| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Fair |
| Demographics | 44th | Fair |
| Amenities | 94th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1915 Vassar St, Glendale, CA, 91204, US |
| Region / Metro | Glendale |
| Year of Construction | 1989 |
| Units | 32 |
| Transaction Date | 2012-03-27 |
| Transaction Price | $1,952,019 |
| Buyer | SNEED TERRYLE L |
| Seller | ABEL WILLIAM A |
1915 Vassar St Glendale Multifamily Investment
This 32-unit property benefits from strong renter demand in a neighborhood where 74.6% of housing units are renter-occupied, ranking in the top quartile nationally according to CRE market data from WDSuite.
The Glendale neighborhood ranks 310th among 1,441 metro neighborhoods with an A- rating, reflecting strong fundamentals that support multifamily investments. With 74.6% of housing units renter-occupied—ranking in the top quartile nationally—this area demonstrates sustained rental demand. Neighborhood-level occupancy stands at 92.4%, providing stability for lease management and renewal strategies.
Built in 1989, this 32-unit property aligns with the neighborhood's average construction year of 1947, positioning it as newer vintage that may require less immediate capital expenditure compared to older area properties. The median home value of $819,151 reinforces rental demand as elevated ownership costs keep households in the rental market, supporting occupancy stability and pricing power.
Demographic data aggregated within a 3-mile radius shows a stable renter pool of 238,268 residents with median household income of $92,359. The area's amenity density ranks in the 95th percentile nationally, featuring 11.97 grocery stores per square mile and strong restaurant and cafe accessibility that enhances tenant retention appeal. Contract rents average $1,827 with 41% growth over five years, indicating healthy rental pricing trends.
Forward-looking projections suggest household growth of 32.1% through 2028, expanding the potential tenant base while maintaining the current 64.2% renter share. This demographic expansion supports sustained multifamily demand and lease-up velocity in the submarket.
The neighborhood demonstrates favorable safety metrics that support tenant retention and property appeal. Violent crime rates rank 5th among 1,441 metro neighborhoods, placing it in the 89th percentile nationally. Property crime rates also perform well, ranking 152nd metro-wide and reaching the 72nd percentile nationally.
Notably, both violent and property crime rates have declined significantly year-over-year, with violent offenses down 98.6% and property crimes down 89.2%. These improving safety trends rank in the top percentile nationally for crime reduction, creating a more attractive environment for tenant acquisition and retention.
The area benefits from proximity to major corporate employers that provide workforce housing demand, including several Fortune 500 headquarters within commuting distance.
- Avery Dennison — materials and manufacturing (2.5 miles) — HQ
- Microsoft — technology offices (4.7 miles)
- Reliance Steel & Aluminum — industrial materials (4.8 miles) — HQ
- Disney — entertainment and media (4.8 miles) — HQ
- CBRE Group — commercial real estate services (4.8 miles) — HQ
This 32-unit Glendale property offers compelling fundamentals in a high-demand rental market. The neighborhood's 74.6% renter occupancy rate ranks in the top quartile nationally, while 92.4% neighborhood-level occupancy provides operational stability. Built in 1989, the property represents newer vintage in an area where average construction dates to 1947, potentially reducing near-term capital expenditure needs.
Demographic projections show household growth of 32.1% through 2028 within a 3-mile radius, expanding the tenant base while maintaining strong renter preference. Median home values of $819,151 reinforce rental demand as elevated ownership costs sustain multifamily housing reliance. The area's proximity to major employers including Disney, Microsoft, and Avery Dennison headquarters supports workforce housing demand and commute convenience.
- Strong rental fundamentals with 74.6% renter occupancy ranking top quartile nationally
- Stable 92.4% neighborhood occupancy supporting consistent cash flow
- Projected 32.1% household growth through 2028 expanding tenant pool
- Newer 1989 vintage may reduce immediate capital expenditure requirements
- Risk: High median home values may face affordability pressure affecting rent-to-income ratios