| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 77th | Good |
| Demographics | 31st | Poor |
| Amenities | 78th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 401 W 3rd St, San Pedro, CA, 90731, US |
| Region / Metro | San Pedro |
| Year of Construction | 1987 |
| Units | 84 |
| Transaction Date | 2004-11-04 |
| Transaction Price | $9,100,000 |
| Buyer | BRIDGE VIEW APARTMENTS LLC |
| Seller | BRANDS OMAR H |
401 W 3rd St, San Pedro CA Multifamily Opportunity
Renter demand is reinforced by a high neighborhood renter concentration and near-full occupancy, according to WDSuite’s CRE market data, supporting stable operations for a 1987-vintage, 84-unit asset in San Pedro.
Set within an Urban Core pocket of San Pedro, the property benefits from strong everyday convenience: grocery, restaurant, and pharmacy density ranks competitively in the Los Angeles-Long Beach-Glendale metro, with grocery and restaurant access placing in high national percentiles. This amenity depth supports leasing and day-to-day livability for workforce and service-sector tenants.
Neighborhood occupancy trends are supportive for multifamily: the surrounding neighborhood records approximately 95% occupancy with a multi-year uptick, based on CRE market data from WDSuite. While schools in the neighborhood rate below the national average, the location’s amenity strength and coastal-adjacent employment access help maintain a broad renter pipeline.
Tenure patterns favor rental housing: the neighborhood shows a high share of housing units that are renter-occupied and is competitive among Los Angeles-Long Beach-Glendale neighborhoods (ranked within the top 40% of 1,441 metro neighborhoods) and very strong by national comparison. This depth of renter households points to a larger tenant base and supports occupancy stability for professionally managed assets.
Within a 3-mile radius, demographics indicate modest population growth historically with an expected increase over the next five years and a rising household count, which together suggest renter pool expansion and steady unit absorption. Elevated home values locally translate to a high-cost ownership market, which typically sustains reliance on multifamily rentals and can support lease retention and pricing power, especially for well-maintained 1980s product.
The asset’s 1987 construction is newer than the neighborhood’s older housing stock (average vintage 1967). For investors, this can offer relative competitiveness versus mid-century buildings while still leaving room for targeted modernization and system upgrades to capture value-add upside.
Safety indicators for the neighborhood compare favorably overall: by national benchmarking it trends above average, and it is competitive among the 1,441 Los Angeles-Long Beach-Glendale metro neighborhoods. Recent estimates also point to meaningful year-over-year declines in both violent and property offenses, signaling improving conditions rather than a short-term anomaly.
As with any urban core location, performance can vary block to block. Investors typically focus on property-level measures (lighting, access control, management presence) that complement the neighborhood’s improving trend to support resident retention and leasing.
Proximity to regional employers underpins renter demand and commute convenience, with a mix of healthcare, manufacturing, and consumer brands represented nearby, including Molina Healthcare, Air Products & Chemicals, Airgas, and Mattel.
- Molina Healthcare — healthcare services (5.2 miles) — HQ
- Air Products & Chemicals — industrial gases (5.9 miles)
- Airgas — industrial gases & distribution (11.9 miles)
- Mattel — consumer products & toys (13.8 miles) — HQ
- INTERNATIONAL PAPER Cypress Retail Packaging — packaging (15.6 miles)
401 W 3rd St offers scale at 84 units and a 1987 vintage that is newer than much of the surrounding housing stock, positioning it competitively versus older buildings while leaving room for value-add. The neighborhood shows near-full occupancy and a very high share of renter-occupied housing units, which together support demand resilience and leasing stability. Elevated for-sale home values in the area reinforce renter reliance on multifamily housing, and coastal-proximate employment nodes broaden the tenant base.
Within a 3-mile radius, modest population growth, an increasing household count, and forecast gains point to gradual renter pool expansion that can support occupancy and rent performance over time. According to CRE market data from WDSuite, amenity density (groceries, restaurants, pharmacies) trends strong by national comparison, which helps sustain livability and retention even as affordability pressures require attentive lease management.
- 1987 vintage with value-add potential via targeted renovations and building system updates
- High neighborhood renter concentration and ~95% occupancy support stable leasing
- Strong amenity access and proximity to major employers bolster retention
- High-cost ownership market sustains reliance on rentals, aiding pricing power
- Risks: affordability pressure and below-average school ratings call for disciplined operations and asset positioning