| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 86th | Best |
| Demographics | 78th | Best |
| Amenities | 65th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2603 Phelan Ln, Redondo Beach, CA, 90278, US |
| Region / Metro | Redondo Beach |
| Year of Construction | 1972 |
| Units | 24 |
| Transaction Date | 2021-01-29 |
| Transaction Price | $4,720,000 |
| Buyer | LUCIO CHILDRENS TRUST |
| Seller | LUCIO ROBERT H |
2603 Phelan Ln Redondo Beach Multifamily Investment
This 24-unit property built in 1972 sits in a neighborhood with 96.3% occupancy and strong renter demand supported by high-income demographics. Commercial real estate analysis from WDSuite shows the area ranks in the top quartile nationally for housing fundamentals.
Located in Redondo Beach's Urban Core neighborhood, this property benefits from a mature residential market with strong fundamentals. The neighborhood ranks 28th among 1,441 Los Angeles metro neighborhoods for housing metrics, placing it in the top quartile regionally with an 86th national percentile rating.
Demographics within a 3-mile radius show substantial household income strength, with median income at $121,169 and 36.3% of households earning over $150,000 annually. Population growth of 1.3% over five years supports steady rental demand, while 50.2% of housing units are renter-occupied, indicating a balanced tenure mix that sustains multifamily fundamentals.
The neighborhood maintains 96.3% occupancy with median contract rents at $2,305, reflecting strong tenant retention in this coastal market. Amenity density includes 12.06 grocery stores per square mile (99th national percentile) and robust childcare access, supporting family-oriented renter appeal. Schools average 4.0 out of 5 ratings, ranking in the 84th national percentile.
Built in 1972, this property aligns with the neighborhood's average construction year of 1984, suggesting potential value-add opportunities through strategic capital improvements while maintaining competitive positioning within the existing housing stock.
The neighborhood demonstrates improving safety trends with property crime rates declining 38.6% year-over-year and violent crime down 58.1%. Current property offense rates of 332 incidents per 100,000 residents rank 658th among 1,441 metro neighborhoods, placing it near the median for the region.
Violent crime remains low at 16 incidents per 100,000 residents, ranking in the 62nd national percentile. The substantial year-over-year crime reductions indicate positive momentum in neighborhood safety conditions, which supports tenant retention and property values in this coastal location.
The property benefits from proximity to major corporate employers and headquarters, providing workforce housing opportunities for professional tenants within reasonable commuting distance.
- Mattel — toy manufacturing headquarters (3.2 miles) — HQ
- Southwest Airlines Counter — aviation services (5.1 miles)
- Microsoft Offices The Reserves — technology (7.5 miles)
- Symantec — cybersecurity (7.6 miles)
- Abbott Laboratories — healthcare headquarters (10.8 miles) — HQ
This 1972-vintage property offers value-add potential in a neighborhood demonstrating strong multifamily fundamentals. High-income demographics within a 3-mile radius, with median household income of $121,169 and substantial population growth, support sustained rental demand. The 96.3% neighborhood occupancy rate and median rents of $2,305 indicate pricing power and tenant retention strength.
According to CRE market data from WDSuite, the area ranks in the top quartile nationally for housing metrics while maintaining balanced renter-owner tenure at 50.2% rental occupancy. The coastal Redondo Beach location provides access to major employment centers including Mattel headquarters and technology offices, supporting professional tenant demand.
- Strong occupancy at 96.3% with median rents of $2,305 supporting cash flow stability
- High-income demographics with 36.3% of households earning over $150,000 annually
- Value-add opportunity through strategic renovations of 1972-vintage units
- Proximity to major employers including Mattel and technology offices
- Risk consideration: Rent-to-income ratio of 22% may limit pricing growth in economic downturns