| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Good |
| Demographics | 68th | Good |
| Amenities | 82nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 538 S Manhattan Pl, Los Angeles, CA, 90020, US |
| Region / Metro | Los Angeles |
| Year of Construction | 1986 |
| Units | 67 |
| Transaction Date | 2017-09-08 |
| Transaction Price | $4,150,000 |
| Buyer | CEDARS SINAI MEDICAL CENTER |
| Seller | 538 MANHATTAN PLACE INC |
538 S Manhattan Pl, Los Angeles Multifamily Investment
High renter concentration and a high-cost ownership market suggest durable tenant demand in this Urban Core location, according to WDSuite s CRE market data. Neighborhood occupancy trends are steady relative to the metro, supporting income stability for well-positioned assets.
Located in Los Angeles Urban Core, the neighborhood ranks in the top quartile among 1,441 metro neighborhoods, reflecting strong fundamentals for daily-life convenience and renter appeal. Amenity density is a standout: restaurant and caf e9 counts are among the highest in the metro, and grocery and pharmacy access score in high national percentiles, which can aid leasing velocity and retention. Average school ratings are modest, so investor underwriting should lean more on amenity access and commute convenience than on school-driven demand.
Renter-occupied share at the neighborhood level is elevated, indicating a deep tenant base for multifamily operators. Neighborhood occupancy is near the metro middle, and NOI per unit performance sits above national medians, signaling competitive income potential for properties that are maintained and managed effectively.
Within a 3-mile radius, demographics show households have grown even as population edged lower, and projections point to a notable increase in total households alongside smaller average household sizes. For investors, that pattern expands the renter pool for smaller formats and supports occupancy stability, particularly for studio and one-bedroom product around the asset s average unit size.
Home values in the neighborhood are elevated versus national benchmarks and value-to-income ratios are high, reinforcing renter reliance on multifamily housing and supporting pricing power when paired with thoughtful lease management. Use of commercial real estate analysis should focus on balancing this strength with rent-to-income considerations to maintain retention.
Neighborhood safety indicators compare favorably in a national context, sitting in the upper quartiles nationwide. Relative to the Los Angeles-Long Beach-Glendale metro, the area is competitive on crime metrics, and recent year-over-year trends show meaningful declines in both property and violent offenses. These improvements are neighborhood-level and suggest a supportive backdrop for renter retention without overreaching into block-level claims.
Investors should continue to track trend stability versus the broader region, but recent momentum and comparative standing indicate conditions that are generally supportive of multifamily operations.
Nearby corporate nodes provide diversified white-collar employment that supports renter demand and retention, led by CBRE Group, Live Nation Entertainment, Microsoft, and Reliance Steel & Aluminum within a short commute.
- Live Nation Entertainment corporate offices (3.2 miles)
- CBRE Group corporate offices (3.37 miles) HQ
- Microsoft corporate offices (3.41 miles)
- Reliance Steel & Aluminum corporate offices (3.48 miles) HQ
- Activision Blizzard Studios corporate offices (5.15 miles)
This 67-unit property (built 1986) is slightly newer than the neighborhood s average vintage, offering relative competitiveness versus older stock while leaving room for targeted value-add and systems modernization. High renter concentration and a high-cost ownership market reinforce demand depth, while neighborhood occupancy and NOI per unit trends are solid compared with national medians. According to CRE market data from WDSuite, amenity density and commute access are durable differentiators that can support leasing and retention.
Near-term underwriting should balance pricing power with rent-to-income management and acknowledge modest school ratings. Demographic patterns within a 3-mile radius rising household counts and smaller household sizes point to a larger renter pool for smaller units, aligning with the property s average unit size and supporting occupancy stability over a multi-year hold.
- Urban Core location with top-quartile metro standing and exceptional amenity access supporting leasing velocity
- High renter concentration and elevated ownership costs deepen tenant base and aid retention
- 1986 vintage provides competitive positioning with potential value-add/modernization upside
- Household growth and smaller sizes within 3 miles expand demand for studios and 1-bedrooms
- Risks: affordability pressure and modest school ratings require disciplined rent setting and tenant retention strategies