| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Good |
| Demographics | 15th | Poor |
| Amenities | 54th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 651 Toomes Ave, Corning, CA, 96021, US |
| Region / Metro | Corning |
| Year of Construction | 1979 |
| Units | 22 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
651 Toomes Ave Corning Multifamily Investment
This 22-unit property benefits from strong neighborhood-level rental occupancy at 92.3%, positioning it well within a market that maintains high rental demand according to CRE market data from WDSuite.
The property sits within a B+ rated neighborhood that ranks 9th among 30 metro neighborhoods, reflecting above-average fundamentals for multifamily investors. Built in 1979, this vintage aligns with the neighborhood's average construction year of 1967, suggesting potential for value-add renovations while maintaining consistency with surrounding building stock.
Rental demand remains robust with 49.9% of housing units occupied by renters, ranking in the top quartile nationally at the 88th percentile. The neighborhood maintains a 92.3% occupancy rate, ranking above metro median and indicating stable tenant retention. Demographics within a 3-mile radius show household income growth of 47.1% over five years, with median household income reaching $60,894, supporting rent sustainability.
The area offers solid amenity access with grocery stores ranking in the top quartile nationally and restaurants providing good tenant appeal. Home values at $252,108 create favorable rental dynamics, as elevated ownership costs sustain rental demand and limit competition from homeownership. Projected rent growth to $1,325 by 2028 represents a 61.6% increase from current median rents of $820, though investors should monitor affordability pressures as rent-to-income ratios may impact tenant retention.
Crime data is not currently available for detailed neighborhood-level analysis. Investors should conduct independent due diligence on local safety conditions and consider this factor when evaluating tenant appeal and property management requirements. The neighborhood's overall B+ rating suggests generally stable conditions, though specific safety metrics would strengthen the investment assessment.
Employment data for major employers near this Corning location is not currently available in our database. Investors should research local employment anchors, including healthcare facilities, government offices, and agricultural businesses that typically support workforce housing demand in smaller Northern California markets like Tehama County.
This 22-unit property offers exposure to a stable rental market with neighborhood occupancy at 92.3% and strong renter demand fundamentals. The 1979 construction year presents value-add renovation opportunities while demographic trends show household growth and rising incomes within the 3-mile radius. According to multifamily property research from WDSuite, the area's high rental occupancy share positions the property well for consistent cash flow generation.
Projected rent growth to $1,325 by 2028 from current levels of $820 suggests significant upside potential, though investors should carefully evaluate local wage growth and affordability dynamics. The neighborhood's B+ rating and above-metro-median ranking provide confidence in long-term fundamentals, while the property's vintage offers scope for capital improvements to capture rental premiums.
- Strong neighborhood occupancy at 92.3% indicates stable rental demand
- High rental occupancy share ranks in top quartile nationally
- 1979 vintage provides value-add renovation upside potential
- Projected 61.6% rent growth through 2028 offers upside opportunity
- Risk: Rapid rent growth may pressure tenant affordability and retention