| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 74th | Fair |
| Demographics | 80th | Best |
| Amenities | 41st | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2616 Canada Blvd, Glendale, CA, 91208, US |
| Region / Metro | Glendale |
| Year of Construction | 1986 |
| Units | 24 |
| Transaction Date | 2019-11-26 |
| Transaction Price | $9,000,000 |
| Buyer | NALBANDYAN ARMEN |
| Seller | BOUKHAN CORPORATION |
2616 Canada Blvd Glendale Multifamily Investment
This 24-unit property built in 1986 sits in a B+ rated neighborhood where median household income reaches $145,133, according to CRE market data from WDSuite.
The property occupies a suburban neighborhood in Glendale that ranks in the top quartile nationally for demographics, with a median household income of $145,133 compared to $111,755 across the broader 3-mile radius. The neighborhood achieves a 96.3% occupancy rate, reflecting stable rental demand despite only 18.2% of housing units being renter-occupied.
Constructed in 1986, the property is newer than the neighborhood average of 1962, potentially reducing near-term capital expenditure requirements. Home values in the immediate neighborhood reach $1.51 million median, with elevated ownership costs sustaining rental demand among residents who might otherwise consider purchasing.
The broader 3-mile area contains 108,653 residents with strong income fundamentals, as 22.1% of households earn above $200,000 annually. Demographic projections indicate household growth of 32.2% through 2028, expanding the potential tenant base while median rents are forecast to increase 47.4% to $3,059.
Amenity density remains modest, with limited café and pharmacy access but adequate childcare and park availability ranking in the 65th and 74th percentiles nationally respectively. The rent-to-income ratio of 0.21 suggests manageable affordability levels for current tenants.
Crime data for this specific neighborhood is not available in current reporting systems, limiting direct safety assessment. Investors should conduct independent due diligence on local crime trends and consider engaging with local law enforcement or security consultants to evaluate property-level safety considerations.
The property benefits from proximity to major corporate headquarters and offices, supporting workforce housing demand from professional tenants.
- Avery Dennison — corporate offices (2.5 miles) — HQ
- Disney — entertainment & media (5.9 miles) — HQ
- Charter Communications — telecommunications (6.7 miles)
- Microsoft — technology services (9.2 miles)
- CBRE Group — commercial real estate (9.3 miles) — HQ
This 24-unit property presents a value-add opportunity in a demographically strong Glendale neighborhood where household income significantly exceeds regional averages. The 1986 construction year positions the asset newer than neighborhood norms while avoiding the premium associated with recent developments. Multifamily property research indicates the area maintains 96.3% occupancy despite limited rental stock, suggesting sustained tenant demand.
Demographic projections show household growth of 32.2% through 2028 within the 3-mile radius, potentially expanding the tenant pool while forecast rent growth of 47.4% could support revenue increases. The proximity to major employers including Avery Dennison headquarters and Disney's corporate campus provides workforce housing appeal for professional tenants.
- High-income neighborhood with median household income of $145,133
- Strong occupancy fundamentals at 96.3% neighborhood-level rate
- Proximity to major corporate employers within 10 miles
- Forecast household growth of 32.2% through 2028
- Limited rental stock may constrain future supply expansion