| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 81st | Best |
| Demographics | 38th | Fair |
| Amenities | 77th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1031 Justin Ave, Glendale, CA, 91201, US |
| Region / Metro | Glendale |
| Year of Construction | 1986 |
| Units | 20 |
| Transaction Date | 2021-11-02 |
| Transaction Price | $7,700,000 |
| Buyer | IKENEE LLC |
| Seller | PALM DELUXE PARTNERS LP |
1031 Justin Ave, Glendale CA Multifamily Investment
Positioned in a high-cost ownership pocket of Glendale, the asset benefits from steady renter demand and strong neighborhood occupancy, according to CRE market data from WDSuite. The thesis centers on durable leasing fundamentals supported by amenity density and proximity to major employers.
The neighborhood tests well for day-to-day convenience, with cafe and grocery density placing in the top quartile nationally and competitive among 1,441 Los Angeles-Long Beach-Glendale neighborhoods. This level of amenity access supports resident retention and reduces friction during lease-up.
Occupancy at the neighborhood level trends in the top quintile nationally, a constructive signal for income stability based on CRE market data from WDSuite. Within a 3-mile radius, an estimated 67% of housing units are renter-occupied, indicating a deep renter base that can support absorption and renewals through cycles.
Home values in the immediate area are elevated relative to national norms, which tends to reinforce reliance on multifamily housing and can support pricing power when managed alongside rent-to-income realities. Neighborhood rents have risen over the past five years, and the 3-mile area shows rising household counts with smaller average household sizes, expanding the pool of potential renters and supporting occupancy stability.
The property’s 1986 vintage is newer than the neighborhood’s older average housing stock (1960s era). This positioning can be competitive versus nearby legacy assets while still offering scope for targeted modernization and systems upgrades to drive rent trade-outs and operating resilience.
Safety indicators are mixed but generally comparable to the broader metro. Neighborhood crime levels track around the metro median among 1,441 Los Angeles-Long Beach-Glendale neighborhoods, while national benchmarks suggest better-than-average safety, with violent and property offense measures trending above the national median (higher percentile indicates safer).
Recent year-over-year dynamics show some fluctuation in property offenses, so ongoing monitoring and standard risk-mitigation measures (lighting, access control, resident engagement) remain prudent from an asset-management perspective.
Proximity to major employers supports a broad renter pipeline and commute convenience, particularly across media, entertainment, and corporate services. Notable nearby employers include Avery Dennison, Disney, Radio Disney, Charter Communications, and Live Nation Entertainment.
- Avery Dennison — packaging materials (2.1 miles) — HQ
- Disney — entertainment & media (2.2 miles) — HQ
- Radio Disney — broadcast media (3.2 miles)
- Charter Communications — telecom (3.8 miles)
- Live Nation Entertainment — live entertainment (5.6 miles)
1031 Justin Ave offers a durable renter story in a high-cost ownership market with strong amenity access and top-quintile neighborhood occupancy. Within a 3-mile radius, renter concentration is substantial and household counts have been rising, creating a larger tenant base that supports leasing velocity and renewal rates. Based on CRE market data from WDSuite, neighborhood rent levels have trended upward, while elevated home values help sustain reliance on multifamily housing.
Built in 1986, the asset is newer than much of the surrounding stock, providing relative competitive positioning alongside value-add potential through targeted renovations and building-system updates. Key considerations include active affordability management given rent-to-income pressure and thoughtful programming to offset limited nearby park density, but proximity to major employers and amenity richness underpin the long-term thesis.
- High neighborhood occupancy and deep renter base support income stability
- Elevated ownership costs in Glendale reinforce multifamily demand and pricing power
- 1986 vintage positions the asset competitively with clear renovation upside
- Amenity-rich location near major employers supports retention and lease-up
- Risks: affordability pressure and limited park density require active asset management