| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 84th | Best |
| Demographics | 54th | Good |
| Amenities | 99th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 451 Hawthorne St, Glendale, CA, 91204, US |
| Region / Metro | Glendale |
| Year of Construction | 1989 |
| Units | 25 |
| Transaction Date | 2024-04-16 |
| Transaction Price | $7,822,500 |
| Buyer | HAWTHORNE APARTMENT INVESTORS LLC |
| Seller | HAWTHORNE PROPERTY TRUST |
451 Hawthorne St Glendale Multifamily Investment
This 25-unit property benefits from Glendale's exceptional neighborhood occupancy rate of 94.1% and strong rental demand fundamentals, according to CRE market data from WDSuite.
Located in an Urban Core neighborhood rated "A" overall, this property sits within a market that ranks in the top quartile nationally for net operating income per unit at $21,543. The neighborhood demonstrates strong rental fundamentals with 77.7% of housing units being renter-occupied, supporting consistent tenant demand in this established multifamily market.
Built in 1989, this property aligns with the neighborhood's average construction year of 1976, positioning it for potential value-add opportunities through targeted capital improvements. The area's amenity density ranks exceptionally well, placing in the 99th percentile nationally with abundant dining, retail, and service options that enhance tenant retention and leasing velocity.
Demographics within a 3-mile radius show a mature rental market with 71% of housing units occupied by renters and median household income of $87,140. Projections through 2028 indicate household growth of 30.4% alongside rising income levels, expanding the potential tenant base while supporting rent growth fundamentals.
Current neighborhood occupancy of 94.1% reflects stable demand, though owners should monitor the rent-to-income ratio of 0.32, which indicates affordability pressures that may require careful lease management and renewal strategies to maintain occupancy levels.
The neighborhood demonstrates competitive safety metrics among Los Angeles-Long Beach-Glendale metro neighborhoods, ranking in the 68th percentile nationally for overall crime performance. Property crime rates have shown significant improvement with a 76.3% decrease over the past year, placing the area in the 97th percentile nationally for property crime reduction trends.
While violent crime rates experienced an uptick recently, the absolute levels remain moderate compared to urban core averages. Investors should consider these mixed safety trends when evaluating tenant demographics and implementing appropriate security measures to support resident retention.
The property benefits from proximity to major corporate employers anchored by Avery Dennison's headquarters and Disney's corporate presence, supporting workforce housing demand in this established employment corridor.
- Avery Dennison — materials and labeling solutions (0.9 miles) — HQ
- Disney — entertainment and media (3.6 miles) — HQ
- Radio Disney — broadcasting services (4.5 miles)
- Live Nation Entertainment — entertainment and events (5.5 miles)
- Charter Communications — telecommunications (6.0 miles)
This 25-unit property built in 1989 presents a compelling value-add opportunity in a neighborhood that ranks in the top quartile nationally for NOI per unit performance. The area's 94.1% occupancy rate and 77.7% renter-occupied housing base demonstrate sustained rental demand, while proximity to major employers like Avery Dennison and Disney provides workforce housing stability.
Demographic projections show household growth of 30.4% through 2028 alongside rising median incomes, expanding the tenant pool while supporting rent growth potential. The property's 1989 construction year positions it for strategic capital improvements to capture upside in this amenity-rich Urban Core location.
- Strong neighborhood fundamentals with 94.1% occupancy and top-quartile NOI performance
- Value-add potential through targeted improvements to 1989-vintage units
- Proximity to major employers supporting workforce housing demand
- Projected household growth of 30.4% expanding tenant base through 2028
- Risk consideration: Monitor affordability pressures with 0.32 rent-to-income ratio for lease management