| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Best |
| Demographics | 22nd | Fair |
| Amenities | 23rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1704 W Olive Ave, Porterville, CA, 93257, US |
| Region / Metro | Porterville |
| Year of Construction | 1979 |
| Units | 65 |
| Transaction Date | 1998-09-15 |
| Transaction Price | $850,000 |
| Buyer | ALCURT REALTY GROUP INC |
| Seller | NICHOLSON DARYL |
1704 W Olive Ave Porterville Multifamily Investment
This 65-unit property built in 1979 benefits from neighborhood-level occupancy rates of 97.4%, positioning investors in a stable rental market according to CRE market data from WDSuite.
The property sits in an inner suburb neighborhood ranked 73rd among 142 metro neighborhoods, with a B- rating reflecting competitive fundamentals within the Visalia metro area. Neighborhood-level occupancy rates reach 97.4%, significantly above national averages and indicating strong tenant retention dynamics. The rental share of 42.2% ranks in the 82nd national percentile, demonstrating a well-established rental market that supports consistent demand.
Built in 1979, this asset aligns with the neighborhood's average construction year of 1971, positioning it for potential value-add renovations while avoiding obsolescence concerns common with significantly older properties. Demographics within a 3-mile radius show population growth of 7.2% over five years, with household formation increasing 13.2%, expanding the local renter pool and supporting occupancy stability.
Median contract rents of $1,151 in the neighborhood rank 26th among metro areas, while home values averaging $256,900 create an ownership barrier that can keep households in the rental market longer. The area demonstrates solid grocery access with 2 stores per square mile ranking in the 83rd national percentile, though amenity density remains limited with minimal cafe, childcare, and park options that could affect tenant appeal in competitive leasing scenarios.
Safety data for this neighborhood is not available in current reporting systems, preventing comparative analysis against metro and national trends. Investors should conduct independent due diligence on local crime statistics and security considerations as part of their underwriting process, particularly given the importance of safety perceptions in tenant retention and lease-up velocity.
The employment base in this area relies primarily on regional corporate operations, though major anchor employers are located at considerable distances from the immediate neighborhood.
- International Paper — paper and packaging manufacturing (17.8 miles)
This 65-unit property offers investors exposure to a stable rental market with neighborhood occupancy rates of 97.4%, well above national averages. The 1979 construction year provides renovation upside potential while avoiding the capital intensity of significantly older assets. Demographic trends within a 3-mile radius support the investment case, with population growth of 7.2% and household formation increasing 13.2% over five years, expanding the renter pool and supporting demand fundamentals.
Home values averaging $256,900 create an ownership affordability gap that can extend tenant retention, while the neighborhood's 42.2% rental share ranks in the 82nd national percentile nationally, indicating an established rental market. The area benefits from solid grocery access, though limited amenity density may require competitive positioning through property improvements or concessions during lease-up periods.
- Neighborhood occupancy rates of 97.4% indicate strong tenant retention and rental demand stability
- Population growth of 7.2% and household formation up 13.2% expand the local renter pool
- 1979 construction provides value-add renovation potential without major obsolescence concerns
- Home ownership costs create rental market retention, with median values at $256,900
- Limited amenity density may require competitive positioning through property enhancements or concessions