| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 77th | Good |
| Demographics | 31st | Poor |
| Amenities | 78th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 441 W 3rd St, San Pedro, CA, 90731, US |
| Region / Metro | San Pedro |
| Year of Construction | 1987 |
| Units | 93 |
| Transaction Date | 2019-06-21 |
| Transaction Price | $20,800,000 |
| Buyer | POST HARBOR TERRACE LP |
| Seller | HARBOR TERRACE PACIFIC OWNER LLC |
441 W 3rd St San Pedro Multifamily Investment
This 93-unit property built in 1987 sits in an urban core neighborhood with strong rental demand, where 77% of housing units are renter-occupied and neighborhood occupancy reaches 95%.
The San Pedro neighborhood demonstrates solid fundamentals for multifamily investors, ranking in the top quartile nationally for amenity access with extensive retail and service density. With 77% of housing units renter-occupied compared to typical ownership markets, the area maintains consistent rental demand supported by neighborhood-level occupancy rates of 95%.
Built in 1987, this property aligns with the neighborhood's average construction year of 1967, positioning it among newer stock that may require less immediate capital expenditure compared to older vintage properties. The urban core location provides tenants access to 6.4 grocery stores per square mile and robust restaurant density, ranking in the 98th percentile nationally for dining options.
Demographics within a 3-mile radius show a stable tenant base with 109,800 residents and household incomes averaging $117,800. The area's rent-to-income ratio suggests affordability pressures that could support tenant retention, while projected household growth of 28% through 2028 indicates expanding renter demand. Contract rents in the immediate neighborhood average $1,276, with 17% growth over the past five years.
The neighborhood demonstrates improving safety trends based on CRE market data from WDSuite, with both property and violent crime rates declining significantly over the past year. Property offense rates dropped 79% year-over-year, while violent crime decreased 94%, suggesting positive momentum in neighborhood conditions.
Current crime metrics place the area above the median among Los Angeles metro neighborhoods, ranking 470th of 1,441 neighborhoods for overall crime levels. This positions the location competitively within the broader metro context for investor consideration of tenant appeal and retention factors.
The San Pedro location benefits from proximity to major corporate employers that support workforce housing demand, with healthcare and industrial operations providing employment stability within the greater Los Angeles market.
- Molina Healthcare — healthcare services (5.3 miles) — HQ
- Air Products & Chemicals — industrial chemicals (5.9 miles)
- Airgas — industrial gases (11.9 miles)
- Mattel — consumer products (13.7 miles) — HQ
- International Paper — packaging operations (15.7 miles)
This 93-unit property offers exposure to a stable rental market with strong occupancy fundamentals and improving neighborhood dynamics. The 1987 construction year positions the asset for potential value-add opportunities while avoiding the capital intensity of significantly older vintage stock. Demographics show household growth projections of 28% through 2028, supporting long-term tenant demand in a market where 77% of housing units remain renter-occupied.
According to multifamily property research from WDSuite, the neighborhood ranks favorably for amenity access and shows declining crime trends, factors that support tenant retention and lease-up velocity. The urban core location provides walkable access to services while rent levels remain below broader Los Angeles averages, potentially offering pricing power as the market matures.
- Strong rental demand with 95% neighborhood occupancy and 77% renter-occupied housing stock
- 1987 vintage allows value-add potential without major structural rehabilitation needs
- Projected 28% household growth through 2028 supports expanding tenant base
- Improving safety metrics with 79% decline in property crime rates
- Risk: Below-average school ratings may limit family tenant appeal and require focus on workforce housing demographics