| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Fair |
| Demographics | 35th | Good |
| Amenities | 65th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 204 Warren Way, Modesto, CA, 95356, US |
| Region / Metro | Modesto |
| Year of Construction | 1973 |
| Units | 40 |
| Transaction Date | 2009-09-02 |
| Transaction Price | $1,897,625 |
| Buyer | CRP PROPERTIES INC |
| Seller | SHAEFFER CRISTINA |
204 Warren Way, Modesto Multifamily Investment Opportunity
Neighborhood occupancy is strong and competitive, supporting income stability for well-managed assets, according to WDSuite’s CRE market data. With a moderate renter-occupied share and steady rent growth in the area, the submarket shows durable renter demand without relying on outsized concessions.
Located in Modesto’s inner suburban fabric, the neighborhood rates A- and is top quartile among 130 metro neighborhoods, signaling solid fundamentals for multifamily. Cafes, restaurants, parks, and pharmacies are comparatively accessible (each above the national median), though grocery options are limited within the immediate neighborhood, which may modestly shift household shopping patterns.
The area’s occupancy is top quartile nationally, which supports lease stability and lower downtime between turns. Median contract rents in the neighborhood sit above the national median while the rent-to-income ratio indicates manageable affordability pressure, a backdrop that can aid retention and measured rent growth for properties that maintain competitive finishes and service levels.
Vintage matters for underwriting: this asset’s 1973 construction is slightly older than the neighborhood’s average vintage (late 1970s), suggesting potential value-add and capital planning needs around unit interiors and building systems. The neighborhood’s renter-occupied share indicates a meaningful, if not dominant, renter base, which supports demand depth for a 40-unit asset when paired with high neighborhood occupancy.
Demographic indicators are aggregated within a 3-mile radius and point to recent population growth with stable household counts and rising incomes, alongside forecasts for further gains in households and contract rents. These trends translate to a larger tenant base over time and support for occupancy stability, while rising incomes may help absorb measured rent increases for competitive product.
Safety outcomes in the surrounding neighborhood track below national medians based on WDSuite’s crime benchmarking, indicating investors should underwrite prudent security measures and tenant screening. Property offense metrics sit in lower national percentiles, and recent year-over-year estimates indicate increases in both property and violent offenses, reinforcing the need for operational attention to lighting, access control, and partnerships with local patrol.
Within the Modesto metro context, the neighborhood’s rank places it below the metro median on safety. Framed nationally, it does not fall into the top quartile; rather, it performs below average compared to neighborhoods nationwide. Investors can mitigate risk with design and management strategies while recognizing that safety perceptions may influence leasing velocity and renewal behavior.
Nearby corporate employment provides regional demand support, with commuting access to established consumer products offices that can stabilize renter demand among mid-career professionals.
- Clorox — consumer products offices (19.0 miles)
204 Warren Way offers a 40-unit scale in a neighborhood that performs above national medians on amenities and posts top-quartile national occupancy, supporting income durability. According to CRE market data from WDSuite, neighborhood rents sit above national medians while rent-to-income remains manageable, a combination that can sustain retention for properties that stay competitive on finishes and operations. Elevated home values relative to incomes at the neighborhood level point to a high-cost ownership market, which tends to reinforce reliance on rental housing and supports depth of demand.
Built in 1973, the asset is slightly older than the neighborhood’s late-1970s average, signaling value-add potential and the need for targeted capital planning around interiors and systems to remain competitive. Demographics aggregated within a 3-mile radius indicate recent population growth and rising household incomes, with forecasts for additional gains in households and contract rents, supporting a larger tenant base and stable occupancy. Key risks include below-average safety benchmarks and limited immediate grocery access, which should be addressed via property-level security, lighting, and amenity strategies.
- Top-quartile national occupancy supports steady leasing and lower downtime
- High-cost ownership environment reinforces multifamily demand and pricing power
- 1973 vintage offers value-add and repositioning potential with targeted capex
- 3-mile demographic growth and income gains expand the renter pool over time
- Risks: below-national safety benchmarks and limited nearby groceries may affect leasing; plan mitigation