Multifamily Monday: Modesto Market, Southwest Submarket

[Nick Maugeri]

2024 Q1 Wrap-Up

CoStar Summary: Southwest/Bystrom is a very small submarket within the larger Modesto market, with just 616 units of inventory. While it is modestly sized and there have not been any deliveries or demolitions in the past decade, there has been some sales activity. During this period, 14 sales have taken place. Space rated 3 Star is the most dominant subtype, with a total number of 392 units in this category, followed by 224 units of 1 & 2 Star space. There are no units in the 4 & 5 Star classification in this submarket.

Here's insights for 2024 Q1, projections available at your request - hopefully you're using these to value property purchased and it should help determine your list price to minimize DOM!

Vacancy: 6.3%

Vacancy by Bedroom: Studio(5.4%), 1 (9%), 2(6.1%), 3(5.4%)

Rent by Bedroom: 1($696), 2($1,537), 3($1,091)