| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 74th | Fair |
| Demographics | 27th | Poor |
| Amenities | 80th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1635 Locust Ave, Long Beach, CA, 90813, US |
| Region / Metro | Long Beach |
| Year of Construction | 1987 |
| Units | 20 |
| Transaction Date | 2018-03-15 |
| Transaction Price | $4,550,000 |
| Buyer | HOOD THOMAS M |
| Seller | GEIGER PROPERTIES VI LLC |
1635 Locust Ave Long Beach Multifamily Investment
Neighborhood renter concentration is high and occupancy has been steady, supporting durable tenant demand for a 20-unit asset, according to WDSuite’s CRE market data.
Located in Long Beach’s Urban Core, the property benefits from a deep renter base and steady neighborhood occupancy. The neighborhood’s renter-occupied share is elevated, signaling a broad tenant pool and potential leasing resiliency relative to many Los Angeles-Long Beach-Glendale metro peers. Neighborhood occupancy has held near the upper half of national benchmarks, a constructive backdrop for cash flow stability.
Daily conveniences are a strength: cafes, groceries, pharmacies, and restaurants score in the top decile nationally for density, while overall amenity access sits around the top quintile nationwide based on CRE market data from WDSuite. Park access is limited, which may reduce open-space appeal but is partly offset by the walkable mix of retail and services typical of an urban core location. Average school ratings trend around the national midpoint, suggesting serviceable—but not standout—education options in the area.
Vintage matters for competitive positioning. With most nearby housing stock dating to the late 1950s on average, a 1987 build can show relatively newer systems and layouts versus older inventory; investors should still underwrite selective modernization or efficiency upgrades given the asset’s age. Elevated home values in the neighborhood context, combined with a high value-to-income ratio, point to a high-cost ownership market that can reinforce reliance on multifamily rentals, supporting retention and pricing power when managed carefully.
Demographic statistics within a 3-mile radius indicate modest population softening over the past five years but rising household counts and smaller average household sizes. WDSuite’s outlook shows further household growth by 2028 alongside higher median incomes and rent levels, which suggests a larger tenant base and supports longer-term demand for professionally managed rentals. Lease management should consider rent-to-income dynamics to sustain retention while capturing market growth.
Safety conditions trend below national averages for neighborhoods, reflecting the realities of an urban core location. Nationally, the area sits well below the median for safety, and it trails stronger-performing parts of the Los Angeles-Long Beach-Glendale metro. Recent year-over-year readings indicate increases in both property and violent offenses locally. Investors typically account for these factors through security enhancements, resident screening, and partnership with local resources, while weighing them against the location’s amenity access and renter demand depth.
Proximity to regional employers supports workforce housing demand and commute convenience for residents, notably in healthcare, industrial gases, telecommunications, and packaging—drivers that can aid leasing and retention.
- Molina Healthcare — healthcare services (1.55 miles) — HQ
- Air Products & Chemicals — industrial gases (2.93 miles)
- Airgas — industrial gases distribution (6.65 miles)
- Time Warner Business Class — telecommunications (9.38 miles)
- INTERNATIONAL PAPER Cypress Retail Packaging — packaging (9.67 miles)
1635 Locust Ave offers investors a 20-unit 1987-vintage asset positioned in a renter-heavy Urban Core neighborhood with steady occupancy and strong day-to-day amenity access. Relative to older local housing stock, the vintage provides a competitive edge while leaving room for targeted value-add and systems updates. Elevated ownership costs in the area underpin multifamily reliance, and household growth within a 3-mile radius points to a gradually expanding renter pool and support for lease-up and retention, according to CRE market data from WDSuite.
Balanced underwriting should account for affordability pressure (given local rent-to-income readings) and below-average safety metrics typical of dense urban districts. Active asset management—focused on unit modernization, resident experience, and security—can position the property to capture demand while managing risk.
- Renter-heavy neighborhood and steady occupancy support leasing durability
- 1987 construction offers relative competitiveness vs. older local stock with value-add upside
- Strong amenity density (cafes, groceries, services) enhances livability and retention
- High-cost ownership market reinforces multifamily demand and pricing power potential
- Risks: below-national safety metrics and affordability pressure require active management