| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Good |
| Demographics | 63rd | Good |
| Amenities | 98th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 441 Burchett St, Glendale, CA, 91203, US |
| Region / Metro | Glendale |
| Year of Construction | 1972 |
| Units | 39 |
| Transaction Date | 2003-02-28 |
| Transaction Price | $1,550,000 |
| Buyer | LERIAN DAVID JOHN |
| Seller | ASLANIAN JANET |
441 Burchett St Glendale Multifamily Investment
This 39-unit property built in 1972 sits in a neighborhood with 75.4% renter occupancy and strong amenity access, according to CRE market data from WDSuite.
The property is located in a highly amenitized urban core neighborhood that ranks in the top quartile nationally for amenity density, with 31 restaurants per square mile and extensive retail access. The area maintains 75.4% renter-occupied housing units, supporting consistent rental demand. Demographic statistics aggregated within a 3-mile radius show a stable tenant base with 71.6% of households renting, reinforcing the multifamily market foundation.
Neighborhood-level occupancy sits at 90.4%, though this has declined modestly over the past five years. Median contract rents of $2,170 have grown 49% over five years, indicating strong pricing power despite some occupancy softening. The area attracts diverse income levels, with household incomes ranging from under $25k to over $200k, providing tenant diversity that can support varied unit types and pricing strategies.
The 1972 construction year aligns closely with the neighborhood average of 1981, suggesting potential value-add opportunities through strategic renovations and unit upgrades. Home values averaging $562,821 with a rent-to-income ratio of 0.37 indicate that elevated ownership costs reinforce rental demand, keeping households in the multifamily market longer and supporting tenant retention.
Forward-looking demographics project household growth of 30.5% through 2028, with renter-occupied units expected to expand from 46.1% to 49.9% of total housing stock. This household formation trend supports absorption potential and occupancy stability as the renter pool continues expanding in the submarket.
The neighborhood demonstrates strong safety metrics compared to the broader Los Angeles metro area. Property crime rates rank in the 89th percentile nationally, with violent crime performing even better at the 88th percentile among neighborhoods nationwide. Both property and violent crime have declined significantly over the past year, with property offenses down 40.5% and violent crime down 77.6%.
These safety trends rank in the top quartile among the metro's 1,441 neighborhoods, supporting tenant appeal and retention. The improving crime trajectory provides a favorable backdrop for leasing activity and can contribute to resident satisfaction and lease renewal rates.
The property benefits from proximity to several major corporate employers, including Avery Dennison's headquarters less than half a mile away, providing workforce housing opportunities for nearby employment centers.
- Avery Dennison — materials science and manufacturing (0.4 miles) — HQ
- Disney — entertainment and media (3.6 miles) — HQ
- Radio Disney — broadcasting and media (4.5 miles)
- Charter Communications — telecommunications (5.5 miles)
- Live Nation Entertainment — entertainment and events (6.1 miles)
This 39-unit property in Glendale presents a value-add opportunity in a stabilizing urban core neighborhood. The 1972 construction provides renovation upside potential, while strong amenity density and proximity to major employers like Avery Dennison support tenant demand. Multifamily property research shows the area maintains 75.4% renter occupancy with households expected to grow 30.5% through 2028, expanding the potential tenant base.
The neighborhood's rent growth of 49% over five years demonstrates pricing power, though recent occupancy softening to 90.4% requires careful lease management. Safety improvements, including 40% declines in property crime, enhance the investment environment. Home values averaging $562,821 with elevated ownership costs help sustain rental demand, keeping residents in the multifamily market longer.
- Value-add potential with 1972 vintage allowing strategic renovations and unit upgrades
- Strong employer proximity with Avery Dennison headquarters 0.4 miles away
- Projected 30.5% household growth through 2028 expanding tenant base
- High ownership costs at $562,821 median reinforce rental demand
- Risk: Recent occupancy decline to 90.4% requires active lease management and competitive positioning