| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Good |
| Demographics | 15th | Poor |
| Amenities | 54th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 650 Fairview Ave, Corning, CA, 96021, US |
| Region / Metro | Corning |
| Year of Construction | 1973 |
| Units | 26 |
| Transaction Date | 2015-04-10 |
| Transaction Price | $1,050,000 |
| Buyer | RUBIE JAMES THOMAS |
| Seller | MOUNT AARON M |
650 Fairview Ave Corning Multifamily Investment Opportunity
This 26-unit property anchors a neighborhood with 92.3% occupancy and nearly 50% renter concentration, supporting stable multifamily demand in Corning's compact rental market, according to CRE market data from WDSuite.
The property sits within an inner-suburb neighborhood rated B+ among 30 neighborhoods in the Red Bluff, CA metro area. Within a 3-mile radius, the population of approximately 9,800 residents is projected to grow 8.6% by 2028, with household counts forecast to expand 37.5%—supporting a larger tenant base and sustained rental demand. The neighborhood's renter-occupied share of 49.9% ranks 2nd among metro neighborhoods (88th percentile nationally), reflecting a deep pool of rental households and consistent reliance on multifamily housing.
Median household income within the 3-mile radius stands at approximately $60,800, with projections indicating a 31.6% increase to roughly $80,000 by 2028. Median contract rent is currently $822, forecast to rise 61.7% to $1,329 over the same period. The neighborhood's rent-to-income ratio of 0.21 ranks 16th of 30 metro neighborhoods, suggesting manageable affordability for tenants and supporting retention. Median home values of approximately $252,000 rank in the 51st percentile nationally; elevated ownership costs relative to local incomes reinforce rental demand and limit competition from ownership pathways.
Neighborhood-level occupancy of 92.3% ranks 12th of 30 metro neighborhoods (56th percentile nationally), demonstrating above-median performance and absorption stability. The property was built in 1973, older than the neighborhood's 1967 average construction year (30th percentile nationally for vintage). This vintage profile presents potential value-add or renovation upside for investors seeking to reposition units and capture rent growth as the market strengthens.
Amenity density supports tenant retention: the neighborhood ranks 2nd of 30 metro areas for grocery stores per square mile (1.93, 82nd percentile nationally), pharmacies per square mile (1.29, 88th percentile nationally), and cafes per square mile (0.64, 82nd percentile nationally). Restaurant density of 3.86 per square mile ranks 1st metro-wide (76th percentile nationally). Childcare and parks per square mile both rank 30th of 30 (0th percentile nationally), indicating limited family-oriented outdoor amenities. Average school rating of 1.0 out of 5 ranks 9th of 30 neighborhoods (15th percentile nationally), which may constrain appeal to families with school-age children but aligns with workforce and smaller-household tenant profiles common in the submarket.
Crime data for this neighborhood are not currently available in WDSuite's dataset. Investors evaluating 650 Fairview Ave should conduct independent due diligence, including consultation with local law enforcement, review of municipal crime reports, and tenant feedback, to assess safety conditions and their potential impact on occupancy, retention, and insurance costs.
Employer data with verified distances are not available for this neighborhood. Investors should conduct independent research into local employment anchors—such as healthcare facilities, agricultural processors, school districts, and municipal employers—that support workforce housing demand in Corning and the surrounding Tehama County market.
650 Fairview Ave offers exposure to a compact, renter-concentrated neighborhood where occupancy trends and demographic growth support stable multifamily fundamentals. Neighborhood-level occupancy of 92.3% ranks above the metro median, and the 49.9% renter-occupied share (2nd of 30 neighborhoods, 88th percentile nationally) reflects deep reliance on rental housing. Within a 3-mile radius, household counts are forecast to expand 37.5% by 2028, with median household income projected to rise 31.6% and median contract rent forecast to climb 61.7%—signaling strengthening tenant purchasing power and rent-growth potential. Median home values of approximately $252,000 and a neighborhood rent-to-income ratio of 0.21 indicate that elevated ownership costs sustain rental demand while maintaining manageable affordability for tenants, supporting retention and lease-up velocity.
The property's 1973 vintage is older than the neighborhood's 1967 average, presenting value-add or renovation upside for investors seeking to reposition units and capture incremental rent as incomes and rents rise. Strong amenity density—top-quartile rankings for grocers, pharmacies, and cafes—enhances tenant appeal and retention, though limited childcare and park access may narrow the tenant profile toward workforce and smaller households. Investors should weigh the absence of verified crime and employer data, and conduct independent due diligence on safety conditions, local employment anchors, and school quality, all of which influence tenant demand, retention risk, and competitive positioning in this rural California submarket.
- Neighborhood occupancy of 92.3% and 49.9% renter-occupied share (88th percentile nationally) support stable demand and absorption
- Household growth of 37.5% and income gains of 31.6% forecast by 2028 expand tenant base and support rent growth of 61.7%
- 1973 construction year offers value-add and renovation upside to capture rising rents as market strengthens
- Top-quartile amenity density (grocers, pharmacies, cafes) enhances tenant retention and competitive positioning
- Absence of crime and employer data requires independent diligence on safety, local employment anchors, and tenant profile risks