| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 80th | Best |
| Demographics | 45th | Fair |
| Amenities | 45th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 11605 Firestone Blvd, Norwalk, CA, 90650, US |
| Region / Metro | Norwalk |
| Year of Construction | 1989 |
| Units | 99 |
| Transaction Date | 2017-04-11 |
| Transaction Price | $69,500,000 |
| Buyer | VERANDA ASSOCIATES LP |
| Seller | IMT CAPITAL II PALM COUNTRY CLUB LLC |
11605 Firestone Blvd, Norwalk CA Multifamily Investment
Neighborhood occupancy remains elevated with stable renter demand, according to WDSuite’s CRE market data, positioning this asset for steady cash flow in a high-cost ownership market.
The property sits in Norwalk within the Los Angeles-Long Beach-Glendale metro, where neighborhood multifamily occupancy is strong and has trended higher in recent years. With the neighborhood’s occupancy ranking 277 out of 1,441 metro neighborhoods, this performance places it in the top quartile nationally, a constructive backdrop for lease stability and renewal capture.
Rents in the immediate neighborhood are competitive among Los Angeles-Long Beach-Glendale neighborhoods (rank 461 of 1,441), while median home values are elevated relative to national norms. That ownership cost profile tends to reinforce reliance on multifamily housing, supporting depth of the tenant base and pricing power when units turn.
Livability indicators are mixed: restaurants per square mile perform well versus national peers, and childcare access scores in a high national percentile, but cafes and parks are limited locally. Average school ratings are modest yet slightly above the national middle, offering a balanced family appeal without being a primary rent driver. These dynamics, paired with an Urban Core setting and a neighborhood rating of B-, suggest steady everyday convenience rather than lifestyle-driven premiums.
Tenure patterns indicate a moderate renter concentration within a 3-mile radius (approximately two-fifths of units are renter-occupied), which supports ongoing multifamily demand without over-reliance on transient renters. Demographic statistics aggregated within a 3-mile radius show relatively flat population trends but a slight increase in households and smaller household sizes over time, which can expand the renter pool and support occupancy stability. This context aligns with commercial real estate analysis that prioritizes durable demand over volatile growth narratives.
Vintage also matters: the average nearby building stock dates to the early 1970s, while this property was built in 1989. Being newer than much of the surrounding inventory can enhance competitive positioning versus older assets, though investors should still plan for selective modernization as systems age.
Safety outcomes in the neighborhood track below national averages, with crime metrics ranking in the less favorable half of Los Angeles-Long Beach-Glendale neighborhoods (898 out of 1,441). In national terms, safety percentiles sit on the lower side; however, recent year-over-year trends indicate declines in both property and violent offenses, which is a constructive directional signal for long-term risk management.
For investors, this mix suggests underwriting with prudent security and operating assumptions while recognizing recent improvement. Comparative framing across the metro and national landscape remains more informative than block-level conclusions.
Proximity to diversified employers supports a broad renter base and commute convenience. Nearby anchors include Raytheon Public Safety RTC (defense & public safety), LKQ (auto parts distribution), Coca-Cola Downey (beverage operations), International Paper (packaging), and Time Warner Business Class (telecom services).
- Raytheon Public Safety RTC — defense & public safety (2.01 miles)
- LKQ — auto parts distribution (2.58 miles)
- Coca-Cola Downey — beverage operations (2.63 miles)
- International Paper — packaging (2.96 miles)
- Time Warner Business Class — telecom services (3.48 miles)
Built in 1989 with 99 units, the asset is newer than much of the surrounding 1970s-era stock, offering relative competitiveness and potential to capture demand from renters seeking more contemporary layouts. According to CRE market data from WDSuite, the neighborhood records top-quartile occupancy performance nationally, which underpins cash flow stability. Elevated home values in Los Angeles County further sustain renter reliance on multifamily housing, while within a 3-mile radius households are edging higher and average household size is trending smaller — dynamics that typically expand the renter pool and support consistent leasing.
Unit sizes average about 1,090 square feet, supporting livability and lease retention, and the neighborhood’s NOI per unit ranks in the top quintile nationally — a constructive signal for operating performance relative to peers. Near-term upside is likely tied to targeted renovations and systems modernization consistent with a late-1980s vintage, alongside disciplined expense management.
- Top-quartile neighborhood occupancy supports cash flow durability
- 1989 vintage out-positions older local stock; value-add via selective modernization
- Larger average unit size (~1,090 sf) aids retention and rentability
- High-cost ownership market reinforces multifamily demand and pricing power
- Risk: safety metrics trail national averages — underwrite security and operations prudently