| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 82nd | Best |
| Demographics | 45th | Fair |
| Amenities | 64th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4540 N Lark Ellen Ave, Covina, CA, 91722, US |
| Region / Metro | Covina |
| Year of Construction | 1984 |
| Units | 44 |
| Transaction Date | 2019-11-29 |
| Transaction Price | $11,999,999 |
| Buyer | Confidential |
| Seller | --- |
4540 N Lark Ellen Ave Covina Multifamily Value-Add
Neighborhood occupancy has held above national norms and elevated ownership costs sustain renter demand, according to WDSuite’s CRE market data, supporting a steady tenant base for this Covina asset.
The surrounding Covina neighborhood carries a B+ rating and is competitive among Los Angeles-Long Beach-Glendale, CA neighborhoods, with strengths in daily conveniences and renter demand drivers. Grocery and pharmacy access rank near the top of U.S. neighborhoods, and restaurants are plentiful; park and café density are more limited. Average school ratings sit around 3 out of 5, suitable for workforce-oriented housing.
Based on CRE market data from WDSuite, neighborhood occupancy is above national averages and has remained resilient in recent years, underscoring demand stability at the neighborhood level (not the property). Median contract rents have moved upward over the past five years, and the amenity profile is above the metro median, aiding leasing momentum and retention.
Tenure and renter pool: Within a 3-mile radius, the share of housing units that are renter-occupied is about two-fifths, indicating a meaningful tenant base for multifamily while still leaving room for absorption without over-reliance on turnover. This balance typically supports occupancy stability and reduces leasing volatility for mid-size assets.
Demographics and growth (3-mile radius): Recent years show modest population softness alongside growth in household counts, pointing to smaller household sizes and steady formation of renting households. Projections indicate population growth and a notable increase in households, expanding the renter pool and supporting future leasing. Median incomes have risen and are projected to continue rising, deepening the base of qualified renters.
Affordability context: Elevated home values in this part of Los Angeles County reflect a high-cost ownership market, which tends to reinforce renter reliance on multifamily housing and can support pricing power. Rent-to-income metrics in the neighborhood suggest manageable affordability pressure relative to the metro, informing measured renewal and lease-up strategies.
Vintage and positioning: The property’s 1984 construction is older than the neighborhood’s late-1990s average, implying typical capital planning for systems and common areas. This often creates value-add and modernization opportunities to close the gap versus newer competitive stock.
Safety indicators benchmark favorably in national comparisons. According to WDSuite’s CRE market data, overall crime levels are in the stronger end of neighborhoods nationwide (roughly top quintile for safety), and violent-offense measures are even stronger. Year over year, estimated rates show improvement for both property and violent offenses, indicating a constructive trend rather than a one-off reading.
As with any urban-core location in the Los Angeles metro, conditions can vary by block and over time. Investors should view these figures as neighborhood-level context to support underwriting assumptions, not as guarantees of site-specific outcomes.
Nearby employment is diversified across energy, utilities, logistics, aerospace, and packaging, supporting renter demand through commute convenience to Chevron, Edison International, Ryder, United Technologies, and International Paper.
- Chevron — energy (6.7 miles)
- Edison International — electric utility (9.8 miles) — HQ
- Ryder Vehicle Sales — logistics & trucking (11.6 miles)
- United Technologies — aerospace & industrial (13.0 miles)
- International Paper — packaging & paper (13.1 miles)
This 44-unit, 1984-vintage Covina asset benefits from neighborhood occupancy that trends above national levels and a high-cost ownership backdrop that sustains multifamily demand. According to CRE market data from WDSuite, the surrounding area offers strong access to daily amenities and a tenant base supported by diversified employment nodes, while rents have moved upward over the last five years. The vintage suggests clear value-add pathways via interior updates and building systems planning to enhance competitiveness versus newer stock.
Within a 3-mile radius, household counts have grown despite softer population totals, and projections point to additional population growth and a larger pool of renting households ahead. Combined with a meaningful renter-occupied share and rising incomes, these dynamics support occupancy stability and measured pricing power, balanced by the need for disciplined affordability management in a high-cost metro.
- Above-national neighborhood occupancy supports stable collections and retention
- High-cost ownership market reinforces depth of renter demand and lease retention
- 1984 vintage offers value-add and modernization upside to compete with newer stock
- Risk: amenity gaps (parks/cafés) and affordability pressures require disciplined rent setting