| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 81st | Best |
| Demographics | 36th | Fair |
| Amenities | 66th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 7022 N Remmet Ave, Canoga Park, CA, 91303, US |
| Region / Metro | Canoga Park |
| Year of Construction | 1988 |
| Units | 20 |
| Transaction Date | 2002-10-28 |
| Transaction Price | $977,000 |
| Buyer | LEVIN STANLEY |
| Seller | 5921 WHITSETT APTS LLC |
7022 N Remmet Ave Canoga Park Multifamily Investment
This 20-unit property built in 1988 operates in a neighborhood with strong rental demand fundamentals, supported by 84% renter occupancy and net operating income averaging $12,843 per unit according to CRE market data from WDSuite.
The Canoga Park neighborhood demonstrates solid fundamentals for multifamily investment, ranking in the top quartile nationally for housing metrics with an 84% rental occupancy share among housing units. The area maintains a median contract rent of $1,810 with 93.5% neighborhood-level occupancy, though investors should monitor the slight 2.8% occupancy decline over the past five years. Demographics within a 3-mile radius show a stable renter base with 53% of households in rental units and median household income of $97,159.
The neighborhood offers strong amenity density that supports tenant retention, ranking in the 99th percentile nationally for childcare facilities and grocery stores per square mile. Restaurant density also ranks in the 97th percentile nationally, contributing to livability appeal. However, school ratings average 1.0 out of 5, which may limit appeal to family renters but could support demand from young professionals and smaller households.
Property crime has declined significantly by 82% year-over-year, while violent crime dropped 97%, suggesting improving safety trends. The construction year of 1988 aligns closely with the neighborhood average of 1976, indicating potential value-add opportunities through targeted renovations and unit upgrades to capture rent premiums in this established rental market.
Demographic projections show household growth of 36% over the next five years within the 3-mile radius, with median household income forecast to increase 28% to $124,774. This expansion in the renter pool, combined with a forecast increase in rental units, supports long-term occupancy stability and potential for measured rent growth.
Safety metrics show notable improvement trends that support the investment environment. Property crime rates rank in the middle range among Los Angeles metro neighborhoods but have declined substantially by 82% year-over-year. Violent crime demonstrates even stronger improvement with a 97% reduction, placing the neighborhood in the top quartile nationally for crime reduction trends.
While absolute crime rates remain moderate compared to metro averages, the significant downward trajectory in both property and violent offenses indicates improving conditions that can enhance tenant retention and support stable occupancy levels over the investment horizon.
The surrounding area benefits from proximity to major corporate employers that support workforce housing demand, with Farmers Insurance Exchange headquartered less than a mile away and multiple Thermo Fisher Scientific facilities within commuting distance.
- Farmers Insurance Exchange — insurance headquarters (0.9 miles) — HQ
- Thermo Fisher Scientific — life sciences (1.4 miles)
- Thermo Fisher Scientific — life sciences (2.1 miles)
- Occidental Petroleum — energy headquarters (13.1 miles) — HQ
- AECOM — engineering services headquarters (14.2 miles) — HQ
This 1988-vintage property operates in a fundamentally strong rental market with 84% of housing units occupied by renters and neighborhood-level NOI averaging $12,843 per unit, ranking in the 90th percentile nationally. The property's construction year presents value-add renovation opportunities to capture rent premiums while benefiting from declining crime rates and proximity to major employers including Farmers Insurance Exchange headquarters.
Demographics within a 3-mile radius support long-term demand with household growth projected at 36% over five years and median income forecast to increase 28% to $124,774. According to multifamily property research from WDSuite, the combination of strong rental occupancy fundamentals, improving safety metrics, and projected renter pool expansion creates a favorable environment for occupancy stability and measured rent growth.
- Strong rental fundamentals with 84% renter occupancy and top-decile NOI performance
- Value-add potential through renovations in established 1988 vintage building
- Projected 36% household growth and 28% income increase supporting demand
- Proximity to major employers including Farmers Insurance headquarters
- Risk: Monitor occupancy trends given recent 2.8% decline and low school ratings