| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Good |
| Demographics | 70th | Good |
| Amenities | 64th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5624 Fair Ave, North Hollywood, CA, 91601, US |
| Region / Metro | North Hollywood |
| Year of Construction | 1979 |
| Units | 31 |
| Transaction Date | 2022-01-18 |
| Transaction Price | $31,193,181 |
| Buyer | PI PROPERTIES NO 131 LLC |
| Seller | FAIR AVENUE DEVELOPMENT CO |
5624 Fair Ave, North Hollywood CA Multifamily Investment
A renter-heavy neighborhood and strong household fundamentals support durable demand, according to WDSuite s CRE market data, with ownership costs in Los Angeles sustaining reliance on multifamily housing.
Located in North Hollywood s Urban Core, the property sits in a neighborhood rated A- (ranked 296 of 1,441 Los Angeles metro neighborhoods), signaling competitive fundamentals for investors. The area s renter-occupied share is high at the neighborhood level, indicating a deep tenant base that can support leasing velocity and absorption. Median contract rents and home values are elevated locally, and the high-cost ownership environment tends to reinforce multifamily tenancy and pricing power when managed thoughtfully.
Amenity access is a relative strength: neighborhood cafe density ranks in the 97th percentile nationally, grocery options in the 99th percentile, and restaurants in the 94th percentile, which supports day-to-day convenience and renter retention. Average school ratings trend above national norms (around the 73rd percentile), a demand driver for a portion of renters. Park and pharmacy counts are limited by the metrics provided, so residents may rely more on nearby commercial corridors for daily services.
Occupancy in the neighborhood is mid-pack nationally (around the 42nd percentile) with a slight five-year softening, suggesting investors should underwrite prudent lease-up assumptions and focus on renewal management. By contrast, neighborhood NOI per unit trends strong versus national peers (around the 95th percentile), consistent with higher-rent urban Los Angeles submarkets.
Demographic statistics within a 3-mile radius show households grew modestly over the last five years even as population edged down, implying smaller average household sizes and a potentially larger renter pool relative to headcount. Looking forward, WDSuite s projections indicate growth in both households and incomes over the next five years, which supports multifamily demand and rent collections, while the high rent-to-income ratio at the neighborhood level calls for active retention and renewal strategies.
Neighborhood safety metrics are mixed but comparatively favorable in context. The neighborhood s crime rank sits at 489 among 1,441 Los Angeles metro neighborhoods, which is competitive among Los Angeles neighborhoods, and it performs around the 70th percentile for overall safety nationally. Violent offense estimates track near the national median (around the 46th percentile), while property offense levels are better than many peer areas and have improved sharply year over year.
Trend signals point positive: estimated violent and property offenses show substantial year-over-year declines, with improvement measures sitting in very high national percentiles. Investors can frame these as supportive of renter sentiment and retention, while still planning routine safety-forward operations consistent with urban Los Angeles assets.
Proximity to major media and corporate employers underpins a broad white-collar renter base and supports retention through commute convenience. Employers in the immediate orbit include Radio Disney, Charter Communications, Disney, Live Nation Entertainment, and Avery Dennison.
- Radio Disney corporate offices (2.3 miles)
- Charter Communications corporate offices (2.5 miles)
- Disney corporate offices (3.0 miles) — HQ
- Live Nation Entertainment corporate offices (5.3 miles)
- Avery Dennison corporate offices (6.9 miles) — HQ
Built in 1979, the property is newer than the neighborhood s average vintage, offering relative competitiveness versus older stock while still warranting capital planning for aging systems and selective upgrades. The surrounding neighborhood features a high renter-occupied share and strong amenity access, supporting depth of demand and potential pricing power in cycles when ownership costs remain elevated. According to CRE market data from WDSuite, neighborhood NOI per unit trends well above national norms, while occupancy sits closer to the middle of the pack a mix that rewards focused renewal management and targeted value-add.
Within a 3-mile radius, households and incomes are projected to grow over the next five years, expanding the tenant base and supporting rent collections. At the same time, neighborhood rent-to-income ratios are elevated, so operators should pair revenue strategies with retention initiatives and product differentiation to sustain occupancy stability.
- Renter-heavy neighborhood and strong amenity access support demand depth and retention.
- 1979 vintage offers competitive positioning with value-add and system modernization potential.
- NOI per unit outperforms national peers, while occupancy is steady but not peak favoring hands-on asset management.
- Household and income growth within 3 miles indicate a larger tenant base over the medium term.
- Risk: elevated rent-to-income ratios and mid-pack occupancy require disciplined renewals and expense control.