| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 76th | Fair |
| Demographics | 48th | Fair |
| Amenities | 44th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2424 S Leland St, San Pedro, CA, 90731, US |
| Region / Metro | San Pedro |
| Year of Construction | 1979 |
| Units | 21 |
| Transaction Date | 2010-06-27 |
| Transaction Price | $2,900,000 |
| Buyer | 2424 SOUTH LELAND LLC |
| Seller | LELAND VISTAS LLC |
2424 S Leland St San Pedro Multifamily Investment
Neighborhood renter-occupied share and steady occupancy point to durable tenant demand, according to WDSuite’s CRE market data. Elevated ownership costs in Los Angeles County further support leasing resilience for well-managed assets in San Pedro.
Situated in San Pedro’s Urban Core, the property benefits from a renter-oriented landscape: the neighborhood reports a high concentration of renter-occupied housing units, supporting a broad tenant base and aiding leasing stability. Neighborhood occupancy is steady, and median contract rents track in the upper tier nationally, indicating pricing power where units are competitively positioned.
Daily needs access is mixed. Grocery availability ranks competitive among Los Angeles-Long Beach-Glendale neighborhoods (top quartile nationally), while restaurants are present but not dense, and cafes and park/pharmacy options are limited. School ratings average below the national median, which can influence family-driven demand, but does not preclude solid performance for workforce-oriented rentals.
Vintage positioning matters: the neighborhood’s average construction year skews older (1962). With a 1979 build, this asset is newer than much of the surrounding stock, offering comparative appeal versus older properties; investors should still anticipate typical system updates and selective modernization to sustain competitiveness.
Within a 3-mile radius, demographics show a stable population with recent modest growth and an expanding household count, with projections indicating further population growth and a notable increase in households over the next five years. These trends point to a larger tenant base and demand support for multifamily units, reinforcing occupancy stability. Rent-to-income levels in the neighborhood suggest manageable affordability pressure, a favorable setup for lease retention and revenue management.
Safety indicators are mixed when viewed across geographies. Compared with other Los Angeles-Long Beach-Glendale neighborhoods, the area’s rank suggests higher reported crime than the metro median; however, nationally it performs in the top quintile for safety. Recent data also shows pronounced year-over-year declines in both property and violent offense rates, signaling an improving trend. Investors should underwrite conservatively while recognizing the positive direction of these metrics.
Nearby employers span healthcare, manufacturing, consumer products, and air travel operations, supporting a diverse workforce and commute-friendly renter demand for San Pedro. The list below highlights key anchors within a roughly 7–17 mile radius that can influence leasing stability.
- Molina Healthcare — healthcare insurance (6.6 miles) — HQ
- Air Products & Chemicals — industrial gases (7.5 miles)
- Airgas — industrial gases (13.4 miles)
- Mattel — consumer products (14.6 miles) — HQ
- Southwest Airlines Counter — air transportation operations (16.6 miles)
This 21-unit, 1979-vintage asset offers relative competitiveness versus the neighborhood’s older housing stock, with scope for targeted modernization to enhance rents and durability. The surrounding San Pedro neighborhood shows steady occupancy and a high share of renter-occupied units, while a high-cost ownership market in Los Angeles County supports reliance on multifamily housing. Based on CRE market data from WDSuite, neighborhood rent levels are strong nationally, which can support revenue growth where units are well-finished and priced to the submarket.
Within a 3-mile radius, population has edged up and households are projected to increase further, expanding the renter pool and supporting occupancy over the medium term. Amenity access is anchored by groceries with lighter coverage in cafes, parks, and pharmacies; school ratings trail national norms, which favors workforce and young-adult segments. Underwriting should account for typical late-1970s systems and the neighborhood’s mixed safety signals, balanced by improving crime trends and a diversified employment base within commuting distance.
- Newer-than-area vintage (1979) versus neighborhood average, with value-add potential through selective updates
- Renter concentration and steady neighborhood occupancy support leasing durability
- High-cost ownership context underpins multifamily demand and pricing power
- Expanding 3-mile household base points to a larger tenant pool and supports occupancy stability
- Risks: below-median school ratings, uneven amenity mix, and aging systems requiring capex planning