| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 78th | Good |
| Demographics | 37th | Fair |
| Amenities | 45th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 498 W 13th St, San Pedro, CA, 90731, US |
| Region / Metro | San Pedro |
| Year of Construction | 1988 |
| Units | 30 |
| Transaction Date | 1993-08-06 |
| Transaction Price | $1,500,000 |
| Buyer | ZOURAS TASHI G |
| Seller | GLENDALE FEDERAL BANK FSB |
498 W 13th St San Pedro Multifamily Investment
This 30-unit property from 1988 benefits from strong neighborhood-level occupancy at 95.4% and exceptional rental market fundamentals, with 73.5% of local housing units renter-occupied ranking in the top quartile nationally.
The San Pedro neighborhood demonstrates solid fundamentals for multifamily investors, with neighborhood-level occupancy at 95.4% and a substantial renter base comprising 73.5% of housing units - ranking in the top quartile nationally among neighborhoods. According to CRE market data from WDSuite, the area shows strong rental demand depth with median contract rents of $1,339 that have grown 27% over five years.
Demographics within a 3-mile radius support continued rental demand, with 93,758 residents and household income growth of 77.8% over the past five years to a mean of $120,345. Population projections indicate 6.7% growth through 2028, translating to approximately 6,266 additional residents entering the local market. The forecast anticipates household formation increasing 29.4% over five years, expanding the potential tenant base.
The property's 1988 construction year aligns with the neighborhood average of 1957, suggesting established building stock that may present value-add renovation opportunities for investors focused on capital improvements. Home values averaging $700,241 with 48% appreciation over five years reinforce rental demand, as elevated ownership costs keep households in the rental market longer.
Amenity access supports tenant retention with restaurant density ranking in the top quartile nationally at 27 establishments per square mile. However, investors should note limited childcare and park amenities, which may affect family-oriented tenant appeal. School ratings average 2.0 out of 5, indicating potential challenges for attracting households with school-age children.
Safety metrics show mixed trends that merit investor attention. Property crime rates of 208.8 incidents per 100,000 residents rank in the middle tier among the metro's 1,441 neighborhoods, while violent crime rates of 15.0 per 100,000 residents perform above the metro median. Notably, both property and violent crime have declined significantly over the past year, with property offenses down 80.3% and violent offenses down 97.3% - improvements that rank in the top quartile nationally for crime reduction.
These improving safety trends may support tenant retention and lease-up velocity, though investors should monitor whether recent declines represent sustainable improvements or temporary fluctuations. The neighborhood's overall crime ranking places it at the 63rd percentile nationally for violent crime and 55th percentile for property crime, indicating moderate safety performance relative to neighborhoods nationwide.
The San Pedro area benefits from proximity to established corporate employers that support workforce housing demand, including major healthcare and manufacturing operations within commuting distance.
- Molina Healthcare — healthcare services (5.6 miles) — HQ
- Air Products & Chemicals — industrial chemicals (6.4 miles)
- Airgas — industrial gases (12.4 miles)
- Mattel — consumer goods (14.3 miles) — HQ
- Raytheon Public Safety RTC — defense & aerospace (16.7 miles)
This San Pedro property presents compelling fundamentals anchored by exceptional rental market depth and occupancy stability. Neighborhood-level occupancy of 95.4% combined with 73.5% renter-occupied housing units - ranking in the top quartile nationally - indicates strong tenant demand and retention. The area's NOI per unit averaging $16,726 ranks in the top 5% nationally among neighborhoods, suggesting robust income-generating potential for well-managed properties.
Demographic projections support sustained rental demand, with population growth of 6.7% and household formation increasing 29.4% through 2028 within the 3-mile radius. The 1988 construction year presents value-add opportunities for investors focused on capital improvements and rent optimization. However, commercial real estate analysis indicates monitoring requirements around school quality and limited family amenities that may constrain tenant mix expansion.
- Exceptional rental market fundamentals with 95.4% neighborhood occupancy and top-quartile renter concentration
- Strong demographic growth projections with 29.4% household formation increase through 2028
- Value-add potential from 1988 vintage allowing for strategic capital improvements
- Proximity to major employers including Molina Healthcare headquarters and defense contractors
- Risk consideration: Limited family amenities and below-average school ratings may constrain tenant demographics