| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Good |
| Demographics | 20th | Poor |
| Amenities | 30th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2112 Floyd Ave, Modesto, CA, 95355, US |
| Region / Metro | Modesto |
| Year of Construction | 1985 |
| Units | 97 |
| Transaction Date | 2017-11-06 |
| Transaction Price | $13,650,000 |
| Buyer | Tilden Properties LLC |
| Seller | California Bridle Creek, LTD |
2112 Floyd Ave Modesto Multifamily Investment
This 97-unit property built in 1985 operates in a neighborhood with 95% occupancy and strong renter concentration, according to CRE market data from WDSuite.
This Urban Core neighborhood demonstrates solid rental fundamentals, with 63.4% of housing units occupied by renters - ranking in the top 5% nationally. The 95% neighborhood-level occupancy rate reflects stable demand, while median contract rents of $1,149 have grown 28% over five years, indicating pricing power within the local market context.
The property's 1985 construction year aligns with the neighborhood's 1971 average building vintage, presenting potential value-add opportunities through strategic renovations and unit improvements. Demographics within a 3-mile radius show a population of approximately 110,400 with median household income of $84,093, supporting rental demand at current pricing levels.
Home values averaging $390,802 with 90% appreciation over five years reinforce rental housing demand, as elevated ownership costs limit accessibility to homeownership for many households. The neighborhood's grocery store density ranks in the 88th percentile nationally, providing tenant convenience, while restaurant density also performs well at the 91st percentile nationwide.
Projected demographic trends through 2028 indicate 9.9% population growth and 37% household formation within the 3-mile radius, expanding the potential renter pool. Forecast median household income is expected to reach $117,810, a 40% increase that could support rent growth and tenant retention over the investment horizon.
Property crime rates in this neighborhood rank 75th among 130 metro neighborhoods, placing it near the metro median with an estimated rate of 663 incidents per 100,000 residents. While property crime increased 11% year-over-year, this trend reflects broader regional patterns rather than localized deterioration.
Violent crime rates rank 58th among metro neighborhoods at approximately 63 incidents per 100,000 residents, indicating moderate safety conditions relative to the broader Modesto market. Investors should consider these metrics within the context of tenant screening and property management protocols.
The employment base within commuting distance includes established corporate operations that support workforce housing demand in the area.
- Clorox — corporate offices (21.1 miles)
This 97-unit property benefits from strong neighborhood-level rental fundamentals, including 95% occupancy and a 63% renter-occupied housing stock that ranks in the top 5% nationally. The 1985 construction year presents value-add potential through strategic improvements, while demographics within a 3-mile radius show projected household growth of 37% through 2028, expanding the tenant base.
Commercial real estate analysis indicates rent growth potential, with neighborhood median rents increasing 28% over five years and forecast median household income rising 40% to $117,810 by 2028. High home values averaging $390,802 reinforce rental demand by limiting ownership accessibility, supporting occupancy stability and lease retention.
- Strong renter concentration with 63% of units tenant-occupied, ranking top 5% nationally
- Stable 95% neighborhood occupancy rate supporting cash flow predictability
- Value-add potential through renovations given 1985 construction year
- Projected 37% household growth through 2028 expanding tenant pool
- Risk consideration: Property crime trends require active management and tenant screening protocols