| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 67th | Poor |
| Demographics | 21st | Poor |
| Amenities | 65th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 575 E Vernon St, Long Beach, CA, 90806, US |
| Region / Metro | Long Beach |
| Year of Construction | 2008 |
| Units | 66 |
| Transaction Date | 1996-10-07 |
| Transaction Price | $115,000 |
| Buyer | HUIZAR CEVERINO |
| Seller | P VAGELATOS TRUST VAGELATOS P G AND P TRS P G |
575 E Vernon St Long Beach Multifamily Investment
Renter demand is durable in this Urban Core pocket where renter-occupied housing is prevalent, according to WDSuite’s CRE market data. This commercial real estate analysis points to stable tenant depth even as neighborhood occupancy trends vary.
Located in Long Beach’s Urban Core, the property benefits from dense neighborhood amenities that support daily living and leasing stickiness. Dining and convenience options are abundant (restaurants, cafes, groceries rank strong nationally), while parks and pharmacies are comparatively limited—an operational nuance for resident services. School quality trends below national averages, which can influence renter mix and length of stay.
The neighborhood shows a high renter concentration: 63.8% of housing units are renter-occupied, placing it in a high national percentile for renter tenure. Within a 3-mile radius, demographics indicate a large working-age population and a renter-occupied share that sits around two-thirds, creating a broad tenant base and supporting absorption for workforce-oriented units. Household counts in the 3-mile area have grown even as average household size trended lower, suggesting more households competing for available units and reinforcing near-term leasing visibility.
Local housing stock skews older (neighborhood average construction year is well before 1950), while this asset’s 2008 vintage positions it competitively versus much of the surrounding inventory. For investors, that typically means fewer near-term structural upgrades relative to older properties, though mid-life building systems should still be monitored for targeted modernization.
Ownership costs in the area are elevated by national standards, which tends to sustain renter reliance on multifamily housing and can help support occupancy stability and pricing power. Rent-to-income levels indicate some affordability pressure, so revenue management and renewal strategies should emphasize retention without overextending on effective rents.
Safety indicators for the neighborhood track below national averages and are weaker than many Los Angeles-Long Beach-Glendale metro neighborhoods. Based on WDSuite’s CRE market data, the area’s crime rank is toward the higher-crime end of the spectrum (ranked 1298 among 1,441 metro neighborhoods), and national percentiles indicate below-average safety. Investors typically account for this by emphasizing on-site security measures, lighting, access control, and resident engagement as part of operations planning.
Nearby employment nodes span healthcare administration, industrial gases, telecommunications, and packaging—supporting a sizable commuter renter base and aiding retention through commute convenience. The list below reflects key employers within a short drive.
- Molina Healthcare — healthcare administration (2.7 miles) — HQ
- Air Products & Chemicals — industrial gases (2.8 miles)
- Airgas — industrial gases (5.5 miles)
- Time Warner Business Class — telecommunications (8.5 miles)
- INTERNATIONAL PAPER Cypress Retail Packaging — packaging/paper (9.3 miles)
This 66-unit, 2008-vintage asset offers a competitive position against predominantly older neighborhood stock, helping reduce near-term capital exposure while allowing targeted upgrades to drive rent differentiation. Renter-occupied housing is prevalent in the immediate area and within a 3-mile radius, supporting a deep tenant base and steady absorption for well-managed, mid-market units. According to CRE market data from WDSuite, ownership costs are high by national standards, which tends to sustain reliance on rentals, though neighborhood occupancy runs below stronger submarkets—suggesting that consistent marketing, renewals, and amenity execution matter for performance.
Forward-looking demographics within 3 miles point to more households and smaller average household sizes, which can expand the renter pool over time. Affordability pressure around rent-to-income levels argues for disciplined revenue management and retention tactics, particularly given below-average safety and limited park/pharmacy access in the neighborhood context.
- 2008 vintage competes well versus older local stock; focus capex on mid-life systems and targeted upgrades
- High renter-occupied share locally and within 3 miles supports a broad tenant base and leasing continuity
- Elevated ownership costs reinforce sustained rental demand and potential pricing power with careful execution
- Demand strategy: emphasize renewals and marketing given neighborhood occupancy trends below stronger metro submarkets
- Risks: below-average safety, limited parks/pharmacies, and affordability pressure require active operations and resident services