| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 77th | Good |
| Demographics | 31st | Poor |
| Amenities | 78th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 350 W 3rd St, San Pedro, CA, 90731, US |
| Region / Metro | San Pedro |
| Year of Construction | 1976 |
| Units | 60 |
| Transaction Date | 2017-07-21 |
| Transaction Price | $36,800,000 |
| Buyer | OAHS VERDES DEL ORIENTE LP |
| Seller | OAHS VERDES DEL LIGHTHOUSE SAN PEDRO 3RD |
350 W 3rd St, San Pedro CA Multifamily Investment
Renter demand is supported by high neighborhood occupancy and a deep renter-occupied housing base, according to WDSuite’s CRE market data. Stable performance drivers and a high-cost ownership market point to durable leasing fundamentals in San Pedro.
The property sits in an Urban Core neighborhood of Los Angeles-Long Beach-Glendale rated B and ranked 594 out of 1,441 metro neighborhoods, which is competitive among Los Angeles-Long Beach-Glendale neighborhoods. For multifamily operators, the local housing stock shows steady utilization: neighborhood occupancy is reported at 95.1% with a positive multi-year trend, supporting income stability for well-managed assets.
Renter tenure is a defining characteristic here. The neighborhood’s renter-occupied housing share is high (77.3%), placing it in the top national percentile, which deepens the tenant pool and can support consistent leasing velocity. Within a 3-mile radius, renters account for a majority of occupied units as well, reinforcing depth of demand for multifamily.
Local amenities are a relative strength: grocery, restaurant, cafe, and pharmacy access all score in high national percentiles, improving day-to-day convenience for residents. Park access is limited in the immediate area, which may modestly affect lifestyle appeal for some households, but the broader retail and services mix helps sustain renter appeal and retention.
Home values in the neighborhood are elevated compared with national norms (high national percentile), and the value-to-income ratio ranks among the highest nationally. This high-cost ownership market tends to reinforce reliance on rentals, which can support pricing power for competitively positioned assets. At the same time, a rent-to-income ratio near the low national percentile signals affordability pressure for some renters, which warrants thoughtful lease management and renewal strategies.
School ratings trend below the national median, which investors should factor into targeting and positioning; the area often appeals to workforce and service-sector households given proximity to employment centers. Demographic statistics within a 3-mile radius indicate recent population and household growth with additional increases forecast, implying a gradual expansion of the tenant base and support for occupancy over the medium term.
Safety metrics are mixed but show recent improvement. The neighborhood’s overall crime measure trends safer than many areas nationally (around the 71st percentile), while violent incidents track closer to the national mid-range (around the 42nd percentile), based on CRE market data from WDSuite. For context, these figures compare this neighborhood to others nationwide, and local rank comparisons are measured against 1,441 neighborhoods in the Los Angeles-Long Beach-Glendale metro.
One-year trends indicate notable declines in both property and violent offense rates, placing recent improvement in a high national percentile for year-over-year change. Investors should continue to monitor local trends and property-level security measures, as conditions can vary by block and over time.
Proximity to regional employers underpins renter demand and commute convenience, notably in healthcare, industrial gases, consumer products, and corporate services. Key nearby employers include Molina Healthcare, Air Products & Chemicals, Airgas, Mattel, and International Paper.
- Molina Healthcare — healthcare insurer (5.1 miles) — HQ
- Air Products & Chemicals — industrial gases (5.8 miles)
- Airgas — industrial gases (11.8 miles)
- Mattel — toy manufacturing HQ & corporate offices (13.8 miles) — HQ
- INTERNATIONAL PAPER Cypress Retail Packaging — packaging operations (15.5 miles)
This 60-unit multifamily asset, built in 1976, is newer than the neighborhood’s average vintage and can compete well against older stock, while still benefiting from targeted modernization for systems and finishes. Leasing fundamentals are reinforced by a large renter-occupied base, high neighborhood occupancy, and strong everyday amenities. Elevated ownership costs in the area support renter reliance on multifamily housing, though operators should plan for affordability-sensitive lease management given rent-to-income readings near the low national percentile.
Within a 3-mile radius, recent population and household growth with further increases forecast point to a gradually expanding tenant base that can support occupancy stability. According to CRE market data from WDSuite, the neighborhood performs competitively within the Los Angeles-Long Beach-Glendale metro and shows recent improvement in reported offense rates, adding to operational confidence while warranting ongoing monitoring.
- High renter concentration and solid neighborhood occupancy support consistent leasing
- 1976 vintage offers relative competitiveness vs. older stock with value-add potential
- Strong amenity access (grocery, dining, pharmacies) enhances retention and appeal
- Expanding 3-mile tenant base supports occupancy stability over the medium term
- Risks: affordability pressure (rent-to-income), below-median school ratings, limited park access