| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 82nd | Best |
| Demographics | 29th | Poor |
| Amenities | 78th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 14610 Plummer St, Panorama City, CA, 91402, US |
| Region / Metro | Panorama City |
| Year of Construction | 1991 |
| Units | 44 |
| Transaction Date | 2018-12-17 |
| Transaction Price | $9,300,000 |
| Buyer | SILVAN LLC |
| Seller | MILAN SOCAL II LP |
14610 Plummer St Panorama City Multifamily Investment
The 44-unit property sits in a neighborhood with 97.8% occupancy and strong rental demand, supported by a 69.7% renter share that ranks in the top 3% nationally according to CRE market data from WDSuite.
This 44-unit property built in 1991 operates in Panorama City's Urban Core neighborhood, which demonstrates strong fundamentals for multifamily investors. With neighborhood-level occupancy at 97.8% ranking in the top quartile among 1,441 metro neighborhoods, the area maintains tight rental market conditions. The neighborhood's 69.7% renter-occupied unit share places it in the 97th percentile nationally, indicating sustained rental demand depth.
Demographic data aggregated within a 3-mile radius shows a population of approximately 266,000 with stable household formation trends. The area's median household income of $74,930 has grown 33.4% over five years, while median contract rent increased 33.4% to $1,646, demonstrating rent growth aligned with income gains. Projections through 2028 forecast continued household growth of 31.7% and median income rising to $101,122, supporting rental demand expansion.
The neighborhood offers strong amenity density with 8.56 grocery stores per square mile ranking in the 99th percentile nationally, plus extensive restaurant and cafe access that enhances tenant appeal. However, limited park access and below-average school ratings present considerations for family-oriented tenant retention. The property's 1991 construction year aligns with neighborhood averages, suggesting moderate capital expenditure needs typical for properties of this vintage.
Crime metrics show mixed trends for the neighborhood. Property offense rates of 200 incidents per 100,000 residents rank around the middle among 1,441 metro neighborhoods, while violent crime rates of 50 incidents per 100,000 residents place the area below metro averages. Notably, both property and violent crime rates declined significantly over the past year by 84.1% and 91.1% respectively, representing substantial improvements in neighborhood security conditions.
The neighborhood's overall crime ranking places it in the 74th percentile nationally, indicating above-average safety performance compared to urban neighborhoods nationwide. For multifamily investors, these improving safety trends can support tenant retention and property values, though ongoing monitoring of local crime patterns remains prudent for long-term investment planning.
The property benefits from proximity to major corporate employers that provide workforce housing demand, including entertainment, telecommunications, and financial services companies within the greater Los Angeles market.
- Charter Communications — telecommunications (6.8 miles)
- Radio Disney — media & entertainment (8.8 miles)
- Disney — entertainment & media (9.3 miles) — HQ
- Farmers Insurance Exchange — insurance services (9.5 miles) — HQ
- Live Nation Entertainment — entertainment services (12.0 miles) — HQ
The 44-unit Panorama City property presents a compelling value-add opportunity in a neighborhood demonstrating exceptional rental market fundamentals. Neighborhood-level occupancy of 97.8% ranks in the top quartile among Los Angeles metro neighborhoods, while the 69.7% renter share indicates deep rental demand that consistently supports multifamily performance. The property's 1991 construction provides opportunity for strategic capital improvements to capture rent premiums in a market where median rents have grown alongside rising household incomes.
Demographic projections within the 3-mile radius forecast household growth of 31.7% through 2028, expanding the tenant base while median household income is projected to increase 35% to $101,122. This income growth trajectory, combined with high ownership costs that reinforce rental demand, positions the property to benefit from sustained occupancy and rent growth potential. However, investors should monitor the area's below-average school ratings and limited park access as factors that may influence family tenant retention strategies.
- Neighborhood occupancy at 97.8% ranks top quartile among 1,441 metro neighborhoods
- Strong renter demand with 69.7% rental tenure ranking 97th percentile nationally
- Projected 31.7% household growth and 35% income growth through 2028
- Value-add potential with 1991 construction in improving neighborhood
- Risk consideration: Below-average school ratings may limit family tenant appeal