| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 76th | Best |
| Demographics | 52nd | Best |
| Amenities | 24th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2020 Cheyenne Way, Modesto, CA, 95356, US |
| Region / Metro | Modesto |
| Year of Construction | 1985 |
| Units | 38 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2020 Cheyenne Way Modesto Multifamily Investment Thesis
Neighborhood occupancy is strong and ownership costs are elevated, supporting renter demand dynamics in this inner-suburban Modesto location, according to WDSuite s CRE market data.
Situated in an Inner Suburb of Modesto (B+ neighborhood rating; rank 46 among 130 metro neighborhoods), the area’s fundamentals lean favorable for multifamily performance. Neighborhood occupancy is high (top quartile nationally), which signals stable leasing conditions at the neighborhood level rather than the specific property. Median home values trend elevated (around the 89th national percentile), which creates a high-cost ownership market that can reinforce renter reliance on multifamily housing and support pricing power.
Rents in the neighborhood benchmark above many U.S. areas (also near the 89th national percentile), while rent-to-income sits near the national midpoint. This mix points to manageable affordability pressure and potential for steady retention if lease management remains disciplined. Neighborhood NOI per unit averages rank among the strongest in the metro (rank 1 of 130; top decile nationally), indicating historically solid operating performance for comparable assets in the surrounding area, based on CRE market data from WDSuite.
The property 201985 vintage is newer than the neighborhood 201972 average, giving it a relative competitive edge versus older stock. Investors should still plan for system modernization and light common-area updates typical of mid-1980s construction, but the vintage positioning can help in marketing and renewal conversations.
Tenant base depth varies by geography: the immediate neighborhood shows a low share of renter-occupied housing units, while the broader 3-mile radius skews more balanced (about 42% renter-occupied). This suggests a thinner immediate catchment but a larger renter pool within a short drive, which can support occupancy stability and leasing velocity for well-positioned product.
Amenities and daily needs access are mixed. Grocery options are comparatively accessible within the metro, but café, park, and pharmacy densities rank toward the lower end locally. Average school ratings are above national averages, which can appeal to family renters seeking stability without sacrificing proximity to employment centers.
Safety indicators are mixed and should be underwritten thoughtfully. Relative to the Modesto metro, the neighborhood 27s crime rank (13 out of 130 neighborhoods) indicates higher incident levels than many nearby areas. Nationally, overall conditions sit near the middle of the pack, with property crime comparatively elevated (lower national percentile) and violent crime closer to national midrange. Importantly, the most recent year shows a sharp improvement in violent offense trends (top tier nationally for year-over-year improvement), which is constructive but warrants monitoring for consistency over time.
Regional employers within commuting range help support renter demand and retention from workforce households, including consumer products operations noted below.
- Clorox consumer products (17.3 miles)
This 38-unit, 1985-vintage asset sits in a high-occupancy Modesto neighborhood where elevated ownership costs sustain renter demand. Neighborhood rent levels and NOI-per-unit performance benchmark well against national and metro peers, while the asset 27s vintage is newer than local averages, offering competitive positioning against older stock and room for value through targeted modernization. Population growth within a 3-mile radius and a larger renter pool beyond the immediate block support ongoing leasing depth and occupancy stability, according to CRE market data from WDSuite.
Key considerations include a lower renter concentration in the immediate neighborhood and mixed amenity density, balanced by above-average school ratings and accessible grocery options. Crime metrics show improvement in violent incidents, though property crime remains comparatively elevated and should be monitored in operations and security planning.
- High neighborhood occupancy and strong metro-relative NOI per unit support stable operations
- 1985 vintage is newer than area average, enabling competitive positioning with targeted upgrades
- Elevated home values reinforce renter reliance on multifamily housing and pricing resiliency
- 3-mile radius shows population growth and a broader renter pool to support leasing
- Risks: lower immediate renter concentration, lean amenity mix, and comparatively higher property crime