| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 57th | Poor |
| Demographics | 40th | Fair |
| Amenities | 32nd | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 21106 Parthenia St, Canoga Park, CA, 91304, US |
| Region / Metro | Canoga Park |
| Year of Construction | 1980 |
| Units | 31 |
| Transaction Date | 2004-04-15 |
| Transaction Price | $2,900,000 |
| Buyer | 22106 PARTHENIA STREET APTS LP |
| Seller | MARIK JAROSLAV J |
21106 Parthenia St Canoga Park Multifamily Investment
Neighborhood-level occupancy of 98.4% demonstrates stable tenant demand in this Los Angeles submarket. According to WDSuite's CRE market data, the area maintains strong rental dynamics with 52% of housing units renter-occupied within a 3-mile radius.
This 31-unit property built in 1980 operates within an inner suburb neighborhood that ranks among the top quartile of Los Angeles-Long Beach-Glendale metro neighborhoods for occupancy performance. The neighborhood's 98.4% occupancy rate significantly exceeds typical market levels, indicating consistent tenant retention and absorption. With 39% of local housing units renter-occupied, the area maintains a substantial rental base supporting multifamily demand.
Demographics within a 3-mile radius show a stable tenant pool with 183,000 residents and moderate household growth of 5.7% over five years. Projected household expansion of 35% through 2028 suggests continued demand for rental housing. The area's median household income of $92,325 provides adequate affordability cushion, with rent-to-income ratios remaining manageable for tenant retention.
The property's 1980 construction year aligns closely with the neighborhood average of 1982, indicating consistent building stock that may present value-add renovation opportunities. Home values averaging $116,900 remain well below metro norms, limiting ownership competition and reinforcing rental demand. The combination of affordable ownership barriers and stable rental occupancy creates favorable conditions for multifamily operators seeking consistent cash flow performance.
The neighborhood demonstrates strong safety fundamentals, ranking 23rd among 1,441 Los Angeles metro neighborhoods for overall crime metrics and achieving the 90th percentile nationally. Both property and violent crime rates have declined significantly year-over-year, with property offenses dropping 88% and violent crimes decreasing 94%, reflecting improving security conditions.
These safety improvements support tenant retention and leasing velocity, as residents increasingly prioritize secure living environments. The neighborhood's top-tier safety ranking relative to the broader Los Angeles market provides a competitive advantage for attracting quality tenants and maintaining stable occupancy levels.
The property benefits from proximity to major corporate employers that provide stable workforce housing demand, including life sciences, insurance, and telecommunications companies within commuting distance.
- Thermo Fisher Scientific — life sciences (1.9 miles)
- Farmers Insurance Exchange — insurance (3.0 miles) — HQ
- Thermo Fisher Scientific — life sciences (3.4 miles)
- Charter Communications — telecommunications (14.4 miles)
This 31-unit property offers stable cash flow potential anchored by exceptional neighborhood occupancy of 98.4%, ranking in the top quartile among Los Angeles metro areas. The 1980 construction vintage presents value-add opportunities through strategic renovations, while the area's 52% renter concentration within a 3-mile radius ensures sustained rental demand. According to multifamily property research from WDSuite, projected household growth of 35% through 2028 supports long-term tenant base expansion.
Low home values relative to income create natural barriers to ownership, reinforcing renter reliance on multifamily housing. The neighborhood's significant safety improvements, with crime rates declining over 88% year-over-year, enhance tenant appeal and retention prospects. However, investors should consider the property's age-related capital expenditure needs and monitor local rent growth trends in this established submarket.
- Exceptional 98.4% neighborhood occupancy demonstrates proven tenant demand
- Value-add renovation potential in 1980-built property with established tenant base
- Strong safety profile ranking top quartile among LA metro neighborhoods
- Projected 35% household growth supports long-term rental demand expansion
- Risk: Property age requires ongoing capital planning for maintenance and upgrades