,187 and projected to climb 58% to $109,573 by 2028. Population growth of 6.6% over the past five years has supported rental demand, while forecasted household formation suggests continued expansion of the renter pool through 2028.
The property's 1984 construction year positions it among older inventory in a neighborhood where average construction dates to 1968. This vintage presents value-add renovation opportunities for investors seeking to modernize units and capture rent premiums. Median contract rents in the neighborhood reached $1,033, with 37% growth over the past five years reflecting strengthening rental pricing power.
Local amenities include strong grocery store density at 5.71 stores per square mile, ranking 8th among metro neighborhoods and in the 97th percentile nationally. The area also features above-average access to childcare and parks, supporting tenant retention through family-friendly infrastructure.
The neighborhood's crime metrics show mixed trends that warrant monitoring. Property crime rates rank 33rd among 130 metro neighborhoods, placing it in the 68th percentile nationally for property crime safety. However, recent year-over-year increases in both property and violent crime rates suggest evolving security dynamics that investors should factor into tenant retention and property management strategies.
Violent crime rates rank 48th among metro neighborhoods, positioning the area near the middle of regional performance. While current absolute rates remain moderate, the significant percentage increases in crime metrics indicate this is an area where investors should maintain awareness of local security trends and their potential impact on tenant satisfaction and lease renewals.
The broader Central Valley employment base provides workforce housing demand, with major corporate presence within commuting distance supporting rental fundamentals.
- Clorox — consumer goods manufacturing (25.3 miles)
This 21-unit property offers value-add potential through its 1984 vintage, allowing investors to modernize units in a market showing 37% rent growth over five years. The neighborhood's 97% occupancy rate demonstrates strong rental demand fundamentals, while projected household income growth of 58% through 2028 supports future rent escalations and tenant retention.
Demographic trends within the 3-mile radius indicate population expansion and household formation that should sustain multifamily demand. The area's grocery store density and family-oriented amenities contribute to tenant satisfaction, though investors should monitor recent crime trend increases as part of ongoing property management considerations.
- High neighborhood occupancy at 97% indicates stable rental demand
- Value-add renovation opportunities with 1984 construction vintage
- Strong projected household income growth of 58% through 2028
- Excellent grocery store access supports tenant retention
- Risk: Recent increases in crime rates require ongoing monitoring