| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Fair |
| Demographics | 59th | Best |
| Amenities | 30th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 123 College Ave, Modesto, CA, 95350, US |
| Region / Metro | Modesto |
| Year of Construction | 1975 |
| Units | 32 |
| Transaction Date | 2003-02-03 |
| Transaction Price | $1,650,000 |
| Buyer | SAHOTA LAKHBIR S |
| Seller | JOHNSON H SCOTT |
123 College Ave Modesto Multifamily Investment
Stabilized renter demand and a high share of renter-occupied housing units in the surrounding neighborhood support consistent leasing, according to WDSuite’s CRE market data. Vintage positioning offers value-add potential while benefiting from inner-suburb fundamentals.
Located in Modesto’s inner suburb, the property sits in a neighborhood rated B+ (ranked 39 of 130 within the Modesto metro), signaling competitive positioning among Modesto neighborhoods. Neighborhood occupancy is steady and near the metro middle, supporting income stability for multifamily assets.
Essential retail access is a relative strength: grocery density ranks 24 of 130 locally and is in the top decile nationally, while restaurant options are also high relative to peers. By contrast, the immediate area shows limited neighborhood-level café, park, and pharmacy density, which investors should factor into tenant-amenity strategies.
Renter concentration is elevated for the neighborhood, with more than half of housing units renter-occupied, indicating a deeper tenant base and demand resiliency for multifamily. Neighborhood rents sit above the national median, and the rent-to-income profile skews relatively manageable, which can aid lease retention and reduce turnover risk.
Within a 3-mile radius, demographics show a large and diversified population base with modest recent change and forecasts that point to population and household growth over the next five years. Rising incomes and projected rent growth in the radius suggest a larger tenant base and support for occupancy stability, based on CRE market data from WDSuite.
Home values in the neighborhood are elevated relative to national norms and value-to-income ratios trend high, a combination that typically sustains reliance on rental housing and can support pricing power when units are well-maintained and positioned.
The asset’s 1975 construction is newer than the neighborhood’s older average housing stock, offering competitive positioning versus pre‑1950s product. Investors should still plan for aging systems and targeted modernization to capture renovation upside.
Safety metrics indicate conditions below the national median, with the area around the middle of the pack within the 130 Modesto neighborhoods (crime rank 45 of 130; lower ranks indicate higher crime). Property offenses trend higher than national norms, while violent offenses sit below national medians but require monitoring.
A notable positive is trend direction: violent offense rates show a strong year-over-year improvement, placing the neighborhood in a higher national percentile for improvement, according to WDSuite’s data. Investors should underwrite to current conditions, emphasize lighting and access controls, and leverage professional management to support tenant retention.
Regional employment is diversified, and proximity to large consumer goods operations supports a commuter renter base and leasing stability for workforce housing.
- Clorox — consumer goods (20.4 miles)
This 32‑unit, 1975‑vintage property combines a renter-heavy neighborhood with steady occupancy and strong access to daily-needs retail, supporting durable multifamily demand. Newer vintage relative to the area’s older housing stock offers a competitive edge and a clear value‑add path via system updates and interior renovations. Elevated regional home values and a balanced rent-to-income profile point to sustained renter reliance and manageable retention risk. According to CRE market data from WDSuite, neighborhood rent levels and occupancy sit near metro medians with forward indicators (income growth and projected household gains within a 3‑mile radius) that support leasing stability.
Key considerations include below‑national‑median safety metrics and limited immediate café/park amenities, which place a premium on on‑site improvements, lighting, and resident services. With thoughtful capital planning and management, the asset can compete effectively against older local stock while capturing incremental rent from targeted upgrades.
- Renter-heavy neighborhood supports a deeper tenant base and occupancy stability
- 1975 vintage newer than local average, creating value‑add and modernization upside
- Strong access to grocery and daily‑needs retail reinforces livability and retention
- Elevated ownership costs locally sustain reliance on multifamily housing
- Risks: below‑national‑median safety and limited nearby lifestyle amenities require active management and on‑site enhancements