| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 83rd | Best |
| Demographics | 43rd | Fair |
| Amenities | 74th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 21028 Parthenia St, Canoga Park, CA, 91304, US |
| Region / Metro | Canoga Park |
| Year of Construction | 1989 |
| Units | 27 |
| Transaction Date | 1994-03-02 |
| Transaction Price | $976,500 |
| Buyer | FIDELITY FEDERAL BANK FSB |
| Seller | GATEWAY MTG CORP |
21028 Parthenia St Canoga Park Multifamily Opportunity
Solid renter demand and above-median neighborhood occupancy support steady leasing conditions near core Valley job nodes, according to WDSuite’s CRE market data. With a manageable 27 units, the property offers scale for efficient operations while remaining nimble for targeted value-add.
The property sits in a B+ rated Urban Core neighborhood that is competitive among 1,441 Los Angeles-Long Beach-Glendale neighborhoods. Neighborhood occupancy is above the metro median and in the top quartile nationally, reinforcing expectations for leasing stability rather than outsized vacancy swings.
Renter concentration is high for the area (share of housing units that are renter-occupied is elevated versus national norms), which deepens the tenant base for multifamily. Median contract rents in the neighborhood have grown over the past five years, and median rent-to-income near one-third suggests some affordability pressure to monitor for renewals and rent lifts.
Daily-needs access is a strength: grocery, pharmacy, childcare, and restaurant densities rank in the upper national percentiles, supporting resident convenience and retention. Average school ratings are mid-range (about 3.0 out of 5), and immediate park access is limited, which may matter for family-oriented leasing and amenity positioning.
Within a 3-mile radius, demographics show modest recent population growth with a clearer increase in households and incomes, implying a growing renter pool even as household sizes trend smaller. Forward-looking data indicates households are expected to continue rising alongside higher incomes, which supports occupancy stability and measured rent growth, based on commercial real estate analysis from WDSuite.
Home values in the neighborhood sit at elevated national percentiles, creating a high-cost ownership market that reinforces reliance on rental housing and can support pricing power for well-positioned units. The asset’s 1989 vintage is newer than the neighborhood average (1980), offering relative competitiveness versus older stock while still warranting selective modernization of aging systems to enhance yield.
Neighborhood safety indicators are above national averages, with violent and property offense measures landing in higher national percentiles (safer relative to many U.S. neighborhoods). Recent year data also points to meaningful declines in estimated offense rates, according to WDSuite’s CRE market data.
Within the Los Angeles-Long Beach-Glendale metro, the area performs competitively rather than at the very top of the pack. For investors, this translates to a location that supports resident retention without the premium pricing typically associated with the safest sub-neighborhoods.
Proximity to diverse employers supports workforce housing demand and commute convenience for residents, notably Thermo Fisher Scientific, Farmers Insurance Exchange, Charter Communications, Occidental Petroleum, and Live Nation Entertainment.
- Thermo Fisher Scientific — life sciences (2.0 miles)
- Farmers Insurance Exchange — insurance (3.0 miles) — HQ
- Charter Communications — telecommunications (14.3 miles)
- Occidental Petroleum — energy (14.4 miles) — HQ
- Live Nation Entertainment — entertainment (15.3 miles) — HQ
This 27-unit asset offers exposure to a competitive Los Angeles neighborhood where occupancy trends are above the metro median and in the upper national percentiles. Elevated renter-occupied share and dense daily-needs amenities support a broad tenant base and steady retention. The 1989 construction is newer than the area’s average stock, creating an opportunity to bolster competitiveness with targeted interior and systems upgrades.
According to CRE market data from WDSuite, high home values in the neighborhood create a high-cost ownership environment that sustains rental demand, while 3-mile household growth and rising incomes point to a larger renter pool over time. Key watch items include limited immediate park access and rent-to-income near one-third, which may require disciplined lease management and value-focused amenity programming.
- Above-median neighborhood occupancy and strong renter concentration support leasing stability
- Daily-needs amenity density (grocery, pharmacy, childcare, dining) underpins retention
- 1989 vintage offers relative edge versus older stock with value-add modernization potential
- High-cost ownership market sustains multifamily demand and pricing power potential
- Risks: limited park access and affordability pressure suggest measured rent growth and careful renewals