| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 80th | Best |
| Demographics | 83rd | Best |
| Amenities | 96th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1632 N Formosa Ave, Los Angeles, CA, 90046, US |
| Region / Metro | Los Angeles |
| Year of Construction | 1987 |
| Units | 30 |
| Transaction Date | 2003-01-08 |
| Transaction Price | $3,150,000 |
| Buyer | Mac Venice Holdings LLC |
| Seller | Mr. Fransiscus R Samara et |
1632 N Formosa Ave Los Angeles Multifamily Investment
Renter concentration is strong and amenities are dense in this Urban Core pocket, supporting a deep tenant base and leasing velocity, according to WDSuite s CRE market data. While neighborhood occupancy trends have softened versus prior years, amenity access and high-cost home ownership reinforce sustained multifamily demand.
This Urban Core neighborhood ranks 38 out of 1,441 Los Angeles metro neighborhoods (A+ rating), placing it above the metro median and signaling durable demand drivers for multifamily. Amenity density is a standout: restaurants and grocery options rank in the top quartile nationally, with pharmacies near the top of national peers. For investors, this concentration supports leasing activity and day-to-day convenience that helps retention.
The housing stock skews renter-occupied (about 77% of housing units are renter-occupied at the neighborhood level), indicating a broad tenant pool and depth of demand for apartments. Median contract rents and household incomes are both above national norms, and the neighborhood s high home values (top percentile nationally) point to a high-cost ownership market that tends to sustain multifamily reliance and pricing power. At the same time, a rent-to-income profile that is elevated versus many U.S. neighborhoods suggests affordability pressure to monitor for renewal strategy and lease management.
Property vintage matters: the subject property s 1987 construction is newer than the neighborhood s average vintage (late 1960s). That positioning can be competitively favorable versus older stock, while still leaving room for targeted modernization or system upgrades to support rent performance and lower near-term capital risk compared with mid-century assets.
Within a 3-mile radius, households increased modestly in recent years even as population edged down, implying smaller household sizes and continued apartment demand from singles and couples. Forward-looking data from WDSuite indicates projected growth in both households and incomes by 2028, which supports renter pool expansion and future absorption. School ratings sit modestly above national medians, adequate for a diverse renter base but not a primary demand driver.
Neighborhood occupancy is below the national median today, reflecting some post-pandemic softening in urban cores; however, the area remains competitive for NOI per unit (top national quartile), and amenity access plus the high cost of ownership in Los Angeles continue to underpin tenant demand and lease-up prospects.
Based on WDSuite s CRE market data, this neighborhood is competitive among Los Angeles neighborhoods on safety (ranked 550 out of 1,441 in the metro) and sits above the national average (around the upper third nationally). Investors should note that safety conditions can vary block to block, but broader neighborhood indicators are useful for underwriting assumptions.
Recent trends are constructive: estimated violent and property offense rates show sharp year-over-year declines at the neighborhood level, placing those improvements among the stronger national trajectories. Ongoing monitoring remains prudent, yet the directional trend supports leasing stability and resident retention.
Nearby entertainment and media corporate offices provide a sizable employment base and short commutes for renters, notably Live Nation Entertainment, Radio Disney, and Activision Blizzard Studios.
- Live Nation Entertainment entertainment corporate offices (0.17 miles)
- Live Nation Entertainment entertainment corporate offices (3.33 miles)
- Live Nation Entertainment entertainment corporate offices (3.49 miles) HQ
- Radio Disney media corporate offices (3.60 miles)
- Activision Blizzard Studios entertainment corporate offices (3.82 miles)
1632 N Formosa Ave is a 30-unit, 1987-vintage asset positioned in an A+ Urban Core neighborhood where renter-occupied housing is prevalent and amenity access is among the strongest nationally. The property s vintage is newer than the area s average stock, offering competitive positioning versus older mid-century buildings and potential for selective value-add to elevate rents. According to CRE market data from WDSuite, the neighborhood combines high-cost home ownership with robust amenity density, factors that typically sustain renter demand even as occupancy has moderated from prior highs.
Within a 3-mile radius, rising household counts alongside smaller household sizes and income gains point to a growing renter pool and support for absorption. Investors should underwrite to current affordability pressure and slightly below-median neighborhood occupancy, while recognizing that employment access, amenities, and the area s ownership cost profile underpin longer-term leasing resilience and NOI potential.
- Newer 1987 vintage than neighborhood average, with targeted modernization potential for value-add
- Amenity-rich Urban Core location supports leasing velocity and retention
- High-cost ownership market reinforces reliance on multifamily and pricing power
- 3-mile household growth and income gains support renter pool expansion
- Risks: below-median neighborhood occupancy and rent-to-income pressure require disciplined renewals and concessions management