Property Overview:
1045 N Commerce St is a Victorian multi-unit apartment building in Stockton, CA, built in 1892. It features 1 large 1-bedroom/1-bath unit and 3 oversized studio units (one vacant, ideal for owner-occupant), totaling 3,842 sq. ft. of rental space on a 6,750 sq. ft. lot with 2-car parking. The property currently generates $4,074/month in rental income, with potential to increase to $5,095/month when fully occupied.
Neighborhood Highlights:
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Crime Rate:
- Personal crime risk: 20.4% (higher than state average of 11.8%).
- Property crime risk: 10.6% (slightly lower than state average of 10.8%).
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Schools:
Nearby schools include Stockton Early College Academy, El Dorado Elementary, and Team Charter Academy.- Average SAT score: 896 (457 Math, 439 English) — below state average of 975.
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Job Market:
- 61.9% blue-collar jobs, 38.1% white-collar jobs.
- Unemployment rate: 10.6% (higher than state average of 4.7%).
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Demographics:
- Community population: 9,597 (10% growth since 2000).
- 46% families with children.
- Largest age group: 45-54 years (13.4%), second largest 25-34 years (13.51%).
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Natural Disaster Risk:
- Moderate flood risk, low tornado risk, high earthquake risk.
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Weather:
- Average temperature: 47.0°F (January), 71.4°F (July).
- Average rainfall: 18.7 inches/year.
- Average snowfall: 0 inches/year.
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Cost of Living:
- Median household income: $22,970.
- Average annual spending: $26,927.
Property Features:
- Victorian architecture with historic charm and modern upgrades.
- Remodeled units: Newer wood floors, cabinets, custom lighting, and molding.
- Separately metered for gas and electric — low annual operating expenses.
- Turn-key investment: All tenants current on rent, no deferred maintenance.
- Strong cash flow and rental upside.
- Parking: 2-car parking on site.
- Curb appeal: Tree-lined street, mix of single-family homes and apartments, pride of ownership.
- Nearby parks: Eden Square, Weber Square, McLeod Park.
Location Benefits:
- Close to shopping and restaurants.
- Attractive Stockton location with visible community pride.
- Easy to manage and suitable for both investors and owner-occupants.
- Potential seller financing: May carry with 40% down.