| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 71st | Good |
| Demographics | 13th | Poor |
| Amenities | 47th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1313 Celeste Dr, Modesto, CA, 95355, US |
| Region / Metro | Modesto |
| Year of Construction | 1979 |
| Units | 114 |
| Transaction Date | 2019-06-19 |
| Transaction Price | $16,500,000 |
| Buyer | Cumberland Holdings, LLC |
| Seller | PI Properties No 42 LLC |
1313 Celeste Dr, Modesto CA Multifamily Investment Opportunity
Neighborhood occupancy trends remain strong and renter demand is reinforced by a high renter-occupied share, according to WDSuite’s CRE market data. For investors, this points to stable leasing conditions with room to manage retention and pricing through operating discipline.
Located in Modesto’s Urban Core, the neighborhood scores a B- and shows leasing durability with occupancy ranked 59th of 130 metro neighborhoods and in the upper tiers nationally. That places it above the metro median and suggests relatively steady absorption for well-managed assets.
Renter concentration is high, with roughly six in ten housing units renter-occupied at the neighborhood level. For multifamily owners, that depth of the tenant base supports ongoing demand and reduces reliance on in-migration for lease-up. Median contract rents sit mid-market locally and have advanced over the past five years, while rent-to-income near one-fifth indicates watchpoints for affordability without signaling acute pressure.
Within a 3-mile radius, population has grown and is expected to expand further, with households projected to increase materially. This points to a larger renter pool over time, supporting occupancy stability and setting the stage for measured rent growth where product quality and management execution justify it.
Daily-needs access is a relative strength: grocery and pharmacy densities rank near the top among Modesto neighborhoods and well above national norms, while restaurants are also comparatively plentiful. Parks and cafes are sparser, which may temper some lifestyle appeal but typically has limited impact on workforce-oriented demand. Elevated home values versus income (high value-to-income ratios and above-average home prices) signal a high-cost ownership context that tends to sustain reliance on rental housing, benefiting tenant retention and leasing stability.
The property’s 1979 vintage is slightly newer than the neighborhood’s average construction year. That positioning can support competitive standing versus older stock, though investors should still plan for targeted system upgrades and common-area modernization to meet current renter expectations and protect NOI.
Safety indicators are mixed when benchmarked locally and nationally. The neighborhood’s crime rank sits mid-pack within Modesto (52 of 130 neighborhoods), and national percentiles point to below-average safety relative to U.S. peers overall. Violent incident trends have improved year over year, while property crime metrics remain weaker versus national comparables. For underwriting, this argues for prudent security measures and active onsite management to support tenant retention and protect asset performance.
Regional employment access is diversified, with commutable reach to established corporate offices that help support renter demand and retention. Notably, the area taps into consumer products and related office employment within a manageable drive.
- Clorox — consumer products corporate offices (20.6 miles)
This 114-unit asset offers exposure to a renter-heavy Modesto submarket where neighborhood occupancy sits above the metro median and in the stronger national tiers. According to CRE market data from WDSuite, daily-needs access (groceries, pharmacies) outperforms both metro and national benchmarks, supporting convenience-driven retention. Elevated ownership costs relative to incomes reinforce the renter value proposition, while rent levels and rent-to-income near 20% suggest room for disciplined rent management without overreaching.
Built in 1979 with average unit sizes around 740 sq. ft., the property is slightly newer than the neighborhood norm. That positioning, paired with thoughtful capital planning—targeted interiors, systems, and curb appeal—offers a practical value-add path to bolster competitiveness against older stock and support NOI durability through a cycle. Near-term risk centers on property crime benchmarks and affordability sensitivity, which can be mitigated through security investments, renewals strategy, and resident-experience improvements.
- Occupancy above the metro median with nationally strong standing supports stable leasing
- High renter-occupied share indicates a deep tenant base for sustained demand
- Daily-needs amenities (grocery, pharmacy) outperform metro and national norms, aiding retention
- 1979 vintage provides a practical value-add runway versus older competing stock
- Risks: property crime benchmarks and affordability pressure require active management and security planning