| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Good |
| Demographics | 15th | Poor |
| Amenities | 54th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1960 Butte St, Corning, CA, 96021, US |
| Region / Metro | Corning |
| Year of Construction | 1989 |
| Units | 43 |
| Transaction Date | 2005-03-10 |
| Transaction Price | $1,275,000 |
| Buyer | KONEFAL EDWARD |
| Seller | CORNING WEST APARTMENTS LLC |
1960 Butte St Corning CA Multifamily Investment
This 43-unit property built in 1989 benefits from strong neighborhood-level rental demand, with nearly 50% of housing units renter-occupied according to CRE market data from WDSuite.
The property sits in an Inner Suburb neighborhood with a B+ rating, ranking 9th among 30 metro neighborhoods in the Red Bluff region. Demographics within a 3-mile radius show a balanced tenant mix with 46% renter-occupied housing units, supporting consistent rental demand. The area maintains a 92% neighborhood-level occupancy rate, above the metro median.
Built in 1989, the property aligns with the neighborhood's average construction year of 1967, positioning it as newer stock that may require less immediate capital expenditure compared to older buildings. Median contract rents of $784 rank 17th regionally with a 37th national percentile, indicating affordable housing costs that support tenant retention in a market where median household income is $48,086.
The area shows solid amenity access with grocery stores (82nd national percentile) and restaurants (76th national percentile) supporting tenant convenience. However, childcare and park amenities rank lower, which may impact family-oriented renters. Demographic projections within the 3-mile radius indicate household growth of 38% over the next five years, expanding the potential renter pool and supporting multifamily demand fundamentals.
Crime data for this specific neighborhood is not available in the current dataset. Investors should conduct independent due diligence on local safety conditions and trends when evaluating this property. Consider reviewing municipal crime reports and consulting with local law enforcement or property management companies familiar with the area to assess security considerations that may affect tenant retention and property operations.
Employment data for major anchor employers near this Corning location is not available in the current dataset. Investors should research the local employment base, including any major employers, healthcare facilities, government offices, or agricultural operations that may provide workforce housing demand in this Tehama County market.
This 43-unit property presents a value-oriented opportunity in a stable rental market with strong fundamentals. The neighborhood's 92% occupancy rate and significant renter-occupied housing share indicate consistent demand, while the 1989 construction year positions the asset as newer vintage requiring potentially lower near-term capital expenditure. Demographics within a 3-mile radius project substantial household growth over five years, expanding the tenant base.
The affordable rent structure, with median contract rents at $784, supports tenant retention in a market where rent-to-income ratios remain manageable. However, investors should factor in the rural Northern California location and limited amenity infrastructure when evaluating long-term appreciation potential and exit strategies.
- Strong rental fundamentals with 92% neighborhood occupancy and 50% renter-occupied units
- 1989 vintage offers newer construction compared to 1967 neighborhood average
- Projected 38% household growth within 3 miles supports expanding tenant base
- Affordable rent levels at $784 median support tenant retention and stability
- Rural location may limit appreciation potential and require careful exit planning