| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Fair |
| Demographics | 17th | Poor |
| Amenities | 59th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2821 Lou Ann Dr, Modesto, CA, 95350, US |
| Region / Metro | Modesto |
| Year of Construction | 1991 |
| Units | 42 |
| Transaction Date | 2019-01-23 |
| Transaction Price | $8,000,000 |
| Buyer | Paramjit K Gill |
| Seller | BlackOak Management |
2821 Lou Ann Dr Modesto Multifamily Investment
This 42-unit property built in 1991 operates in a neighborhood with 95.8% occupancy rates and strong rental demand fundamentals, according to CRE market data from WDSuite.
This inner suburb neighborhood demonstrates solid rental market fundamentals with 95.8% occupancy rates, ranking in the top quartile among 130 metro neighborhoods. The area maintains a 52.2% renter-occupied housing share, supporting consistent multifamily demand in a market where median contract rents reached $1,112.
Built in 1991, this property aligns with the neighborhood's average construction year of 1972, positioning it as newer stock that may require less immediate capital expenditure compared to older area buildings. Demographic data aggregated within a 3-mile radius shows a stable population of approximately 64,000 residents with projected growth to nearly 69,000 by 2028, supporting expanded renter pool depth.
The neighborhood ranks in the 87th national percentile for grocery store access and 89th percentile for restaurant density, contributing to tenant retention appeal. Median household income of $55,800 creates a rent-to-income ratio of 0.24, indicating manageable affordability pressure for residents while supporting lease renewal stability.
Forward-looking demographics show household income projected to increase 52.8% by 2028, with median rents forecast to reach $1,956. This income growth trajectory, combined with stable occupancy trends, suggests strengthening fundamentals for rental demand and potential pricing power expansion.
The neighborhood ranks 77th out of 130 metro neighborhoods for overall crime metrics, placing it above the metro median for safety conditions. Property offense rates show a 14.7% year-over-year increase, though this trend ranks in the 30th national percentile, indicating the increase is less severe compared to nationwide patterns.
Violent crime rates remain relatively contained at 142 incidents per 100,000 residents, with a 6.2% year-over-year decrease that ranks favorably against national trends. Investors should monitor crime trends as part of routine market assessment, particularly regarding their impact on tenant retention and insurance costs.
The employment base includes corporate office presence that supports workforce housing demand in the broader Modesto market.
- Clorox — corporate offices (17.1 miles)
This 42-unit property benefits from neighborhood-level occupancy rates of 95.8%, ranking in the top quartile among metro neighborhoods and indicating strong rental demand stability. The 1991 construction year positions the asset as newer stock within a neighborhood averaging 1972 vintage, potentially reducing near-term capital expenditure requirements compared to older area properties.
Demographic projections within the 3-mile radius show household income growth of 52.8% by 2028, supporting potential rent growth as the market matures. The current rent-to-income ratio of 0.24 suggests manageable affordability levels that may accommodate future rental increases while maintaining tenant retention, based on multifamily property research from WDSuite.
- Neighborhood occupancy rates of 95.8% rank in top quartile among 130 metro neighborhoods
- 1991 construction provides newer vintage advantage over neighborhood average of 1972
- Projected household income growth of 52.8% by 2028 supports rent growth potential
- Property crime increases and limited major employer proximity require ongoing market monitoring