| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 80th | Best |
| Demographics | 72nd | Best |
| Amenities | 61st | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 820 Redondo Ave, Long Beach, CA, 90804, US |
| Region / Metro | Long Beach |
| Year of Construction | 1987 |
| Units | 27 |
| Transaction Date | 2024-07-03 |
| Transaction Price | $8,100,000 |
| Buyer | REDONDO PALMS LLC |
| Seller | 820 REDONDO APARTMENTS LP |
820 Redondo Ave, Long Beach Multifamily Investment
Renter demand is supported by a high share of renter-occupied housing and neighborhood occupancy around the mid-90% range, according to WDSuite’s CRE market data. Position within Long Beach’s urban core provides durable leasing fundamentals with room for value-add execution.
Located in Long Beach’s Urban Core, the area ranks 166th of 1,441 metro neighborhoods — competitive among Los Angeles-Long Beach-Glendale submarkets. Neighborhood occupancy is about 95% (above the national median), and median contract rents sit on the higher side nationally, supporting revenue potential and disciplined renewal strategies based on WDSuite’s commercial real estate analysis.
Livability factors are favorable for renters: parks density is among the strongest in the country (top national percentiles), and dining and cafe options are plentiful. Grocery access is solid, while pharmacy options are limited immediately nearby — a minor convenience tradeoff that typically has modest impact on leasing given the surrounding retail corridors. Average school ratings trend around mid-levels for the metro.
The neighborhood’s housing stock skews older (average vintage around 1965), while the subject property was built in 1987. The newer vintage versus the area implies relative competitiveness against older buildings and potential to capture rent premiums with targeted modernization, while planning for aging systems typical of late-1980s construction.
Within a 3-mile radius, households have grown recently and are projected to expand further alongside a gradual reduction in average household size. This dynamic suggests a larger renter pool and steady absorption potential for multifamily, even as population trends have been mixed. Elevated home values versus national norms signal a high-cost ownership market that can reinforce sustained rental demand and retention.
Safety metrics for the immediate neighborhood trend below national benchmarks, with crime ranking near the lower end among 1,441 metro neighborhoods. Nationally, comparative percentiles indicate the area experiences higher-than-average property and violent incidents. Recent year-over-year changes also point to an uptick, so investors often underwrite for pragmatic security measures (lighting, access controls) and monitor citywide trends over time.
From a portfolio perspective, framing safety at the neighborhood level — rather than the specific property — helps calibrate insurance assumptions, operating expenses, and tenant-experience initiatives while tracking whether conditions move closer to metro averages over the hold period.
Nearby employers provide a diverse white-collar and industrial base that supports renter demand through commute convenience and steady daytime population, including Molina Healthcare, Air Products & Chemicals, Airgas, INTERNATIONAL PAPER Cypress Retail Packaging, and Time Warner Business Class.
- Molina Healthcare — healthcare administration (2.9 miles) — HQ
- Air Products & Chemicals — industrial gases (5.2 miles)
- Airgas — industrial gases & supplies (7.3 miles)
- INTERNATIONAL PAPER Cypress Retail Packaging — packaging (7.6 miles)
- Time Warner Business Class — telecom services (8.2 miles)
Built in 1987 with 27 units, the property stands newer than the neighborhood’s average vintage, offering relative competitive positioning versus older stock and actionable value-add potential through focused upgrades. Neighborhood occupancy trends around the mid-90% range and a high share of renter-occupied units indicate depth of demand and prospects for stable leasing, according to CRE market data from WDSuite.
Within a 3-mile radius, households have increased and are projected to grow further as average household size declines, expanding the renter pool. Elevated ownership costs locally help sustain reliance on multifamily housing, supporting rent collection and renewal strategies while still requiring attention to affordability to manage retention.
- 1987 vintage offers modernization upside versus older neighborhood stock, with planning for late-1980s systems.
- Neighborhood occupancy near the mid-90% range and strong renter concentration support leasing stability.
- High-cost ownership market reinforces multifamily demand and renewal potential.
- Expanding household base within 3 miles points to a larger tenant pool over the medium term.
- Risks: below-national safety benchmarks and service-sector sensitivity warrant security, insurance, and conservative leasing assumptions.