| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 75th | Fair |
| Demographics | 45th | Fair |
| Amenities | 66th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2959 Leeward Ave, Los Angeles, CA, 90005, US |
| Region / Metro | Los Angeles |
| Year of Construction | 1987 |
| Units | 46 |
| Transaction Date | 1996-09-06 |
| Transaction Price | $1,248,861 |
| Buyer | J K PROPERTIES |
| Seller | FIRST FEDERAL BANK OF CALIFORNIA |
2959 Leeward Ave Los Angeles Multifamily Investment
This 46-unit property built in 1987 benefits from neighborhood-level NOI averaging $11,163 per unit, ranking in the 85th percentile nationally. The area maintains an 85.9% rental share, indicating strong renter demand in this Urban Core location.
Located in an Urban Core neighborhood within the Los Angeles-Long Beach-Glendale metro, this area ranks 622nd among 1,441 metro neighborhoods with a B rating. The neighborhood demonstrates strong rental fundamentals with 85.9% of housing units renter-occupied, ranking 19th metro-wide and placing in the 99th percentile nationally for rental share.
Demographic data aggregated within a 3-mile radius shows 541,116 residents with household income trends supporting rental demand. Median household income of $59,842 has grown 43% over five years, while forecasts project continued income growth of 37% through 2028. The area's rent-to-income ratio of 0.37 suggests affordability pressures that may affect lease renewal considerations.
The neighborhood's 1987 construction year aligns with the area average of 1969, indicating consistent building stock that may present value-add renovation opportunities. Neighborhood-level occupancy of 88.5% has declined 4.1 percentage points over five years, ranking 1,298th metro-wide, suggesting investors should monitor absorption trends and competitive positioning.
Amenity density supports tenant retention with exceptional restaurant access at 146.84 per square mile (8th metro-wide) and strong grocery store availability at 22.94 per square mile (3rd metro-wide). However, the area lacks parks and childcare facilities, which may impact family tenant appeal. School ratings average 2.0 out of 5, ranking 569th among metro neighborhoods.
The neighborhood's crime profile shows mixed trends that warrant careful monitoring. Property offense rates of 302.4 per 100,000 residents rank 622nd among 1,441 metro neighborhoods, placing near the metro median. More encouraging, property crime has declined significantly by 76.7% year-over-year, ranking 345th metro-wide and placing in the 97th percentile nationally for crime reduction.
Violent crime rates of 47.8 per 100,000 residents rank 749th metro-wide, indicating above-average safety compared to other neighborhoods in the region. The area has experienced a substantial 93.8% reduction in violent crime year-over-year, ranking 186th metro-wide and achieving the 99th percentile nationally for violent crime improvement. Overall crime trends suggest improving conditions, though investors should continue monitoring these metrics for sustained improvement.
The property benefits from proximity to major corporate offices and headquarters that support workforce housing demand in this central Los Angeles location.
- CBRE Group — commercial real estate services (2.1 miles) — HQ
- Microsoft — technology offices (2.1 miles)
- Reliance Steel & Aluminum — industrial materials (2.2 miles) — HQ
- Live Nation Entertainment — entertainment services (4.3 miles)
- Activision Blizzard Studios — gaming and entertainment (6.4 miles)
This 46-unit property from 1987 operates in a neighborhood with strong rental fundamentals, evidenced by an 85.9% rental share that ranks in the 99th percentile nationally. According to CRE market data from WDSuite, the area generates NOI averaging $11,163 per unit, placing in the 85th percentile nationally and indicating solid income potential. Demographic projections show household growth of 31% through 2028, supporting continued renter demand despite some occupancy headwinds.
The property's 1987 vintage presents value-add renovation opportunities while maintaining structural integrity typical of that era. Proximity to major employers including CBRE Group headquarters and Microsoft offices within 2.1 miles supports workforce housing demand. However, investors should monitor the neighborhood's declining occupancy trend and rent-to-income pressures that may impact lease renewal rates and necessitate competitive pricing strategies.
- Strong rental market fundamentals with 85.9% rental share ranking 99th percentile nationally
- Above-average NOI performance at $11,163 per unit, 85th percentile nationally
- Proximity to major corporate employers supporting workforce housing demand
- Value-add potential from 1987 construction year and renovation opportunities
- Risk consideration: declining neighborhood occupancy trends require active leasing management