| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 75th | Fair |
| Demographics | 44th | Fair |
| Amenities | 95th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1117 Elm Ave, Long Beach, CA, 90813, US |
| Region / Metro | Long Beach |
| Year of Construction | 1992 |
| Units | 25 |
| Transaction Date | 2019-06-11 |
| Transaction Price | $3,418,500 |
| Buyer | CENTURY AFFORDABLE DEVELOPMENT INC |
| Seller | BEACHWOOD HOUSING PARTNERS LTD |
1117 Elm Ave Long Beach Multifamily Investment
Positioned in an Urban Core pocket with strong amenity density and a deep renter base, the property benefits from steady leasing fundamentals according to WDSuite’s CRE market data. This commercial real estate analysis points to durable renter demand supported by proximity to jobs and services.
Located in Long Beach’s Urban Core, the area ranks 303rd among 1,441 Los Angeles–Long Beach–Glendale neighborhoods, placing it above the metro median on overall neighborhood rating. Amenity access is a clear strength: groceries, restaurants, and pharmacies score in the top quartile nationally, and cafe density is competitive among Los Angeles–Long Beach–Glendale neighborhoods. These neighborhood-level dynamics typically support leasing velocity and day-to-day convenience for residents.
Renter concentration is high at the neighborhood level, with a large share of housing units renter-occupied, indicating a deep tenant base for multifamily. Neighborhood occupancy trends are stable, with rates around the low 90s, according to WDSuite’s CRE market data, which supports income durability while still allowing for operational upside through renewal management and turnover controls.
Within a 3-mile radius, demographics show modest population contraction historically but an increase in households, pointing to smaller household sizes and continued multifamily relevance. Looking forward, WDSuite indicates a projected increase in households over the next five years alongside higher incomes and rising asking rents, which can expand the renter pool and support occupancy stability; operators should still monitor affordability pressure as rents advance.
Home values are elevated for the neighborhood relative to incomes (top national percentiles for value-to-income), creating a high-cost ownership market that tends to reinforce reliance on rental housing. For investors, this generally supports depth of demand and potential pricing power, though lease management should account for rent-to-income sensitivities to sustain retention.
The property’s 1992 vintage is newer than the neighborhood’s older housing stock (average mid-1950s). That relative youth can improve competitive positioning versus legacy buildings, while prudent capital planning should anticipate modernization and systems upgrades typical for assets of this era.
Neighborhood safety metrics are weaker than the metro average and fall below national percentiles, indicating elevated crime compared with many Los Angeles–Long Beach–Glendale subareas and neighborhoods nationwide. Recent year-over-year estimates also point to increases in both property and violent offenses at the neighborhood level.
Investors often address these factors with standard practices such as access control, lighting, and coordinated property management, and may underwrite to slightly higher operating expenses to reflect enhanced security and resident-engagement measures. Comparisons should be made against nearby Urban Core locations to contextualize trend direction rather than block-level variation.
The surrounding employment base blends healthcare and corporate services, providing commute convenience and supporting renter demand and retention. Key nearby employers include Molina Healthcare, Air Products & Chemicals, Airgas, Time Warner Business Class, and International Paper.
- Molina Healthcare — healthcare insurance (1.2 miles) — HQ
- Air Products & Chemicals — industrial gases (3.3 miles)
- Airgas — industrial gases (7.0 miles)
- Time Warner Business Class — telecommunications services (9.5 miles)
- INTERNATIONAL PAPER Cypress Retail Packaging — packaging & paper (9.6 miles)
1117 Elm Ave offers a 1992-vintage, 25-unit footprint in a neighborhood with high amenity access and a deep renter base. Compared with older local stock, the asset’s vintage can enhance competitiveness while still benefiting from value-add opportunities through unit modernization and building systems updates. Based on CRE market data from WDSuite, neighborhood occupancy sits in the low 90s and the renter concentration is high, supporting a stable tenant base. Elevated home values relative to incomes indicate a high-cost ownership market, which tends to sustain multifamily demand and lease-up durability.
Within a 3-mile radius, households have increased despite modest population contraction, and projections call for further household growth with rising incomes and asking rents over the next five years. These trends suggest a larger tenant base over time and potential for measured rent growth, though operators should manage affordability pressure and local safety considerations within underwriting and asset plans.
- Urban Core location with top-tier amenity access supporting leasing velocity
- 1992 vintage offers relative competitiveness plus renovation and systems-upgrade upside
- High renter-occupied share and steady neighborhood occupancy bolster income stability
- Household growth and income gains (3-mile radius) expand the tenant base over time
- Risks: local safety metrics below metro norms and affordability pressure requiring proactive lease management