| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Good |
| Demographics | 17th | Poor |
| Amenities | 44th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 8923 N Orion Ave, North Hills, CA, 91343, US |
| Region / Metro | North Hills |
| Year of Construction | 1977 |
| Units | 30 |
| Transaction Date | 2015-09-01 |
| Transaction Price | $3,500,000 |
| Buyer | GZ FUND III LLC |
| Seller | ORION GARDENS LLC |
8923 N Orion Ave, North Hills CA Multifamily Investment
High renter concentration and steady neighborhood occupancy signal durable demand drivers, according to WDSuite’s CRE market data. Positioned in North Hills within Los Angeles County, the asset’s location supports cash flow stability with room for operational improvement.
North Hills functions as an Urban Core pocket with renter-occupied housing making up roughly four-fifths of units in the neighborhood, indicating a deep tenant base for multifamily. Neighborhood occupancy has been resilient and sits above the metro median, supporting lease-up and retention planning. Elevated home values relative to incomes in this part of Los Angeles suggest many households rely on rental options, which can sustain demand and pricing power for well-managed assets.
Daily needs are well served by grocery access that ranks in the top quartile nationally, while restaurants are competitive versus peers. However, parks, pharmacies, and cafes are comparatively limited, which investors should factor into positioning and amenity upgrades. School ratings trend below national norms, which may influence unit mix and marketing toward workforce renters.
Rent levels in the neighborhood have risen meaningfully over the past five years while remaining below ownership costs, reinforcing the rental value proposition. Neighborhood housing fundamentals, including occupancy and NOI per unit, are competitive among Los Angeles neighborhoods, and the area scores in the top quartile nationally on housing metrics overall.
Within a 3-mile radius, households have increased despite modest population softening, pointing to smaller household sizes and an expanding renter pool. Median and mean incomes in the 3-mile area have grown and are projected to continue rising, which supports rent growth potential and occupancy stability. This dynamic, combined with elevated ownership costs, provides a constructive backdrop for multifamily property research and long-term hold strategies.
Safety indicators compare favorably to many neighborhoods nationwide, with the area performing above average in national percentiles. Recent trend data shows sharp year-over-year reductions in both violent and property offense estimates, placing the neighborhood among the strongest improvers nationally. While conditions vary by block and investors should underwrite conservatively, the broader trajectory is positive at the neighborhood level.
Proximity to major employers supports a steady renter pipeline and commute convenience for workforce and professional tenants. Nearby corporate offices include Charter Communications, Thermo Fisher Scientific, Farmers Insurance Exchange, Radio Disney, and Disney.
- Charter Communications — telecommunications (7.7 miles)
- Thermo Fisher Scientific — life sciences (7.9 miles)
- Farmers Insurance Exchange — insurance (8.1 miles) — HQ
- Radio Disney — media (9.3 miles)
- Disney — entertainment (9.9 miles) — HQ
Built in 1977, the 30-unit property offers potential value-add and systems modernization opportunities typical of late-1970s construction, with the aim of enhancing rentability and operating efficiency. The immediate neighborhood shows above-median occupancy within the Los Angeles metro and a high share of renter-occupied housing units, indicating depth in the tenant base. Elevated home values relative to incomes in the neighborhood reinforce renter reliance on multifamily, while grocery access is a relative strength versus limited parks and cafes.
Within a 3-mile radius, households are increasing even as population trends edge lower, implying smaller household sizes and a broader renter pool over time. Income growth and projected rent gains support a constructive backdrop for stabilized operations and targeted renovations, according to CRE market data from WDSuite. Key underwriting considerations include rent-to-income affordability pressure and lower school ratings, which may influence tenant mix and renewal strategies.
- Neighborhood occupancy above the metro median supports lease-up and retention
- High renter-occupied share indicates a deep tenant base for multifamily
- 1977 vintage presents value-add and building-systems modernization potential
- Strong grocery access and elevated ownership costs reinforce rental demand
- Risks: affordability pressure (rent-to-income), softer school ratings, and modest population contraction