| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 84th | Best |
| Demographics | 33rd | Poor |
| Amenities | 28th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 18615 E Arrow Hwy, Covina, CA, 91722, US |
| Region / Metro | Covina |
| Year of Construction | 1977 |
| Units | 84 |
| Transaction Date | 2018-09-20 |
| Transaction Price | $19,600,000 |
| Buyer | Korda Group |
| Seller | Clear Capital, LLC |
18615 E Arrow Hwy Covina Multifamily Investment
Neighborhood occupancy is exceptionally tight with stable renter demand, according to CRE market data from WDSuite, positioning this Covina asset for steady leasing performance relative to metro alternatives.
This Covina location sits within the Los Angeles-Long Beach-Glendale metro and shows strong occupancy fundamentals at the neighborhood level. The neighborhood s occupancy ranks 1 out of 1,441 metro neighborhoods, indicating extremely limited vacant stock a dynamic that typically supports rent collections and lease retention.
Amenity access is mixed. Overall amenity depth ranks 1,187 of 1,441 in the metro (below the metro median), though national indicators show comparatively strong access to pharmacies (around the top decile nationally) and solid dining density. Investors should underwrite convenience via nearby corridors and commuting options rather than immediate walkability.
The property s 1977 vintage is older than the neighborhood s average construction year of 1984. That age profile points to potential capital planning needs but also value-add and modernization opportunities that can sharpen competitive positioning against newer stock.
Tenure patterns suggest depth in the renter base: the neighborhood s share of renter-occupied housing units is high compared with national benchmarks. For multifamily operators, that renter concentration supports ongoing demand for apartments and can aid leasing continuity.
Within a 3-mile radius, demographics indicate recent growth in households and continued population stability, with forecasts pointing to further gains in households by mid-decade. That trend implies a larger local tenant base and supports occupancy stability for well-located communities. Elevated home values in the neighborhood relative to national norms signal a high-cost ownership market, which often sustains reliance on rental housing and can reinforce pricing power for competitive multifamily assets.
Safety indicators for the neighborhood track around the national middle overall, based on WDSuite s CRE data. Property offense rates sit modestly better than the national midpoint (around the 59th percentile), while violent offense levels are somewhat below the national midpoint (around the 43rd percentile). As always, conditions can vary by block, and investors should pair these trends with onsite security and management practices.
Relative to the Los Angeles metro (1,441 neighborhoods), the crime rank places the area near the middle of the pack. Notably, estimated property offenses have eased year over year, whereas violent offense estimates have risen over the same period. For underwriting, treat the trajectory as mixed: recent improvements in property incidents alongside higher reported violent incidents warrant prudent operating playbooks.
Nearby corporate nodes provide a diversified employment base that supports renter demand and commute convenience, including energy, logistics, utilities, and industrial services employers listed below.
- Chevron energy (8.5 miles)
- Ryder Vehicle Sales logistics & fleet services (10.7 miles)
- Edison International utilities (11.7 miles) HQ
- United Technologies aerospace/industrial offices (13.6 miles)
- Waste Management environmental services (13.6 miles)
For an 84-unit community built in 1977, the investment case centers on durable demand drivers: a neighborhood with exceptionally tight occupancy, a renter-occupied housing share that supports depth of the tenant base, and a high-cost ownership landscape that sustains reliance on multifamily. According to commercial real estate analysis from WDSuite, neighborhood rents benchmark high nationally while rent-to-income sits near a manageable threshold, suggesting room for disciplined revenue strategies alongside attentive lease management.
The 1977 vintage is older than the area s average stock, implying capex and modernization needs but also value-add potential to differentiate versus 1980s-era comparables. Demographic trends within a 3-mile radius including recent increases in households and projections for further growth support a larger renter pool over time. Underwrite amenity-light surroundings and mixed safety trends with pragmatic operating plans and targeted improvements.
- Neighborhood occupancy ranks 1 of 1,441 in the metro, supporting leasing stability
- High-cost ownership market reinforces multifamily demand and retention potential
- 1977 vintage offers tangible value-add and modernization upside with thoughtful capex
- Household growth within 3 miles expands the tenant base and supports occupancy
- Risks: amenity depth below metro median and mixed safety trends require proactive management