| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 67th | Fair |
| Demographics | 25th | Fair |
| Amenities | 92nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 303 Wayside Dr, Turlock, CA, 95380, US |
| Region / Metro | Turlock |
| Year of Construction | 1979 |
| Units | 40 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
303 Wayside Dr Turlock Multifamily Investment
Neighborhood-level occupancy of 95.6% supports tenant retention in this 40-unit property, while the area's high rental share indicates strong demand fundamentals according to CRE market data from WDSuite.
This Urban Core neighborhood ranks 14th among 130 metro neighborhoods, reflecting solid fundamentals in the Modesto market. The area's rental occupancy share of 71.3% places it in the top quartile nationally, indicating a renter-oriented market that supports multifamily demand. Neighborhood-level occupancy trends show 95.6% occupancy, above the 74th national percentile for comparable areas.
Built in 1979, the property's vintage aligns closely with the neighborhood's average construction year of 1972, positioning it for potential value-add renovations while maintaining competitive positioning. The area demonstrates strong amenity density with grocery stores, restaurants, and pharmacies all ranking in the top quartile nationally, supporting tenant retention through convenient access to daily necessities.
Demographics within a 3-mile radius show population growth of 2.2% over five years, with household formation increasing 1.9% during the same period. Projected growth through 2028 indicates a 4.2% population increase and 37.8% household growth, expanding the potential renter pool. However, median household income of $46,797 ranks in the bottom quartile among metro neighborhoods, suggesting affordability constraints that could impact rent growth potential.
Home values averaging $378,017 with 90% appreciation over five years create a substantial ownership barrier, potentially keeping households in the rental market longer. The rent-to-income ratio of 0.31 indicates relatively affordable rental costs, though this may limit pricing power in lease renewals.
The neighborhood ranks 38th of 130 metro areas for overall crime, placing it above the metro median for safety conditions. Property crime rates show an 80th national percentile ranking, indicating relatively lower property crime compared to neighborhoods nationwide, which can support tenant retention and reduce turnover costs.
Violent crime metrics place the area near the national median at the 51st percentile. Recent trends show increases in both property and violent crime rates over the past year, which investors should monitor for potential impacts on tenant satisfaction and lease renewals. The neighborhood's Urban Core designation typically correlates with higher activity levels that require ongoing security considerations.
The local employment base is anchored by corporate operations, though major employers require longer commutes that may impact tenant preferences for proximity to work centers.
- Clorox — consumer goods corporate offices (33.5 miles)
The 40-unit property benefits from neighborhood-level occupancy of 95.6% and a rental market share of 71.3% that ranks in the top quartile nationally, indicating stable demand fundamentals. The 1979 construction year aligns with area norms while creating value-add renovation opportunities that could enhance competitive positioning and rental premiums.
Demographic projections within a 3-mile radius show household growth of 37.8% through 2028, significantly expanding the potential tenant base. Rising home values and ownership costs support rental demand retention, though below-average household incomes may constrain rent growth potential and require careful lease pricing strategies.
- Neighborhood occupancy of 95.6% indicates stable rental demand and tenant retention
- Strong amenity density supports tenant satisfaction and reduces turnover risk
- Projected 37.8% household growth through 2028 expands renter pool significantly
- 1979 vintage creates value-add renovation opportunities for competitive enhancement
- Risk: Below-average household incomes may limit rent growth and pricing power