| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 63rd | Fair |
| Demographics | 26th | Poor |
| Amenities | 59th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2429 Delaware Ave, Stockton, CA, 95204, US |
| Region / Metro | Stockton |
| Year of Construction | 1975 |
| Units | 51 |
| Transaction Date | 2014-03-04 |
| Transaction Price | $1,875,000 |
| Buyer | SPSSM INVESTMENTS IV LP |
| Seller | GROUP XIII PROPERTIES LP |
2429 Delaware Ave, Stockton CA Multifamily Investment
Neighborhood occupancy is in the low-90s with a sizable renter base, pointing to steady leasing fundamentals according to WDSuite’s CRE market data. Positioned in an inner-suburban pocket of Stockton, the asset benefits from solid everyday amenities that support renter demand.
This inner-suburban location in Stockton scores a B neighborhood rating and is competitive among Stockton neighborhoods (rank 79 of 179). Amenity access trends above national medians, with groceries and parks testing in the 90th percentile nationally, while restaurant density sits well above average. By contrast, pharmacy and cafe density are limited, which may marginally affect daily convenience for some residents.
Neighborhood occupancy is 92.8% and has improved over the past five years, indicating resilient renter demand. Renter-occupied housing comprises roughly two-fifths of units (41.1%), a renter concentration that is above metro median and in the top quintile nationally, supporting a deeper tenant base for multifamily.
Construction in the immediate area skews older, and the subject property’s 1975 vintage is newer than the neighborhood average. That positioning can enhance competitiveness versus older stock, though investors should still plan for targeted system updates or renovations to meet current renter expectations.
Within a 3-mile radius, population and household counts have grown in recent years and are projected to expand further, suggesting a larger tenant pool ahead. Median household incomes have risen meaningfully, and forward estimates point to additional gains, which can support rent levels and occupancy stability. School ratings in the neighborhood trail metro and national norms, which may influence demand for family-oriented units, while everyday retail access partially offsets that with convenience.
Home values in the area are elevated relative to incomes (high national percentile for value-to-income), indicating a high-cost ownership market. For multifamily investors, this typically sustains renter reliance on apartments and can aid lease retention and pricing power when managed carefully. Rent-to-income ratios trend near mid-20s, suggesting watchpoints for affordability pressure and renewal strategy.
Safety signals are mixed. The neighborhood ranks 39 out of 179 Stockton metro neighborhoods for crime, indicating it performs below the metro average on this measure. Nationally, the area sits slightly above the median (crime safety around the 56th percentile), suggesting conditions that are closer to typical U.S. neighborhoods than to the Stockton metro’s safer clusters.
Trend-wise, WDSuite data indicates notable year-over-year declines in both violent and property offense estimates (violent down roughly a third; property down by about a quarter), with improvement percentiles that are strong versus national peers. Investors can weigh the recent momentum alongside the metro-relative standing when underwriting retention and security line items.
Nearby employers provide a diversified employment base that supports renter demand and commute convenience for workforce housing, including Clorox, Ross Stores, Chevron, and a DISH Network distribution node.
- Clorox — consumer products (8.6 miles)
- Ross Stores — retail headquarters/operations (35.3 miles) — HQ
- The Clorox Company — consumer products (36.6 miles)
- Chevron — energy corporate offices (37.2 miles) — HQ
- DISH Network Distribution Center — logistics/distribution (39.0 miles)
Built in 1975, this 51-unit property sits newer than much of the surrounding housing stock, offering a relative edge versus older assets while leaving room for selective value-add and modernization. Neighborhood occupancy at 92.8% and a renter-occupied share around 41% indicate a stable tenant base. Elevated ownership costs (high value-to-income nationally) reinforce reliance on rental housing, and within a 3-mile radius, population and households are expanding, pointing to a growing renter pool. According to CRE market data from WDSuite, amenity access is strong for everyday needs, though school quality and certain retail categories are thinner.
Underwriting should balance durable demand drivers with practical considerations. Affordability management (rent-to-income near the mid-20s), ongoing capital planning consistent with a 1970s vintage, and neighborhood safety that is below the Stockton metro average but improving are the key watchpoints. Overall, the combination of steady occupancy, supportive demographics, and relative positioning versus older stock presents a credible long-term hold or targeted renovation play.
- Occupancy in the low-90s and above-median renter concentration support leasing stability
- 1975 vintage offers competitive positioning versus older neighborhood stock with value-add upside
- Elevated ownership costs sustain renter demand and can aid pricing power
- Expanding 3-mile population and households signal a growing tenant base
- Risks: metro-relative safety, uneven school quality, and selective retail gaps warrant conservative underwriting