| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 83rd | Best |
| Demographics | 43rd | Fair |
| Amenities | 74th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 8530 Independence Ave, Canoga Park, CA, 91304, US |
| Region / Metro | Canoga Park |
| Year of Construction | 1979 |
| Units | 38 |
| Transaction Date | 2000-10-25 |
| Transaction Price | $1,800,000 |
| Buyer | H & R PROPERTIES LLC |
| Seller | EWADO ENTERPRISES INC |
8530 Independence Ave Canoga Park Multifamily Opportunity
Neighborhood-level occupancy remains elevated and renter demand is reinforced by a high-cost ownership market, according to WDSuite’s CRE market data. For investors, this points to stable leasing dynamics with pricing power tied to income growth and asset quality.
The property sits in Canoga Park within the Los Angeles-Long Beach-Glendale metro, rated B+ at the neighborhood level. Amenity access is competitive among Los Angeles-Long Beach-Glendale neighborhoods (337 of 1,441) and generally top quartile nationally, with strong density of grocery, childcare, cafes, restaurants, and pharmacies. Park access is limited nearby, which may place a premium on on-site common areas or proximity to private recreation.
Neighborhood occupancy is high (97.2%), ranking competitively (395 of 1,441) and in the 84th percentile nationally; this refers to the neighborhood, not the property. Median contract rents and NOI per unit track above national medians, signaling durable renter demand when balanced against wage growth and unit finishes.
Renter concentration is substantial at 60.6% of housing units renter-occupied (94th percentile nationally), suggesting a deep tenant base for multifamily. At the same time, a 0.33 rent-to-income ratio (low 4th national percentile) indicates affordability pressure; prudent lease management and value positioning can support retention.
Within a 3-mile radius, the population has grown modestly while households expanded more quickly, pointing to smaller average household sizes and a larger renter pool over time. Forward-looking data indicates continued increase in households and incomes alongside smaller household sizes, which supports occupancy stability and depth of demand for well-maintained units.
Home values are elevated and the value-to-income ratio is high relative to national benchmarks, creating a high-cost ownership market. For multifamily investors, this typically sustains reliance on rental housing and can aid lease retention, provided assets are competitively maintained and positioned.
Safety indicators for the neighborhood are generally favorable in national context, with overall safety measures in the upper ranges nationally and notable year-over-year declines in both violent and property offense rates, according to WDSuite. This framing reflects neighborhood-level trends rather than block-specific conditions and should be paired with standard property-level diligence.
In plain terms, the area posts above-average national percentiles for safety and shows improving momentum on offense-rate trends, which supports renter retention and leasing stability. As with any urban core location in the Los Angeles-Long Beach-Glendale metro, conditions can vary by corridor and time of day; investors should confirm site-specific patterns.
Proximity to established employers supports workforce housing demand and commute convenience in this part of the San Fernando Valley. Nearby corporate offices include Thermo Fisher Scientific, Farmers Insurance Exchange, Charter Communications, Occidental Petroleum, and Live Nation Entertainment.
- Thermo Fisher Scientific — corporate offices (2.1 miles)
- Farmers Insurance Exchange — corporate offices (2.9 miles) — HQ
- Charter Communications — corporate offices (14.2 miles)
- Occidental Petroleum — corporate offices (14.2 miles) — HQ
- Live Nation Entertainment — corporate offices (15.1 miles) — HQ
8530 Independence Ave is a 38-unit asset built in 1979, slightly older than the neighborhood’s average vintage. That age profile points to potential value-add through targeted renovations and systems upgrades, with the benefit of competing in a neighborhood where occupancy remains high and renter concentration is deep. According to CRE market data from WDSuite, neighborhood occupancy sits well above national medians and rent levels align with a high-cost ownership market, which can support consistent tenant demand.
Demographics within a 3-mile radius indicate a growing household base and rising incomes, alongside smaller household sizes over time—factors that expand the renter pool and can support lease-up and retention for well-positioned units. Elevated home values and ownership costs further reinforce reliance on multifamily housing, while limited nearby parks suggest on-site amenities and nearby private recreation options can enhance competitiveness.
- High neighborhood occupancy and strong renter concentration support demand stability
- 1979 vintage offers value-add and CapEx-driven upside versus newer stock
- High-cost ownership market underpins multifamily reliance and pricing power
- Growing households and rising incomes within 3 miles expand the tenant base
- Risks: affordability pressure (rent-to-income) and limited park access call for active lease and amenity strategy