| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 75th | Fair |
| Demographics | 44th | Fair |
| Amenities | 78th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 510 E 3rd St, Pomona, CA, 91766, US |
| Region / Metro | Pomona |
| Year of Construction | 2005 |
| Units | 100 |
| Transaction Date | 2013-11-26 |
| Transaction Price | $17,300,173 |
| Buyer | PI PROPERTIES NO 76 LLC |
| Seller | KNOLLMILLER VICTORIA S |
510 E 3rd St, Pomona — 2005 Multifamily Investment
Newer construction relative to the surrounding stock and a renter-heavy neighborhood underpin demand resilience, according to WDSuite’s CRE market data. Expect steady tenant interest supported by a high-cost ownership market and improving neighborhood occupancy.
Located in Pomona’s Urban Core, the property sits in a neighborhood rated B+ and is competitive among Los Angeles-Long Beach-Glendale neighborhoods (ranked 472 out of 1,441). Restaurants and daily needs are close at hand, with neighborhood amenities skewing toward food and convenience retail; restaurant and grocery density track in the top quintile nationally, while park access is limited.
Rents at the neighborhood level trend toward the higher end of national medians, and neighborhood occupancy has edged up over the past five years to support income stability. With a renter-occupied share near 81% of housing units, the area offers a deep tenant base for multifamily assets, which can buffer leasing through cycles.
Within a 3-mile radius, households increased over the last five years even as population was modestly lower, indicating smaller average household sizes and a broader pool of leaseholders. Forecasts point to additional household growth with further downsizing in household size, which typically supports absorption for a range of unit types and helps sustain occupancy.
The asset’s 2005 vintage is newer than the neighborhood’s older housing stock (average construction year 1954), offering relative competitiveness versus legacy properties. Investors should still plan for mid-life system updates and targeted renovations to maintain positioning against newer deliveries.
Home values in the neighborhood sit at elevated levels relative to incomes, a high-cost ownership backdrop that tends to reinforce reliance on rental housing and can support pricing power for well-managed properties. At the same time, rent-to-income levels suggest some affordability pressure, warranting attentive lease management and renewal strategies.
Safety conditions in the immediate neighborhood are mixed. Compared with other Los Angeles-Long Beach-Glendale neighborhoods, this area sits below the metro median for safety (crime rank 880 out of 1,441), indicating relatively higher incident rates than many peers. Nationally, current estimates place violent and property offense rates in lower safety percentiles, signaling elevated risk versus the average U.S. neighborhood.
Trend-wise, recent year-over-year data show meaningful declines in both violent and property offenses, suggesting improvement momentum. Investors should weigh the ongoing improvement against the still-elevated baseline when underwriting security measures, insurance, and operating reserves.
Nearby employers provide a diversified employment base that supports renter demand and retention through commute convenience, including Ryder Vehicle Sales, Waste Management, McKesson Medical Surgical, United Technologies, and General Mills.
- Ryder Vehicle Sales — transportation & logistics (2.6 miles)
- Waste Management — environmental services (5.0 miles)
- Mckesson Medical Surgical — healthcare distribution (7.8 miles)
- United Technologies — aerospace & industrial offices (12.0 miles)
- General Mills — consumer goods offices (12.4 miles)
This 100-unit, 2005-built community offers relative competitive positioning in a renter-heavy Urban Core where neighborhood occupancy has trended upward and household counts within 3 miles are expanding despite flat population, broadening the tenant base. Elevated ownership costs in the neighborhood support sustained reliance on rentals, while strong amenity access enhances leasing appeal; according to CRE market data from WDSuite, the neighborhood’s income performance and amenity density compare favorably to national peers.
Key considerations include affordability pressure (higher rent-to-income at the neighborhood level) and below-metro-average safety rankings, both of which call for prudent underwriting around renewals, concessions, and security. The mid-2000s vintage should reduce near-term obsolescence risk versus older stock, though investors should plan for mid-life capital items and targeted value-add to maintain competitive standing.
- Newer 2005 vintage versus older neighborhood stock supports competitive positioning
- Renter-occupied concentration (~81% of units at the neighborhood level) deepens the tenant base
- Household growth within 3 miles and strong amenity access support absorption and occupancy stability
- High-cost ownership market can sustain rental demand and pricing power for well-managed assets
- Risks: below-metro-average safety metrics and neighborhood affordability pressure require careful lease and operating management