| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 81st | Best |
| Demographics | 36th | Fair |
| Amenities | 66th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 7318 Alabama Ave, Canoga Park, CA, 91303, US |
| Region / Metro | Canoga Park |
| Year of Construction | 1985 |
| Units | 20 |
| Transaction Date | 2022-11-04 |
| Transaction Price | $4,457,500 |
| Buyer | HASAN AND AMINA MULLA LIVING TRUST |
| Seller | BABUBHAI AND MADHUBALA MEHTA LIVING TRUS |
7318 Alabama Ave Canoga Park Multifamily Investment
This 20-unit property in a renter-concentrated neighborhood offers stability with 84% renter-occupied housing and strong NOI metrics above the 90th percentile nationally, according to WDSuite's CRE market data.
Canoga Park's investment fundamentals reflect a mature urban core neighborhood ranked in the top third among 1,441 Los Angeles metro neighborhoods. The area maintains an 84% concentration of renter-occupied units—placing it in the 99th percentile nationally—which supports consistent tenant demand for multifamily properties. Neighborhood-level occupancy averages 93.5%, providing a stable baseline for rental operations.
Demographics within a 3-mile radius show a population of approximately 197,000 with household growth of 3.9% over five years. The area benefits from strong amenity density, ranking in the 80th percentile nationally, with robust access to grocery stores, childcare, and restaurants per square mile. High home values averaging $597,000 and elevated ownership costs sustain rental demand, as the median home value-to-income ratio of 7.7 limits accessibility to ownership for many households.
The property's 1985 construction year aligns closely with the neighborhood average of 1976, indicating consistent building stock without significant capital expenditure pressures from outdated infrastructure. Median contract rents of $1,810 at the neighborhood level, combined with rent-to-income ratios, suggest affordability pressures that require careful lease management but also indicate pricing power in a supply-constrained market.
The neighborhood demonstrates above-average safety metrics, ranking 341st of 1,441 metro neighborhoods and placing in the 77th percentile nationally for crime statistics. Property offense rates have declined significantly over the past year with an 82% reduction, while violent crime rates dropped 97%, indicating improving security conditions that support tenant retention and property values.
The submarket benefits from proximity to major corporate anchors that provide workforce housing demand, led by nearby insurance and technology employers within commuting distance.
- Farmers Insurance Exchange — insurance services (1.3 miles) — HQ
- Thermo Fisher Scientific — life sciences & technology (1.7 miles)
- Thermo Fisher Scientific — life sciences & technology (1.9 miles)
- Occidental Petroleum — energy & petrochemicals (13.3 miles) — HQ
- AECOM — engineering & infrastructure (14.4 miles) — HQ
This 20-unit property leverages Canoga Park's strong rental fundamentals, with 84% renter-occupied housing creating deep tenant demand and NOI performance in the 90th percentile nationally. The 1985 vintage aligns with neighborhood norms, minimizing near-term capital expenditure risks while positioning the asset competitively within the local market.
Demographic growth within a 3-mile radius, including 37% projected household expansion through 2028, supports expanding tenant pools and lease-up velocity. High ownership costs, with median home values at $597,000 and value-to-income ratios of 7.7, reinforce rental demand by limiting homeownership accessibility for middle-income households.
- Exceptional renter concentration (84%) in 99th percentile nationally supports tenant demand depth
- NOI performance above 90th percentile indicates strong operational efficiency
- Projected 37% household growth through 2028 expands potential tenant base
- High ownership costs (7.7x income ratio) sustain rental demand
- Risk: Rent-to-income ratios in 4th percentile nationally may pressure tenant retention