| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 80th | Best |
| Demographics | 20th | Poor |
| Amenities | 75th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 8720 Burnet Ave, North Hills, CA, 91343, US |
| Region / Metro | North Hills |
| Year of Construction | 1978 |
| Units | 22 |
| Transaction Date | 2020-03-25 |
| Transaction Price | $82,636,364 |
| Buyer | SAUER TIMOTHY J |
| Seller | HARGES LORELEI |
8720 Burnet Ave North Hills Multifamily Investment
This 22-unit property sits in a neighborhood with 97.4% occupancy and strong renter concentration at 77.8% of housing units, according to CRE market data from WDSuite.
North Hills offers a stable rental environment with neighborhood-level occupancy at 97.4%, ranking in the 86th percentile nationally. The area maintains strong renter demand with 77.8% of housing units occupied by tenants, placing it in the top percentile nationwide among rental-concentrated neighborhoods.
Demographic data aggregated within a 3-mile radius shows a population of over 272,000 with household incomes averaging $93,645 and median household incomes at $73,353. Projections through 2028 indicate household growth of 30.5% and median income increases to $96,500, supporting rental demand fundamentals. The current median contract rent of $1,631 reflects market positioning within the broader Los Angeles metro.
The neighborhood's amenity infrastructure supports tenant retention with 2.54 grocery stores per square mile (87th percentile nationally) and 19.5 restaurants per square mile (96th percentile nationally). However, park access ranks at the bottom percentile, which may influence tenant preferences for units with private outdoor space or proximity to alternative recreational options.
Built in 1978, this property aligns with the neighborhood's average construction year of 1979, indicating consistent building stock that may present value-add renovation opportunities for modernization and unit upgrades to capture rent premiums in a supply-constrained market.
Crime metrics show the neighborhood ranking 358th among 1,441 metro neighborhoods, placing it in the 76th percentile nationally for safety. Property offense rates have declined significantly by 72.8% year-over-year, ranking in the 96th percentile for improvement trends nationwide.
Violent crime rates also demonstrate positive momentum with a 96.3% decrease year-over-year, representing the top percentile nationally for crime reduction. These improving safety trends support tenant retention and can contribute to stable occupancy levels in multifamily properties.
The North Hills submarket benefits from proximity to major corporate employers within commuting distance, supporting workforce housing demand for middle-income renters.
- Charter Communications — telecommunications (7.1 miles)
- Thermo Fisher Scientific — life sciences (8.3 miles)
- Farmers Insurance Exchange — insurance (8.5 miles) — HQ
- Disney — entertainment (9.3 miles) — HQ
- Live Nation Entertainment — entertainment (11.3 miles) — HQ
This 1978-vintage property operates in a neighborhood demonstrating occupancy stability at 97.4% and strong rental demand fundamentals. The 77.8% renter-occupied housing share creates a deep tenant pool, while projected household growth of 30.5% through 2028 supports continued absorption. Median household income growth from $73,353 to a projected $96,500 indicates improving tenant quality and potential for measured rent growth.
The property's construction year aligns with neighborhood norms, presenting value-add renovation opportunities to capture rent premiums in a supply-constrained Los Angeles submarket. Commercial real estate analysis shows declining crime trends and strong amenity density supporting tenant retention, though investors should monitor the lack of park access and assess capital requirements for a 46-year-old asset.
- Neighborhood occupancy at 97.4% ranks in 86th percentile nationally
- Projected 30.5% household growth through 2028 supports rental demand
- Value-add potential with 1978 construction year
- Risk: Age-related capital expenditure requirements