| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 76th | Fair |
| Demographics | 55th | Good |
| Amenities | 96th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 475 W 5th St, Long Beach, CA, 90802, US |
| Region / Metro | Long Beach |
| Year of Construction | 1983 |
| Units | 21 |
| Transaction Date | 2017-12-01 |
| Transaction Price | $6,856,500 |
| Buyer | CENTURY BEACHWOOD APARTMENTS 2 LP |
| Seller | CENTURY BEACHWOOD APARTMENTS LP |
475 W 5th St Long Beach Multifamily Investment
Urban-core Long Beach location with deep renter demand and strong amenity access supports leasing durability, according to WDSuite’s CRE market data. Newer-than-area vintage offers competitive positioning versus older stock while still allowing for targeted value-add.
Situated in Long Beach’s Urban Core, the property benefits from a renter-driven neighborhood and dense amenities that help sustain occupancy. Amenity access is a strength here — neighborhood measures for restaurants, groceries, pharmacies, parks, and cafes place the area in the top quartile nationally, supporting daily convenience and walkable lifestyles that appeal to renters.
The area’s housing stock skews older than the metro average (typical construction year is 1960s), while this asset’s 1983 vintage is newer than much of the competitive set — a relative advantage for unit finishes, layouts, and building systems. For investors, that typically translates to fewer immediate capital needs than pre-1970 assets, with selective renovations still offering upside.
Neighborhood occupancy is around the low-90s, and the share of renter-occupied housing units is high, indicating a large tenant base and demand depth that can support leasing stability over the cycle. Median asking rents have risen over the past five years and are expected to keep advancing, per WDSuite’s commercial real estate analysis, reinforcing the case for steady cash flow management rather than outsized lease-up risk.
Demographic statistics aggregated within a 3-mile radius show a modest population dip alongside a slight increase in household counts and smaller average household sizes. Looking ahead, forecasts point to further gains in total households and higher median incomes, which can expand the renter pool and support rent growth while also requiring attention to affordability and retention strategies.
Home values are elevated for the region and nationally relative to incomes, a high-cost ownership backdrop that tends to sustain reliance on rental housing and can bolster pricing power and lease retention for well-managed multifamily. Average school ratings in the neighborhood trail metro and national benchmarks; investors should underwrite with this in mind and lean on amenity access and commute convenience as key demand drivers.
Safety indicators for the neighborhood are weaker than metro and national norms, with national safety percentiles on the lower end (higher crime relative to many U.S. neighborhoods). In practical terms, investors often address this with professional management practices such as lighting, access control, and partnership with local patrols to support tenant retention and asset performance.
While year-to-year volatility can occur, monitoring trend direction and comparing performance against similar Urban Core subareas of the Los Angeles–Long Beach–Glendale metro is prudent. Framing expectations conservatively during underwriting and reflecting operating measures in pro formas can help manage risk.
Proximity to healthcare, materials/industrial, telecom, and consumer products employers supports a broad workforce renter base and commute-friendly leasing. Notable nearby employers include Molina Healthcare, Air Products & Chemicals, Airgas, INTERNATIONAL PAPER Cypress Retail Packaging, and Time Warner Business Class.
- Molina Healthcare — healthcare services (0.5 miles) — HQ
- Air Products & Chemicals — industrial gases (3.4 miles)
- Airgas — industrial gases (7.7 miles)
- INTERNATIONAL PAPER Cypress Retail Packaging — packaging & paper (10.2 miles)
- Time Warner Business Class — telecom/business services (10.3 miles)
This 21-unit, 1983-vintage asset sits in a renter-heavy Long Beach Urban Core location with top-quartile national amenity access. The neighborhood shows stable occupancy and strong renter concentration, which, combined with elevated ownership costs, underpins a durable tenant base and supports pricing power in well-managed properties. According to CRE market data from WDSuite, neighborhood NOI per unit trends are competitive versus peers, and median rents have increased over the last five years with further growth expected.
Forward-looking demographics within a 3-mile radius point to increasing household counts and higher median incomes alongside smaller household sizes — dynamics that typically expand the renter pool and support occupancy stability. Relative to many nearby properties built in the 1960s, the 1983 vintage enhances competitive positioning while still leaving room for targeted renovations and operational upgrades. Risks to underwrite include below-average safety metrics and lower school ratings, which call for disciplined management and retention strategies.
- Renter-heavy neighborhood with stable occupancy supports leasing durability
- Top-quartile national amenity access and walkable convenience attract tenants
- 1983 vintage is competitive versus older area stock, with value-add potential
- Elevated ownership costs reinforce reliance on rentals and pricing power
- Risks: below-metro safety metrics and weaker school ratings require proactive management