| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 80th | Best |
| Demographics | 45th | Fair |
| Amenities | 45th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 11645 Firestone Blvd, Norwalk, CA, 90650, US |
| Region / Metro | Norwalk |
| Year of Construction | 1989 |
| Units | 38 |
| Transaction Date | 2011-12-13 |
| Transaction Price | $42,250,422 |
| Buyer | VERANDA ASSOCIATES LP |
| Seller | IMT CAPITAL II PALM COUNTRY CLUB LLC |
11645 Firestone Blvd Norwalk Multifamily Investment
This 38-unit property benefits from neighborhood-level occupancy at 97.9% and strong rental demand fundamentals, according to CRE market data from WDSuite.
Located in Norwalk's Urban Core, this neighborhood demonstrates solid rental fundamentals with 97.9% occupancy rates ranking in the top quartile nationally among 1,441 metro neighborhoods. The area maintains a 40% renter-occupied housing unit share, providing a stable tenant base for multifamily properties. Median contract rents of $2,086 reflect strong pricing power, with rent growth outpacing national trends over the past five years.
The property's 1989 construction year aligns with the neighborhood average of 1973, indicating potential value-add opportunities through strategic renovations and unit improvements. Demographics within a 3-mile radius show a median household income of $95,391 with projected growth to $130,211 by 2028, supporting rental demand sustainability. The area's NOI per unit averaging $11,144 ranks in the 85th percentile nationally, demonstrating strong operational performance among comparable neighborhoods.
Home values averaging $609,638 with significant appreciation trends reinforce rental demand, as elevated ownership costs sustain renter reliance on multifamily housing. The neighborhood offers practical amenities including 1.72 grocery stores per square mile and strong childcare access ranking in the 97th percentile nationally, supporting tenant retention and family-oriented rental demand.
The neighborhood's safety profile shows mixed indicators requiring careful consideration. Property crime rates have declined 33.9% year-over-year, ranking in the 77th percentile nationally for crime reduction trends. However, current property offense rates remain elevated at 1,455 incidents per 100,000 residents, ranking 1,230th among 1,441 metro neighborhoods.
Violent crime rates of 192 incidents per 100,000 residents also show improvement with a 24.5% annual decline, though absolute levels rank in the lower quartiles regionally. Investors should factor these safety considerations into tenant screening, property management strategies, and security investments when evaluating this opportunity.
The area benefits from proximity to established corporate employers providing workforce housing demand, with major operations within commuting distance including defense, manufacturing, and utility sectors.
- 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 38-unit property presents a compelling value-add opportunity in a neighborhood demonstrating strong operational fundamentals. Neighborhood-level occupancy at 97.9% ranks in the top quartile nationally, while NOI per unit performance in the 85th percentile indicates robust cash flow potential. The 1989 construction vintage offers renovation upside to capture higher rents in a market where median contract rents have grown consistently.
Demographics within a 3-mile radius support long-term rental demand, with household income projected to increase 36.5% by 2028 and renter household growth forecasted. According to commercial real estate analysis from WDSuite, elevated home values averaging $609,638 reinforce rental market fundamentals by maintaining affordability pressure that sustains multifamily demand.
- Neighborhood occupancy at 97.9% ranks top quartile nationally among 1,441 metro areas
- NOI per unit performance in 85th percentile supports strong cash flow potential
- 1989 vintage offers value-add renovation opportunities in appreciating rent market
- Projected 36.5% household income growth by 2028 supports rental demand sustainability
- Risk consideration: Property crime rates require enhanced security and management protocols