| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Poor |
| Demographics | 60th | Best |
| Amenities | 71st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 500 Gayle Ave, Modesto, CA, 95350, US |
| Region / Metro | Modesto |
| Year of Construction | 1978 |
| Units | 32 |
| Transaction Date | 2001-08-01 |
| Transaction Price | $3,022,500 |
| Buyer | QUARESMA MANUEL A |
| Seller | MILY LLC |
500 Gayle Ave, Modesto Multifamily Investment
Neighborhood occupancy is strong and trending stable, according to WDSuite’s CRE market data, suggesting durable renter demand for a 32-unit asset in Modesto’s inner-suburban setting. Elevated ownership costs nearby further support retention and pricing discipline for well-managed properties.
This inner-suburban Modesto neighborhood rates A and ranks 8th out of 130 metro neighborhoods, indicating competitive fundamentals among local peers. Neighborhood occupancy (not the property) is high and in the top quartile nationally, a constructive backdrop for maintaining collections and limiting downtime between turns.
Daily-needs access is a relative strength: grocery options are above the metro median and pharmacies are in the top decile nationally, while restaurants are abundant; cafes are less dense. Average school ratings sit around the metro middle, which can still support family-oriented renter demand.
The renter-occupied share of housing units in the neighborhood is roughly one-third, signaling a mixed-tenure base that can support multifamily absorption without heavy reliance on transient leasing. Median contract rents sit above many national peers and have grown over the last five years, aligning with occupancy stability and manageable concessions. Home values are elevated relative to incomes (top quintile nationally for value-to-income), which tends to reinforce reliance on multifamily housing and supports lease retention.
Within a 3-mile radius, demographics point to modest population growth and a larger household base over time, with incomes trending higher; together these factors expand the local renter pool and support occupancy stability. Looking forward, forecasts indicate continued household and income growth, which can underpin steady demand for well-located, professionally managed units.
Vintage matters: the property’s 1978 construction is newer than the neighborhood’s average vintage (late 1960s). Investors should plan for selective modernization and systems upkeep, but the vintage positions the asset competitively versus older stock while offering potential value-add through renovations and common-area upgrades.
Safety metrics are mixed. The neighborhood performs competitive among Modesto’s 130 neighborhoods by rank, yet several indicators track below national averages. Property offenses are elevated compared with neighborhoods nationwide, warranting proactive security measures and resident engagement programs.
A constructive note is trend direction: violent-offense indicators have improved meaningfully year over year and sit in a stronger national percentile for improvement. Framing risk in underwriting with prudent insurance, lighting, and access controls can help align on-the-ground operations with investor expectations.
Regional employment access supports renter demand, with commutable reach to established corporate offices such as consumer products.
- Clorox — consumer products (19.6 miles)
The investment case centers on durable renter demand and relative competitiveness versus older local stock. Neighborhood occupancy (a neighborhood metric) is strong and nationally outperforms, while elevated ownership costs in the area support sustained reliance on rentals and bolster lease retention. According to CRE market data from WDSuite, amenity access for daily needs is a positive differentiator, and restaurants are plentiful, supporting livability.
Built in 1978, the asset is slightly newer than the neighborhood average, suggesting defensible positioning with clear renovation and operational value-add pathways. Within a 3-mile radius, modest population growth and rising incomes expand the tenant base and support stable leasing, while underwriting should account for elevated property-crime readings and ongoing capital planning typical for late-1970s construction.
- High neighborhood occupancy supports cash flow stability and limits downtime
- Elevated ownership costs reinforce renter reliance and lease retention potential
- 1978 vintage offers value-add upside through targeted renovations and systems updates
- Daily-needs amenities (groceries, pharmacies) enhance livability and leasing
- Risks: elevated property-crime metrics and capex needs typical of late-1970s assets