| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 75th | Fair |
| Demographics | 44th | Fair |
| Amenities | 95th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 698 Orange Ave, Long Beach, CA, 90802, US |
| Region / Metro | Long Beach |
| Year of Construction | 1976 |
| Units | 72 |
| Transaction Date | 1994-03-17 |
| Transaction Price | $1,625,000 |
| Buyer | WOLF JAMES E |
| Seller | GLENDALE FEDERAL BANK FSB |
698 Orange Ave Long Beach Multifamily Investment
This 72-unit property benefits from Long Beach's strong rental market fundamentals, with neighborhood-level occupancy at 91.7% and a renter-dominated housing base of 79.2%. Commercial real estate analysis from WDSuite indicates the area's dense amenity infrastructure and proximity to major employers support tenant retention and absorption velocity.
This Long Beach neighborhood ranks in the top quartile nationally for amenity density, with exceptional access to daily conveniences that support tenant retention. The area features 12.04 grocery stores per square mile and 25.94 restaurants per square mile, both ranking among the strongest concentrations in the Los Angeles metro area. This amenity infrastructure, combined with 4.63 cafes per square mile, creates a walkable environment that appeals to the area's predominantly renter population.
The property's 1976 construction year positions it 20 years newer than the neighborhood average of 1956, providing a competitive advantage in terms of building systems and layouts while maintaining attainable operating costs. With 79.2% of housing units occupied by renters—ranking in the 99th percentile nationally—the neighborhood demonstrates strong rental market fundamentals that support occupancy stability and lease-up velocity.
Demographics within a 3-mile radius show a stable tenant base, with 226,079 residents and household growth projected at 33.1% through 2028. The area's median household income of $75,748 supports current rent levels, while income growth of 42% over the past five years indicates strengthening tenant purchasing power. Neighborhood-level median rents of $1,551 provide competitive positioning relative to the broader market, with 45.7% rent growth over five years reflecting sustained demand dynamics.
Home values averaging $577,396 create a significant ownership barrier that keeps households in the rental market longer, supporting tenant retention and reducing turnover costs. The area's rent-to-income ratio and high ownership costs relative to local incomes suggest continued rental demand from households unable to transition to homeownership.
The neighborhood's safety profile requires careful consideration, ranking 1,363rd among 1,441 metro neighborhoods for overall crime levels. Property crime rates of 1,635 incidents per 100,000 residents place the area in the 14th percentile nationally, indicating higher crime levels compared to most U.S. neighborhoods. Violent crime rates similarly rank in the 3rd percentile nationally, suggesting elevated security considerations for property management.
Both property and violent crime have increased over the past year, with property offenses rising 37.7% and violent crimes increasing 47.2%. These trends may impact tenant perceptions and retention strategies, potentially requiring enhanced security measures or adjusted marketing approaches to maintain occupancy levels. Investors should factor these safety dynamics into operational planning and budgeting for potential security improvements.
The property benefits from proximity to diverse employment anchors that support consistent tenant demand, with major healthcare, industrial, and technology employers within commuting distance.
- Molina Healthcare — healthcare services (1.5 miles) — HQ
- Air Products & Chemicals — industrial chemicals (4.2 miles)
- Airgas — industrial gases (7.4 miles)
- INTERNATIONAL PAPER Cypress Retail Packaging — packaging manufacturing (8.9 miles)
- Time Warner Business Class — telecommunications (9.3 miles)
This 72-unit Long Beach property presents a compelling investment opportunity anchored by strong rental market fundamentals and urban amenity access. The neighborhood's 79.2% renter occupancy rate ranks in the 99th percentile nationally, creating a deep tenant pool that supports occupancy stability and competitive lease-up velocity. According to multifamily property research from WDSuite, the area's dense amenity infrastructure and proximity to major employment centers provide sustainable demand drivers for rental housing.
Demographics within a 3-mile radius show projected household growth of 33.1% through 2028, expanding the potential tenant base while median income growth of 48% supports rent progression. The property's 1976 vintage provides a 20-year advantage over neighborhood norms, offering modern building systems while maintaining competitive operating costs. High ownership barriers, with median home values at $577,396, keep households in the rental market and reduce tenant turnover risk.
- Exceptional rental market depth with 79.2% renter occupancy ranking 99th percentile nationally
- Strong projected household growth of 33.1% through 2028 expanding tenant base
- Property vintage 20 years newer than neighborhood average providing competitive positioning
- High ownership barriers support tenant retention and reduce turnover costs
- Safety profile requires enhanced security planning and may impact tenant acquisition costs