| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 78th | Good |
| Demographics | 53rd | Fair |
| Amenities | 81st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 119 N Avenue 51, Los Angeles, CA, 90042, US |
| Region / Metro | Los Angeles |
| Year of Construction | 1990 |
| Units | 59 |
| Transaction Date | 2003-08-29 |
| Transaction Price | $4,275,000 |
| Buyer | 11022 Santa Monica |
| Seller | Ramachandrarao Irrevocable |
119 N Avenue 51 Los Angeles Multifamily Opportunity
Positioned in a renter-heavy Los Angeles neighborhood with historically stable occupancy, this asset benefits from deep local demand and a high-cost ownership market, according to WDSuite’s CRE market data.
Located in Los Angeles County’s Urban Core, the neighborhood ranks 317 among 1,441 metro neighborhoods, making it competitive among Los Angeles-Long Beach-Glendale submarkets. Amenity access is a strength: restaurants and pharmacies are in the 99th percentile nationally, parks in the 93rd, and cafés in the 94th, which supports everyday convenience and resident retention.
Renter demand is reinforced by a high-cost ownership landscape (home values score in the 96th percentile nationally) and a renter concentration of 75.8% of housing units at the neighborhood level. Neighborhood occupancy is 95.8%, indicating generally tight conditions that support income stability; these occupancy metrics reflect the neighborhood, not the property, and are based on commercial real estate analysis from WDSuite.
Within a 3-mile radius, household counts have increased while population edged lower, pointing to smaller household sizes and a broader base of households active in the rental market. Median household incomes have risen in recent periods, and rent-to-income readings suggest manageable affordability pressure for many renters, which can aid lease retention and reduce turnover volatility.
The average local building vintage skews older (1954). With a 1990 construction year, the subject property is newer than much of the surrounding stock, offering competitive positioning versus older assets while still warranting routine modernization planning for long-term systems and finishes.
Neighborhood safety indicators are comparatively favorable versus national norms: the area sits around the 80th percentile for lower crime nationally and ranks 253 out of 1,441 within the Los Angeles-Long Beach-Glendale metro, placing it above the metro median. Recent WDSuite data also points to sharp year-over-year declines in both violent and property offense rates at the neighborhood level.
As with any urban submarket, investors should underwrite property-level security, lighting, and access controls, but current trends suggest a supportive backdrop relative to many peer neighborhoods.
Proximity to major office employers supports a broad renter pool and commute convenience, with nearby representation in technology, packaging, metals, commercial real estate services, and utilities.
- Microsoft — technology (4.7 miles)
- Avery Dennison — packaging materials (4.7 miles) — HQ
- Reliance Steel & Aluminum — metals (4.7 miles) — HQ
- CBRE Group — commercial real estate services (4.8 miles) — HQ
- Edison International — utilities (7.8 miles) — HQ
The investment case centers on durable renter demand and relative competitiveness versus older housing stock. The neighborhood shows tight rental conditions and a renter-occupied share well above typical levels, while ownership costs are elevated, which tends to reinforce reliance on multifamily housing. With a 1990 construction year, the property stands newer than the area’s average vintage, suggesting a potential edge in leasing and moderate value-add pathways through targeted modernization rather than heavy repositioning, according to CRE market data from WDSuite.
Local amenity density (restaurants, groceries, pharmacies, and parks) is a notable retention driver, and 3-mile trends indicate more households even as average household size declines—supporting a broader tenant base for smaller-format units. Key underwriting considerations include measured affordability management, ongoing capex for systems typical of late-20th-century construction, and sensitivity to metro-level economic cycles.
- Tight neighborhood occupancy and high renter concentration support income stability
- Newer-than-area vintage (1990) offers competitive positioning with selective value-add upside
- Dense amenity access and major employers nearby bolster retention and leasing
- 3-mile household growth and smaller household sizes expand the renter pool for smaller units
- Risks: population softening in parts of the metro, affordability pressure management, and routine capex for late-20th-century systems