| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 83rd | Best |
| Demographics | 43rd | Fair |
| Amenities | 74th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 21018 Gresham St, Canoga Park, CA, 91304, US |
| Region / Metro | Canoga Park |
| Year of Construction | 1978 |
| Units | 41 |
| Transaction Date | 2022-07-07 |
| Transaction Price | $11,300,000 |
| Buyer | PB LIVING TRUST |
| Seller | SANFORD A KATZ A |
21018 Gresham St Canoga Park Multifamily Investment
Neighborhood occupancy has remained resilient with a deep renter base, supporting consistent leasing and retention, according to WDSuite s CRE market data. Positioned in Los Angeles County s San Fernando Valley, the property benefits from stable renter demand and proximity to daily-needs amenities.
The surrounding Canoga Park neighborhood (B+ rating) is competitive among Los Angeles-Long Beach-Glendale metro neighborhoods (ranked 410 out of 1,441), with occupancy levels in the top quartile nationally and above the metro median, based on CRE market data from WDSuite. A renter-occupied share around the majority of housing units indicates a sizable tenant base, which generally supports demand depth for mid-sized multifamily communities.
Local living fundamentals skew favorable for renters: grocery access and childcare density sit in high national percentiles, and restaurants and pharmacies are also above national averages. Park access is limited within the neighborhood, which may modestly temper outdoor amenity appeal, while average school ratings trend slightly above the national middle. These mixed but generally strong livability markers tend to aid resident retention in workforce and market-rate assets.
Within a 3-mile radius, households have grown over the past five years and are projected to rise further even as population is expected to edge down and household size to decline. This pattern points to smaller households and a broader count of renting households, which can expand the tenant pool and support occupancy stability. Median contract rents in the neighborhood track on the higher side for the region, reflecting a high-cost ownership market that sustains reliance on rental options and can support pricing power with careful lease management.
The property s 1978 vintage is slightly older than the neighborhood s average building age. Investors should underwrite ongoing capital planning and potential value-add (interiors, common areas, systems) to maintain competitiveness against newer stock while leveraging strong neighborhood occupancy and renter concentration.
Safety indicators are favorable in a national context: overall crime metrics perform in the top quintile nationwide, with both violent and property offense rates benchmarking above national averages for safety. Recent year-over-year readings show meaningful improvement, according to WDSuite s CRE market data. Conditions can vary by block and over time, so investors should pair these metro- and neighborhood-level signals with on-the-ground diligence and trend monitoring.
Nearby employment hubs include life sciences, insurance, telecommunications, distribution, and energy employers, supporting a diverse renter base and commute convenience for workforce and market-rate tenants.
- Thermo Fisher Scientific — life sciences (2.08 miles)
- Farmers Insurance Exchange — insurance (3.19 miles) — HQ
- Charter Communications — telecommunications (14.29 miles)
- AmerisourceBergen — pharmaceutical distribution (14.39 miles)
- Occidental Petroleum — energy (14.52 miles) — HQ
This 41-unit, 1978-vintage asset in Canoga Park sits within a neighborhood that is competitive among Los Angeles metro peers and top quartile nationally for occupancy. A majority renter-occupied housing mix and strong daily-needs amenity access underpin demand depth, while elevated ownership costs in the area support sustained reliance on multifamily housing. According to CRE market data from WDSuite, neighborhood rents trend on the higher side relative to incomes, which warrants active lease management but also signals pricing power in well-positioned product.
Forward-looking 3-mile demographics point to more households alongside smaller household sizes, implying a broader tenant base despite a modest population dip. Given its older vintage, the asset presents scope for targeted value-add and systems modernization to bolster competitiveness against newer deliveries while leaning on stable location fundamentals.
- Occupancy strength and renter concentration support leasing stability
- High-cost ownership market reinforces multifamily demand and retention
- 3-mile household growth and smaller household sizes expand the tenant pool
- 1978 vintage offers value-add and capex-driven competitiveness upside
- Risk: rent-to-income pressure and limited park access call for careful lease and amenity strategy