| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Fair |
| Demographics | 40th | Fair |
| Amenities | 98th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 240 S Westlake Ave, Los Angeles, CA, 90057, US |
| Region / Metro | Los Angeles |
| Year of Construction | 2009 |
| Units | 114 |
| Transaction Date | 2000-04-06 |
| Transaction Price | $1,660,000 |
| Buyer | BSD 1907 MIRAMAR LLC |
| Seller | NOVAL CONSTANTINO |
240 S Westlake Ave Los Angeles Multifamily Investment
Renter demand is supported by an Urban Core location with strong amenity access and a high neighborhood renter concentration, while occupancy trends sit near national norms, according to WDSuite’s CRE market data.
Located in Los Angeles’s Urban Core, 240 S Westlake Ave sits in a neighborhood that ranks 306 out of 1,441 metro neighborhoods (A- rating), signaling competitive fundamentals within the Los Angeles-Long Beach-Glendale market. Amenity access is a clear strength: the area’s amenity profile places in the 98th percentile nationally and ranks 18th of 1,441 locally, with dense coverage of groceries, pharmacies, parks, and cafes supporting daily convenience and lease retention.
For multifamily demand, renter-occupied housing is a defining characteristic. The neighborhood’s renter concentration is among the highest locally (ranked 18th of 1,441; 99th percentile nationally), indicating a deep tenant pool and consistent leasing velocity for appropriately positioned assets. Neighborhood occupancy is around the national middle, suggesting stable but competitive leasing conditions where product quality, unit mix, and management execution matter.
Homeownership costs in the surrounding area are elevated versus national benchmarks (home values and value-to-income ratios sit in the top national percentiles), which tends to reinforce reliance on multifamily housing and supports pricing power when units are well maintained and appropriately finished. At the same time, rent-to-income levels indicate some affordability pressure, so renewal strategies and concessions management should be calibrated to sustain retention.
Within a 3-mile radius, demographics show a shift toward more, smaller households: households increased recently and are projected to expand further even as average household size trends down, pointing to a larger renter base and steady demand for efficiently sized units. Income measures within this radius have been rising and are projected to continue increasing, which can support rent growth in line with quality and location. The average school rating sits near the middle of national comparisons, which may factor into family-oriented leasing but is less determinative for workforce and young professional segments common to Urban Core product.
The asset’s 2009 construction is newer than much of the surrounding housing stock (local average vintage skews mid-20th century), which can enhance competitive positioning against older properties and reduce immediate capital needs, while still planning for mid-life system updates and targeted renovations to drive rent premiums.
Safety indicators are mixed but improving. The neighborhood’s overall crime profile is stronger than many areas nationally (around the 65th percentile for safety compared with neighborhoods nationwide), and recent year-over-year declines in both property and violent offenses rank among the most improved nationally. That said, certain offense categories still compare less favorably than national averages, so investors should underwrite prudent security measures and active management.
Within the Los Angeles-Long Beach-Glendale metro, the neighborhood’s crime rank sits in the mid-range (564 out of 1,441 neighborhoods), indicating conditions that are competitive among metro peers but warrant standard risk controls. Emphasizing lighting, access control, and resident engagement can help sustain leasing performance consistent with broader trend improvements noted in WDSuite’s data.
Proximity to major employers supports a broad renter base and commute convenience, with nearby roles spanning real estate services, technology, and corporate headquarters for diversified industries. The employers below anchor daytime populations and can bolster leasing stability for workforce and professional tenants.
- CBRE Group — real estate services (1.27 miles) — HQ
- Microsoft — technology offices (1.27 miles)
- Reliance Steel & Aluminum — metals & distribution (1.36 miles) — HQ
- Live Nation Entertainment — entertainment offices (4.95 miles)
- Avery Dennison — materials & labeling (6.48 miles) — HQ
This 114-unit, 2009-built asset offers Urban Core fundamentals with strong amenity access and a deep renter pool. The neighborhood places competitively within the Los Angeles-Long Beach-Glendale metro and in high national percentiles for amenities, while renter concentration is among the highest locally—favorable for demand depth and leasing continuity. Occupancy trends sit near national norms, so well-executed operations and product differentiation should translate into steady performance.
Elevated homeownership costs in the area reinforce reliance on multifamily housing, and within a 3-mile radius, rising incomes alongside growth in the number of households point to a larger tenant base for efficiently sized units. Based on CRE market data from WDSuite, recent safety trends show meaningful improvement and neighborhood income performance (NOI per unit) screens above national averages, supporting a pragmatic but constructive long-term outlook. Investors should still plan for affordability-sensitive leasing strategies and mid-life capital planning consistent with a 2009 vintage.
- Urban Core location with top-tier amenity access and high renter concentration supports durable multifamily demand
- 2009 construction provides competitive positioning versus older local stock, with targeted value-add potential
- Household growth and rising incomes within 3 miles expand the renter base and support rent performance
- Neighborhood NOI per unit trends screen above national averages, indicating favorable income potential
- Risks: affordability pressure (rent-to-income) and mid-range metro safety ranking call for active management and calibrated renewals