| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 81st | Best |
| Demographics | 36th | Fair |
| Amenities | 66th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 7032 Remmet Ave, Canoga Park, CA, 91303, US |
| Region / Metro | Canoga Park |
| Year of Construction | 1989 |
| Units | 31 |
| Transaction Date | 2021-03-25 |
| Transaction Price | $900,000 |
| Buyer | PB LIVING TRUST |
| Seller | REMMET AVENUE APARTMENTS LLC |
7032 Remmet Ave Canoga Park Multifamily Investment
This 31-unit property anchors a neighborhood with 84% renter-occupied housing and strong multifamily fundamentals. According to CRE market data from WDSuite, the area ranks in the top quartile nationally for NOI per unit performance.
Built in 1989, this property is positioned in a mature Canoga Park neighborhood with established rental demand patterns. The construction year aligns with neighborhood averages, indicating consistent building stock that may present value-add opportunities through targeted renovations and unit improvements.
The immediate area demonstrates strong rental market fundamentals, with 84% of housing units occupied by renters—ranking in the top 1% nationally among 1,441 metro neighborhoods. This high renter concentration supports consistent tenant demand and lease-up velocity. Neighborhood-level occupancy rates hold at 93.5%, providing stability for rental income projections.
Demographics within a 3-mile radius show a population of over 200,000 residents with median household income of $97,204. Forecasted household growth of 36% through 2028 indicates expanding renter pool expansion, while projected median income increases to $124,711 suggest improving tenant quality and rent growth potential.
Local amenities support tenant retention with high-density grocery stores (99th percentile nationally), childcare facilities (99th percentile), and restaurant options (97th percentile). However, the area shows limited park access, ranking last among metro neighborhoods for recreational space density.
The neighborhood demonstrates improving safety trends with property crime rates declining 82% year-over-year and violent crime down 97%, positioning the area above metro averages for recent crime reduction. Current property offense rates rank competitively among Los Angeles metro neighborhoods.
Overall crime metrics place the neighborhood in the 77th percentile nationally, indicating above-average safety conditions compared to similar urban markets. These trends support tenant retention and can contribute to stable occupancy rates for multifamily properties.
The property benefits from proximity to major corporate employers, providing workforce housing for professionals in insurance, technology, and energy sectors.
- Farmers Insurance Exchange — insurance headquarters (0.9 miles) — HQ
- Thermo Fisher Scientific — life sciences technology (1.4 miles)
- Thermo Fisher Scientific — life sciences technology (2.1 miles)
- Occidental Petroleum — energy headquarters (13.1 miles) — HQ
- AECOM — engineering services headquarters (14.3 miles) — HQ
This 31-unit property offers stable cash flow potential in a neighborhood with exceptional rental market fundamentals. The area's 84% renter occupancy rate ranks in the top 1% nationally, while NOI per unit averages of $12,843 place the neighborhood in the 90th percentile for income performance. Demographics show household growth of 36% projected through 2028, expanding the tenant base and supporting occupancy stability.
Built in 1989, the property presents value-add opportunities through strategic renovations while benefiting from proximity to major employers including Farmers Insurance headquarters. Commercial real estate analysis from WDSuite indicates the neighborhood maintains above-average safety metrics and strong amenity density, supporting tenant retention and lease renewal rates.
- Exceptional rental demand with 84% renter-occupied housing (top 1% nationally)
- Strong NOI performance ranking in 90th percentile among metro neighborhoods
- Projected 36% household growth through 2028 expanding tenant base
- Value-add potential through renovations of 1989 vintage property
- Risk consideration: Limited park access may impact tenant appeal