| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 81st | Best |
| Demographics | 54th | Good |
| Amenities | 58th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6738 Independence Ave, Canoga Park, CA, 91303, US |
| Region / Metro | Canoga Park |
| Year of Construction | 1977 |
| Units | 29 |
| Transaction Date | 2006-08-04 |
| Transaction Price | $3,100,000 |
| Buyer | SCHOR FRED |
| Seller | THE HAGENTORN LLC |
6738 Independence Ave Canoga Park Multifamily Investment
Neighborhood fundamentals point to steady renter demand and solid occupancy, according to WDSuite s CRE market data. The area shows a high share of renter-occupied units and stable occupancy at the neighborhood level, supporting durable cash flow potential.
Rated B+, the neighborhood is competitive among Los Angeles-Long Beach-Glendale neighborhoods (491 out of 1,441), signaling balanced investment appeal with established renter demand. Neighborhood occupancy is strong relative to national patterns, and median contract rents sit in higher national percentiles, indicating market depth for professionally managed multifamily.
Livability is supported by everyday conveniences: grocery, pharmacy, and restaurant density track in the mid-to-high national percentiles, while cafes and parks are thinner locally. For investors, that mix suggests day-to-day needs are well covered, even if lifestyle amenities are more dispersed than in core CBD nodes.
Renter-occupied share is elevated at the neighborhood level, signaling a deep tenant base and demand resilience for apartments. Coupled with a rent-to-income profile that indicates manageable affordability pressure, this backdrop can aid lease retention and reduce downtime between turns.
Within a 3-mile radius, households have grown in recent years and are projected to increase further even as average household size trends lower, pointing to a larger tenant base over time. Income trends are moving upward, and forecast rent levels are expected to rise, which together support sustained renter demand and pricing power for well-positioned assets. Elevated home values relative to national norms reinforce reliance on multifamily housing over ownership, a supportive dynamic for occupancy stability.
The asset s 1977 vintage is newer than the neighborhood s older average stock, which can improve competitive positioning versus pre-1970s product. Investors should still plan for targeted system updates or cosmetic upgrades to capture value-add potential and align with current renter expectations.
Safety indicators compare favorably at the national level, landing in a higher percentile versus neighborhoods across the country. Within the Los Angeles metro, conditions are more mixed and not among the lowest-crime clusters, so active property management and standard security measures remain prudent.
Recent year-over-year estimates show sharp declines in both property and violent offenses, according to CRE market data from WDSuite. While neighborhood crime dynamics can fluctuate, the current trajectory suggests improving conditions relative to prior-year readings.
Nearby employers span insurance, life sciences, energy, and engineering, supporting a diverse workforce renter base and convenient commutes for residents. The list below highlights key names within a roughly 14-mile radius that can underpin leasing stability.
- Farmers Insurance Exchange insurance (0.9 miles) HQ
- Thermo Fisher Scientific life sciences (1.0 miles)
- Thermo Fisher Scientific life sciences (2.8 miles)
- Occidental Petroleum energy (12.5 miles) HQ
- AECOM engineering & infrastructure (13.6 miles) HQ
6738 Independence Ave is a 29-unit, 1977 vintage asset positioned in a renter-heavy pocket of Canoga Park where neighborhood occupancy is strong and rent levels track in higher national percentiles. Elevated local home values relative to national norms help sustain reliance on multifamily, while the property s slightly newer vintage versus much of the area s older stock offers a practical platform for value-add upgrades and operational improvements.
Within a 3-mile radius, households have expanded and are projected to increase further as average household size trends down, indicating a larger tenant base and support for occupancy stability. Proximity to a diversified employer base adds leasing depth, and, according to CRE market data from WDSuite, neighborhood net operating income per unit ranks in higher national percentiles, reinforcing earnings potential for well-managed assets.
- Renter-heavy neighborhood and strong occupancy support durable demand
- 1977 vintage offers value-add and modernization potential versus older stock
- High-cost ownership market reinforces multifamily reliance and pricing power
- Diverse nearby employers underpin leasing and retention
- Risks: thinner park/cafe density and metro-comparative safety require active management