| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 80th | Best |
| Demographics | 45th | Fair |
| Amenities | 45th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 11635 Firestone Blvd, Norwalk, CA, 90650, US |
| Region / Metro | Norwalk |
| Year of Construction | 1989 |
| Units | 41 |
| Transaction Date | 2017-04-11 |
| Transaction Price | $69,500,000 |
| Buyer | VERANDA ASSOCIATES LP |
| Seller | IMT CAPITAL II PALM COUNTRY CLUB LLC |
11635 Firestone Blvd Norwalk Multifamily Investment
This 41-unit property built in 1989 offers exposure to a neighborhood with strong occupancy metrics at 97.9% and above-average NOI per unit performance. The area demonstrates solid rental demand fundamentals according to CRE market data from WDSuite.
The Norwalk neighborhood demonstrates solid multifamily fundamentals with occupancy at 97.9%, ranking in the 88th percentile nationally among rental markets. The area maintains a median contract rent of $2,086, reflecting strong rental demand in this Urban Core location. With 40% of housing units occupied by renters, the neighborhood provides a substantial tenant base for multifamily properties.
Demographics within a 3-mile radius show a stable population of approximately 184,000 residents with median household income of $95,200. The area benefits from high childcare density at 3.43 facilities per square mile, ranking in the 97th percentile nationally, which supports family-oriented rental demand. Restaurant density of 12 per square mile indicates solid neighborhood amenities that enhance tenant appeal.
The property's 1989 construction year aligns with the neighborhood average of 1973, positioning it as relatively newer vintage that may require less immediate capital expenditure compared to older area stock. Home values averaging $609,638 with strong appreciation trends help sustain rental demand as elevated ownership costs reinforce renter reliance on multifamily housing options.
Average NOI per unit in the neighborhood reaches $11,144, ranking in the 85th percentile nationally, indicating strong revenue generation potential. The rent-to-income ratio suggests some affordability pressure that requires careful lease management considerations, though the high occupancy rates demonstrate continued tenant retention in the market.
Crime metrics show the neighborhood ranking 898th among 1,441 metro neighborhoods, placing it near the middle of the Los Angeles market. Property offense rates have declined 33.9% over the past year, ranking in the 77th percentile nationally for improvement trends. Violent crime rates also decreased 24.5% annually, indicating positive directional momentum in neighborhood safety conditions.
While absolute crime levels remain above some suburban areas, the improving trends and middle-tier regional ranking suggest stable conditions for multifamily operations. Investors should consider standard security measures and tenant screening protocols typical for urban core locations in the greater Los Angeles market.
The area benefits from proximity to diverse corporate employers that support workforce housing demand, including defense, manufacturing, and utility companies within commuting distance.
- Raytheon Public Safety RTC — defense & aerospace (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 41-unit property offers exposure to strong neighborhood-level occupancy at 97.9% and NOI performance in the 85th percentile nationally. The 1989 construction provides relatively newer vintage compared to the area average, potentially reducing near-term capital expenditure needs while maintaining competitive positioning. Demographics show stable household formation with median income of $95,200 supporting rental demand, while elevated home values sustain renter reliance on multifamily options.
The Urban Core location provides access to diverse employment within commuting distance, including defense, manufacturing, and utility employers. According to multifamily property research from WDSuite, the neighborhood demonstrates improving safety trends with crime declining over 30% annually, supporting tenant retention and operational stability.
- High occupancy at 97.9% indicates strong rental demand and tenant retention
- Above-average NOI performance suggests solid revenue generation potential
- 1989 construction offers competitive vintage with reduced capital expenditure risk
- Diverse nearby employment base supports workforce housing demand
- Risk consideration: rent-to-income ratios require careful lease management and renewal strategies