| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 80th | Best |
| Demographics | 20th | Poor |
| Amenities | 75th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 8950 Memory Park Ave, North Hills, CA, 91343, US |
| Region / Metro | North Hills |
| Year of Construction | 1985 |
| Units | 27 |
| Transaction Date | 2005-01-06 |
| Transaction Price | $3,050,000 |
| Buyer | BARAKAT NIDAL A |
| Seller | 8950 MEMORY PARK I LP |
8950 Memory Park Ave North Hills Multifamily
Neighborhood occupancy trends remain firmly in the mid-to-high 90s, supporting income stability for a 27-unit asset, according to WDSuite’s commercial real estate analysis. Renter demand is reinforced by strong amenity access and a high renter concentration at the neighborhood level.
The property sits in North Hills (Los Angeles County) within an Urban Core neighborhood rated B- and positioned around the middle of the Los Angeles-Long Beach-Glendale metro pack (ranked roughly mid-range among 1,441 neighborhoods). Amenity density is a relative strength: restaurants and cafes trend in the top quartile nationally, and pharmacies and grocery access are also above national norms, according to WDSuite’s CRE market data. Park acreage is limited within the neighborhood, so green space is more destination-based than walk-up convenience.
For investors evaluating rent roll durability, neighborhood occupancy is strong and sits in a nationally high percentile, while net operating income per unit benchmarks above the U.S. median for similar neighborhoods. Median school ratings trail national averages, which can modestly temper family-driven demand, but proximity to daily-needs retail helps sustain leasing velocity.
Vintage and competitive set: Built in 1985, the asset is slightly newer than the neighborhood’s average vintage (late 1970s). That positioning supports competitiveness versus older stock while still warranting capital planning for systems, common areas, and selective unit updates to capture value-add upside.
Tenure and renter base: The neighborhood shows a very high share of renter-occupied housing units—among the highest nationally—indicating a deep tenant base and potential demand stability for multifamily. This level of renter concentration typically supports retention and reduces lease-up risk for similar assets.
3-mile demographics: Within a 3-mile radius, recent years show a slight population contraction alongside an increase in households, with average household size trending lower. This points to more, smaller households entering the market—conditions that can expand the renter pool and support occupancy stability. Median contract rents have risen over the past five years and are projected to continue growing through the forecast period, suggesting sustained pricing power if unit finishes and operations remain competitive.
Affordability context: Elevated home values relative to incomes (high national percentile for value-to-income ratio) characterize a high-cost ownership market. For multifamily owners, this typically reinforces reliance on rental housing and can support lease retention. At the same time, rent-to-income levels indicate affordability pressure for some renters, underscoring the need for thoughtful lease management and amenity-value alignment.
Safety metrics for the neighborhood compare favorably in a national context, trending in the top quartile nationally overall. Within the Los Angeles-Long Beach-Glendale metro (1,441 neighborhoods), the area performs competitively, rather than at either extreme.
Recent trend indicators signal improvement, with notable year-over-year reductions in both property and violent offense estimates according to WDSuite’s CRE market data. As always, investors should pair metro- and neighborhood-level statistics with on-the-ground observations and professional reports when underwriting.
Nearby corporate employers provide a diversified white-collar employment base that supports renter demand and commute convenience for workforce tenants. The list below highlights key names within roughly 7–10 miles that can influence leasing stability: Charter Communications, Thermo Fisher Scientific, Farmers Insurance, Radio Disney, and Disney.
- Charter Communications — telecommunications (7.2 miles)
- Thermo Fisher Scientific — life sciences (8.3 miles)
- Farmers Insurance Exchange — insurance (8.6 miles) — HQ
- Radio Disney — media (8.9 miles)
- Disney — entertainment (9.6 miles) — HQ
8950 Memory Park Ave offers a 27-unit footprint in a renter-heavy North Hills submarket where neighborhood occupancy trends remain elevated and amenity access is a relative strength. Built in 1985, the property is slightly newer than the area’s typical vintage, supporting competitive positioning against older stock while presenting a practical path for targeted renovations to enhance yields. Based on CRE market data from WDSuite, the neighborhood ranks above national norms for restaurant/cafe density and shows strong renter concentration—conditions that can support demand depth and leasing stability.
Investor considerations include a high-cost ownership landscape that tends to sustain rental demand, balanced against rent-to-income pressures that warrant prudent lease management. School ratings trail national averages and park access is limited within the neighborhood, but household growth within a 3-mile radius—even as population trends edge down—suggests more, smaller households entering the rental market, supporting occupancy over the medium term.
- Strong neighborhood occupancy and deep renter base support income durability
- 1985 vintage offers competitive positioning with clear value-add and systems planning opportunities
- Amenity-rich location (food, cafes, daily needs) helps sustain leasing velocity
- High-cost ownership market reinforces reliance on rental housing
- Risks: rent-to-income pressure, below-average school ratings, and limited park access require careful asset and lease strategy