| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 76th | Good |
| Demographics | 46th | Fair |
| Amenities | 44th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 421 W 33rd St, Long Beach, CA, 90806, US |
| Region / Metro | Long Beach |
| Year of Construction | 1993 |
| Units | 24 |
| Transaction Date | 2020-05-01 |
| Transaction Price | $10,600,000 |
| Buyer | WOODBRIDGE APARTMENTS LP |
| Seller | CENTURY AFFORDABLE DEVELOPMENT INC |
421 W 33rd St Long Beach Multifamily Investment
This 24-unit property benefits from strong neighborhood-level occupancy at 97.3% and favorable rent-to-income ratios, according to CRE market data from WDSuite.
The neighborhood demonstrates solid fundamentals for multifamily investors, with occupancy rates of 97.3% ranking in the 85th percentile nationally and above the metro median among 1,441 Los Angeles neighborhoods. The area maintains 32.5% of housing units as renter-occupied, supporting consistent rental demand in this urban core location.
Built in 1993, this property aligns with the neighborhood's average construction year of 1974, positioning it as relatively newer stock that may require less immediate capital expenditure compared to older buildings in the area. The 1,223 square foot average unit size provides competitive space for Long Beach renters.
Demographics within a 3-mile radius show 198,834 residents with median household income of $72,937, while forecasts project household growth of 34.7% through 2028. This expansion in the renter pool, combined with median rent increases from $1,462 currently to a projected $2,046, suggests strengthening fundamentals for rental housing demand.
Home values averaging $727,641 with 61.9% five-year appreciation reinforce rental demand, as elevated ownership costs limit accessibility to homeownership and sustain reliance on multifamily housing. The neighborhood's rent-to-income ratio of 0.13 indicates manageable affordability for tenant retention.
Safety metrics show the neighborhood ranking 1,341st among 1,441 metro neighborhoods for overall crime, placing it in the 20th percentile nationally. Property crime rates of 990.6 per 100,000 residents and violent crime rates of 257.5 per 100,000 both increased over the past year, with violent crime rising 99.6%.
While these trends warrant monitoring for tenant retention considerations, investors should evaluate security measures and compare crime patterns to surrounding Long Beach submarkets when assessing operational strategies and insurance costs.
The property benefits from proximity to established corporate offices that provide workforce housing demand, including healthcare and industrial employers within commuting distance.
- Air Products & Chemicals — industrial chemicals (2.1 miles)
- Molina Healthcare — healthcare services (3.5 miles) — HQ
- Airgas — industrial gases (4.8 miles)
- Time Warner Business Class — telecommunications (8.6 miles)
- Raytheon Public Safety RTC — defense & aerospace (8.9 miles)
This Long Beach property offers stable cash flow fundamentals with neighborhood occupancy of 97.3% ranking in the 85th percentile nationally and NOI per unit averaging $11,408 in the 86th percentile among metro neighborhoods. The 1993 construction year provides a balance of established operations with manageable capital expenditure needs compared to older area stock.
Demographic projections show household growth of 34.7% through 2028 within the 3-mile radius, supporting tenant pool expansion. Median home values of $727,641 with strong appreciation sustain rental demand as ownership costs remain elevated relative to rental options, according to multifamily property research data from WDSuite.
- Strong occupancy at 97.3% outperforms most metro neighborhoods
- Projected 34.7% household growth supports rental demand expansion
- 1993 vintage offers operational stability with manageable capital needs
- Elevated home values reinforce tenant reliance on rental housing
- Risk: Crime metrics rank below metro median requiring security considerations