| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 80th | Best |
| Demographics | 31st | Fair |
| Amenities | 44th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3855 Skofstad St, Riverside, CA, 92505, US |
| Region / Metro | Riverside |
| Year of Construction | 1982 |
| Units | 50 |
| Transaction Date | 2022-07-15 |
| Transaction Price | $14,000,000 |
| Buyer | MCP SKOFSTAD LLC |
| Seller | HENRY B WESSELN AND THELMA M WESSELN TRU |
3855 Skofstad St Riverside Multifamily Investment
Neighborhood fundamentals signal durable renter demand, with occupancy trending in the mid-90s and improving over the past five years, according to WDSuite’s CRE market data. The area’s renter concentration supports leasing depth, while ownership costs in Riverside often sustain reliance on multifamily housing.
Positioned in Riverside’s Urban Core, the neighborhood ranks 300 out of 997 across the metro, making it competitive among Riverside-San Bernardino-Ontario neighborhoods. Based on CRE market data from WDSuite, neighborhood occupancy performs above the metro median and sits strong nationally, supporting income stability for well-managed assets.
The local housing stock skews newer than the property’s 1982 vintage (neighborhood average construction year is 2001), which points to potential value-add through interior upgrades and systems modernization to compete against more recent product. Renter-occupied share is high for the metro (57.7% of units), indicating a deep tenant base that can support steady leasing and renewal activity when pricing is calibrated to demand.
Relative cost dynamics favor rentals: neighborhood rents are above the metro median and solid nationally, while elevated home values and a high value-to-income ratio create a high-cost ownership market that tends to reinforce renter reliance on multifamily housing. At the same time, a rent-to-income ratio near the upper-20s suggests some affordability pressure, warranting disciplined lease management and retention strategies.
Amenities are mixed. Restaurants and cafes show stronger density compared with many areas across the country, and childcare access is comparatively good. However, grocery, park, and pharmacy options are sparse within the immediate neighborhood boundary, so residents may rely on nearby districts for daily needs. School quality is competitive within the metro (186 of 997) yet about average nationally, which is neutral for most workforce-oriented assets.
Demographic indicators are aggregated within a 3-mile radius. Households have inched higher recently and are projected to expand further even as total population is expected to edge lower, implying smaller household sizes and a gradual shift in composition. This pattern typically supports multifamily demand by expanding the renter pool and sustaining occupancy, provided unit mixes align with evolving household sizes.
Safety conditions show a mixed profile in the context of the Riverside-San Bernardino-Ontario metro. The neighborhood’s crime rank is 565 out of 997, which is below the metro median, while its national standing sits around the middle of the pack. For investors, this points to the importance of property-level security measures and resident engagement to support retention.
Trend signals diverge: property offenses have decreased year over year, an encouraging sign for day-to-day incidents, while violent offense estimates have risen over the same period. Framed nationally, the neighborhood appears modestly safer on property crime but weaker on violent crime relative to many U.S. neighborhoods. Ongoing monitoring of local reports and coordination with management practices can help mitigate volatility over the hold period.
Nearby employment anchors include food manufacturing offices, medical distribution, energy infrastructure, waste services, and fleet sales, supporting a broad workforce renter base and commute convenience for residents.
- General Mills — food manufacturing offices (8.8 miles)
- Mckesson Medical Surgical — medical distribution (12.0 miles)
- Kinder Morgan — energy infrastructure (12.2 miles)
- Waste Management — waste services (13.9 miles)
- Ryder Vehicle Sales — fleet sales (16.9 miles)
This 50-unit, 1982-vintage asset benefits from a renter-heavy neighborhood with occupancy above the metro median and solid national standing, according to CRE market data from WDSuite. The property competes against a generally newer housing stock, which underscores value-add potential through targeted renovations and systems updates to enhance positioning and support rent growth without overreliance on aggressive underwriting.
Local cost dynamics bolster renter demand: rents trend above the metro median, home values are elevated for the income base, and the value-to-income ratio is high — conditions that typically sustain reliance on multifamily housing and support leasing depth. Within a 3-mile radius, households are increasing and are projected to expand further even as population inches lower, pointing to smaller household sizes and a broader renter pool. Amenity coverage is mixed, and safety trends are uneven, so active management and focused CapEx can help preserve occupancy stability.
- Above-median neighborhood occupancy and strong national standing support income stability
- High renter-occupied share indicates depth of tenant demand for multifamily units
- 1982 vintage presents clear value-add and systems modernization opportunities versus newer stock
- Elevated ownership costs reinforce reliance on rentals, aiding leasing and renewal performance
- Risks: amenity gaps (grocery/parks/pharmacy) and mixed safety trends require proactive management