| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 57th | Poor |
| Demographics | 40th | Fair |
| Amenities | 32nd | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 21306 Parthenia St, Canoga Park, CA, 91304, US |
| Region / Metro | Canoga Park |
| Year of Construction | 1989 |
| Units | 23 |
| Transaction Date | 2021-08-19 |
| Transaction Price | $7,250,000 |
| Buyer | PB LIVING TRUST |
| Seller | 5321-5325 AGNES AVE LLC |
21306 Parthenia St Canoga Park Multifamily Opportunity
Neighborhood fundamentals point to steady renter demand and strong occupancy, with local conditions testing in the upper tier nationally according to WDSuite’s CRE market data.
Situated in Los Angeles County’s inner suburbs, the property benefits from a renter-driven locale and a deep amenities base. Restaurant density ranks among the highest nationally, and cafe concentration is similarly strong, supporting daily convenience and foot traffic that typically helps leasing velocity. Immediate grocery and park access is thinner inside the neighborhood, so residents often rely on nearby commercial corridors for essentials.
The submarket posts high occupied housing levels, with neighborhood occupancy benchmarking in the top decile nationally; this supports income durability for stabilized multifamily. At the same time, neighborhood-level NOI per unit benchmarks are competitive among Los Angeles-Long Beach-Glendale neighborhoods (top quartile among 1,441 metro neighborhoods), indicating revenue potential where operations are well managed.
Within a 3-mile radius, demographics show a broad renter base: renter-occupied housing units account for roughly half of the housing stock, providing depth for leasing and renewals. Over the last five years, the area recorded modest population growth alongside a larger increase in households, which typically implies smaller household sizes and a wider pool of apartment seekers. Looking forward, forecasts show household counts continuing to rise even as overall population trends flatten, which can support occupancy stability and absorption for well-positioned assets.
Built in 1989, the asset is somewhat newer than the neighborhood’s average vintage (1982). This positioning can offer a competitive edge versus older stock, while still leaving room for targeted modernization and system updates that can enhance renter appeal and help sustain pricing relative to nearby properties.
Safety indicators for the neighborhood compare favorably on a national basis. Overall crime levels test in a higher national safety percentile, and recent year-over-year trends point to material improvement in both property and violent incident rates according to WDSuite’s CRE market data. While conditions can vary block to block, the broader read suggests an environment that supports tenant retention and day-to-day livability relative to many peer neighborhoods.
Nearby employers span life sciences, insurance, and media/telecom, providing a diverse employment base that supports renter demand and commute convenience for workforce households. The following anchors are within practical driving distance of the property and help underpin leasing stability:
- Thermo Fisher Scientific — life sciences (1.8 miles)
- Farmers Insurance Exchange — insurance (2.9 miles) — HQ
- Charter Communications — media & telecom (14.5 miles)
- Occidental Petroleum — energy (14.5 miles) — HQ
- AmerisourceBergen — pharmaceuticals distribution (14.6 miles)
This 23-unit, 1989-vintage asset offers exposure to a high-occupancy Los Angeles inner-suburban neighborhood with strong food-and-beverage amenities and a broad renter base. According to CRE market data from WDSuite, neighborhood occupancy benchmarks in the top national tier, reinforcing the case for income stability when operations are kept tight. The property’s slightly newer vintage relative to neighborhood stock provides a platform for selective renovations that can sharpen competitive positioning without the full capital burden of much older buildings.
Within a 3-mile radius, households have expanded over the past five years and are projected to continue rising, even as overall population growth moderates. That pattern typically widens the renter pool and supports absorption, while local rent levels have trended upward, underscoring potential pricing power where affordability is managed thoughtfully. Key employers nearby add commute convenience that can aid retention across lease cycles.
- High neighborhood occupancy supports income durability for stabilized operations
- 1989 vintage offers value-add and modernization upside versus older competing stock
- Household growth within 3 miles expands the tenant base and supports leasing
- Diverse nearby employers underpin demand and retention
- Risks: thinner immediate access to grocery/parks and rising rents require active lease and amenity management