| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 83rd | Best |
| Demographics | 52nd | Fair |
| Amenities | 98th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 416 E Broadway, Glendale, CA, 91205, US |
| Region / Metro | Glendale |
| Year of Construction | 2009 |
| Units | 115 |
| Transaction Date | 2010-12-01 |
| Transaction Price | $43,000,000 |
| Buyer | Essex 416 On Broadway LP |
| Seller | East Broadway Ventures, Inc. |
416 E Broadway Glendale Multifamily Investment
This 115-unit property built in 2009 sits within a neighborhood ranking in the top 10% nationally for amenities and housing fundamentals. The area maintains 97.1% occupancy rates with strong renter demand, according to CRE market data from WDSuite.
The Glendale neighborhood achieves an "A" rating and ranks 140th among 1,441 metro neighborhoods, placing it in the top quartile regionally for overall investment fundamentals. Built in 2009, this property represents newer construction relative to the neighborhood's 1969 average building vintage, positioning it competitively with reduced near-term capital expenditure requirements.
Demographic data aggregated within a 3-mile radius shows a stable renter base with 69% of housing units occupied by renters, supporting consistent demand for multifamily properties. The area maintains strong occupancy at 97.1% neighborhood-wide, ranking in the 84th percentile nationally for occupancy stability. Median household income of $88,067 within the 3-mile radius has grown 41% over five years, indicating improving tenant quality and rent collection potential.
The neighborhood excels in amenity density, ranking 15th among metro neighborhoods with exceptional access to dining (89.66 restaurants per square mile), grocery stores (9.96 per square mile), and pharmacies (6.64 per square mile) - all ranking in the 99th percentile nationally. This amenity concentration supports tenant retention and lease renewals. Current median rents of $1,858 have increased 39% over five years, though rent-to-income ratios require careful lease management consideration as they rank in the bottom percentile nationally.
Forward-looking demographics project household growth of 31% through 2028 within the 3-mile radius, expanding the potential tenant base. Median household income is forecast to reach $114,604 by 2028, a 30% increase that should support rent growth and tenant retention across the submarket.
The neighborhood demonstrates mixed safety metrics that warrant monitoring for property management considerations. Property crime rates rank favorably at 2nd among 1,441 metro neighborhoods, placing in the 98th percentile nationally with an estimated rate of 3.29 incidents per 100,000 residents. Property crime has declined significantly by 77% year-over-year, ranking in the 97th percentile nationally for improvement trends.
Violent crime presents different dynamics, with rates at 10.22 per 100,000 residents ranking 278th among metro neighborhoods, which falls in the 69th percentile nationally. However, violent crime has increased 345% year-over-year, ranking in the bottom 4th percentile nationally for trend direction. These contrasting trends suggest the need for ongoing monitoring of local safety conditions and potential impact on tenant retention and lease-up velocity.
The property benefits from proximity to major corporate offices and headquarters, providing workforce housing opportunities for professionals in diverse industries.
- Avery Dennison — adhesive materials and labeling (0.8 miles) — HQ
- Disney — entertainment and media (4.3 miles) — HQ
- Radio Disney — broadcasting (5.2 miles)
- Live Nation Entertainment — live entertainment (6.2 miles)
- Microsoft — technology (6.4 miles)
This 115-unit property built in 2009 offers exposure to a top-quartile Glendale neighborhood with strong occupancy fundamentals and demographic tailwinds. The area maintains 97.1% neighborhood-wide occupancy rates, ranking in the 84th percentile nationally for stability. With 69% of area housing units renter-occupied and household growth projected at 31% through 2028, the multifamily property research indicates sustained rental demand supported by proximity to major employers including Avery Dennison headquarters less than one mile away.
The property's 2009 construction vintage provides competitive positioning with reduced capital expenditure needs relative to the neighborhood's 1969 average building age. Strong amenity access supports tenant retention, while projected median income growth to $114,604 by 2028 should underpin rent growth potential. However, current rent-to-income ratios ranking in the bottom percentile nationally require careful lease management and monitoring of affordability pressures.
- Top quartile neighborhood ranking with 97.1% occupancy stability
- 31% projected household growth through 2028 expanding tenant base
- Newer 2009 construction reduces near-term capital requirements
- Exceptional amenity density ranking 99th percentile nationally
- Risk: Rent-to-income ratios require careful lease management consideration