| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 77th | Good |
| Demographics | 33rd | Poor |
| Amenities | 97th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 924 S Carondelet St, Los Angeles, CA, 90006, US |
| Region / Metro | Los Angeles |
| Year of Construction | 1988 |
| Units | 75 |
| Transaction Date | 1997-08-11 |
| Transaction Price | $788,500 |
| Buyer | BABAY RAPHAEL |
| Seller | SCHLOMOFF IZEK |
924 S Carondelet St Los Angeles Multifamily Investment
This 75-unit property benefits from exceptional rental demand fundamentals, with the neighborhood ranking in the top 1% nationally for renter-occupied housing units at 86.5% according to CRE market data from WDSuite.
Located in Los Angeles' Urban Core, this neighborhood demonstrates strong fundamentals for multifamily investors. The area ranks in the top quartile nationally for amenities, with exceptional access to essential services including 8.3 grocery stores per square mile (99th percentile nationally) and robust restaurant density at 42.4 establishments per square mile. The neighborhood's 86.5% renter-occupied housing share ranks 16th among 1,441 metro neighborhoods, indicating deep rental market penetration that supports consistent tenant demand.
Demographics within a 3-mile radius show a mature rental market with 546,000 residents and household incomes averaging $82,524. The area maintains 91.9% occupancy rates, though this represents a modest decline from prior years. Contract rents average $1,456 with 36.5% growth over five years, though rent-to-income ratios at 0.36 suggest affordability pressures that warrant attention in lease management strategies.
Built in 1988, this property aligns with the neighborhood's average construction year of 1967, positioning it as relatively newer stock that may require less immediate capital investment compared to older area buildings. The neighborhood's median home values of $775,263 represent significant ownership costs that help sustain rental demand by keeping households in the rental market longer.
Forward-looking demographics project household growth of 30.8% through 2028, with median household incomes expected to rise 34.9% to $78,800. This expansion in the renter pool, combined with forecasted rent growth to $1,912, supports long-term occupancy stability and revenue potential for well-positioned multifamily assets.
Safety metrics for this neighborhood present a mixed profile that requires balanced consideration. Property crime rates of 416 incidents per 100,000 residents rank in the middle tier among Los Angeles metro neighborhoods, while violent crime rates at 92 incidents per 100,000 residents place the area below the metro median.
Notably, both property and violent crime rates have declined significantly over the past year, with property offenses down 74% and violent crimes dropping 90%. These substantial year-over-year improvements rank in the 96th and 99th percentiles nationally respectively, indicating positive momentum in neighborhood safety trends that may support tenant retention and property values.
The property benefits from proximity to major corporate employers that provide workforce housing demand, including Fortune 500 headquarters and established technology companies within a reasonable commuting distance.
- CBRE Group — commercial real estate services (1.7 miles) — HQ
- Microsoft — technology offices (1.8 miles)
- Reliance Steel & Aluminum — industrial materials (1.9 miles) — HQ
- Live Nation Entertainment — entertainment services (4.7 miles)
- Activision Blizzard Studios — gaming and entertainment (6.7 miles)
This 75-unit property presents compelling multifamily fundamentals anchored by exceptional rental market depth and projected demographic growth. The neighborhood's 86.5% renter-occupied housing share ranks among the strongest in Los Angeles, while household formation projections of 30.8% growth through 2028 support expanding tenant demand. The 1988 construction vintage positions the asset as newer than neighborhood averages, potentially reducing near-term capital expenditure requirements while maintaining competitive positioning.
Commercial real estate analysis from WDSuite indicates strong revenue fundamentals, with neighborhood-level NOI averaging $12,593 per unit (90th percentile nationally) and median home values of $775,263 creating ownership cost barriers that reinforce rental demand. However, rent-to-income ratios approaching 0.36 and recent occupancy softening require careful lease management and retention strategies to optimize performance.
- Top 1% nationally for renter-occupied housing units supports consistent tenant demand
- 30.8% projected household growth through 2028 expands potential tenant base
- 1988 construction reduces immediate capital expenditure needs versus older neighborhood stock
- High ownership costs at $775k median home value sustain rental market participation
- Rent-to-income pressures at 0.36 require active lease management and retention focus