| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 80th | Best |
| Demographics | 45th | Fair |
| Amenities | 45th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 11601 Firestone Blvd, Norwalk, CA, 90650, US |
| Region / Metro | Norwalk |
| Year of Construction | 1989 |
| Units | 28 |
| Transaction Date | 2017-04-11 |
| Transaction Price | $69,500,000 |
| Buyer | VERANDA ASSOCIATES LP |
| Seller | IMT CAPITAL II PALM COUNTRY CLUB LLC |
11601 Firestone Blvd Norwalk Multifamily Investment
This 28-unit property built in 1989 sits in a neighborhood with strong occupancy fundamentals and above-average net operating income per unit. According to CRE market data from WDSuite, the area demonstrates competitive rental demand with 97.9% neighborhood occupancy and $11,144 average NOI per unit.
The Norwalk neighborhood presents a stable multifamily investment environment with occupancy rates of 97.9%, ranking in the top quartile among 1,491 metro neighborhoods. The area maintains strong rental demand fundamentals with 40% of housing units occupied by renters, supporting consistent tenant base availability for multifamily properties.
Demographics within a 3-mile radius show a mature household base with median income of $95,470 and average household size of 3.6 members. The area demonstrates income stability with 67% of households earning above $75,000 annually, while projected household growth of 42% through 2028 indicates expanding renter pool potential for multifamily demand.
The neighborhood's 1989 construction year aligns with regional building stock averages, suggesting minimal near-term capital expenditure pressure while offering potential value-add renovation opportunities. Median contract rents of $2,086 rank competitively among metro neighborhoods, with home values averaging $609,638 reinforcing rental demand as ownership costs remain elevated relative to area incomes.
Local amenities support tenant retention with above-average childcare density ranking in the 97th percentile nationally and restaurant access in the 92nd percentile. The neighborhood maintains adequate grocery access while school ratings average 3.0 out of 5, providing standard educational amenities for family-oriented renters.
Safety metrics show the neighborhood ranking near the middle among 1,491 Los Angeles metro neighborhoods, with property crime trends improving over the past year. Recent data indicates a 34% decrease in property offense rates and a 25% reduction in violent crime rates, suggesting positive directional movement in neighborhood security conditions.
While crime rates remain above optimal levels for premium multifamily positioning, the improving trends may support tenant retention and leasing stability. Investors should factor current safety conditions into rental pricing strategies and consider security enhancements as potential value-add improvements.
The area benefits from proximity to established corporate employers in aerospace, manufacturing, and distribution sectors, providing workforce housing opportunities for local employees.
- Raytheon Public Safety RTC — defense & aerospace offices (2.1 miles)
- LKQ — automotive parts distribution (2.5 miles)
- Coca-Cola Downey — beverage manufacturing (2.7 miles)
- International Paper — packaging & paper products (3.0 miles)
- Edison International — utility services (9.6 miles) — HQ
This 28-unit property built in 1989 offers stable multifamily fundamentals in a neighborhood demonstrating above-average occupancy performance and competitive NOI metrics. The area's 97.9% occupancy rate and strong renter household base provide operational stability, while projected household growth of 42% through 2028 supports long-term tenant demand. The property's vintage suggests potential value-add renovation opportunities without immediate capital pressure.
Commercial real estate analysis indicates the neighborhood maintains rental affordability relative to area incomes while elevated home values sustain rental demand over ownership options. Proximity to established employers in aerospace and manufacturing sectors provides workforce housing appeal, though investors should monitor safety improvements and factor current crime trends into operational planning.
- Strong occupancy fundamentals with 97.9% neighborhood rate ranking top quartile metro-wide
- Above-average NOI per unit at $11,144 supporting cash flow stability
- Projected 42% household growth through 2028 expanding renter pool
- Value-add renovation potential with 1989 construction vintage
- Risk consideration: Monitor improving but elevated crime trends for tenant retention impact