| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 78th | Good |
| Demographics | 37th | Fair |
| Amenities | 45th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 550 W 16th St, San Pedro, CA, 90731, US |
| Region / Metro | San Pedro |
| Year of Construction | 1978 |
| Units | 24 |
| Transaction Date | 1997-09-02 |
| Transaction Price | $1,150,000 |
| Buyer | HARBOR INTERFAITH SHELTER |
| Seller | FAMILY TRUST JABUKA ANTHONY AND LAURA TRS JAB |
550 W 16th St San Pedro Multifamily Investment
Neighborhood fundamentals point to steady renter demand and above-average occupancy, according to WDSuite’s CRE market data. Metrics cited reflect the surrounding neighborhood rather than the property itself.
Located in San Pedro within the Los Angeles-Long Beach-Glendale metro, the neighborhood carries a C+ rating and demonstrates solid rental performance for investors. Neighborhood occupancy is in the 73rd national percentile, indicating stable lease-up and retention conditions at the area level. Renter-occupied housing units make up a high share of the local stock (73.5% renter concentration), suggesting a deep tenant base that supports multifamily demand; this is a neighborhood metric, not the property’s own occupancy.
Amenity access is a relative strength. Restaurant density sits in the 98th percentile nationally and cafés in the 93rd percentile, supporting walkable lifestyle appeal that often correlates with leasing velocity. Grocery access is also strong (80th percentile nationally). On the other hand, park and pharmacy counts in the immediate neighborhood are limited, which may necessitate positioning toward urban conveniences and private on-site services where feasible.
Relative to metro peers, housing fundamentals are competitive among Los Angeles-Long Beach-Glendale neighborhoods (housing rank 471 out of 1,441 — competitive positioning). Elevated home values and a high value-to-income ratio (both strong nationally) indicate a high-cost ownership market, which typically sustains renter reliance on multifamily housing and can support pricing power when managed alongside rent-to-income considerations.
Demographic trends aggregated within a 3-mile radius show modest population growth recently with further household expansion forecast, alongside rising incomes. These dynamics point to a larger tenant base over time and can support occupancy stability. For positioning, investors should note average school ratings trend below national midpoints, and household sizes are relatively typical for the region. For deeper underwriting, nearby rent levels and renter pool characteristics can be benchmarked through multifamily property research from WDSuite.
The asset’s 1978 vintage is newer than the neighborhood’s older average housing stock (1957), offering relative competitiveness versus legacy inventory. Given age, targeted modernization of interiors, building systems, and common areas may unlock value-add potential and improve long-term operating resilience.
Safety indicators for the neighborhood are comparatively favorable on a national basis, with overall conditions in the top quartile nationally. According to WDSuite, recent data also points to sharp year-over-year declines in both violent and property offense rates at the neighborhood level, indicating improving trends. These figures are neighborhood aggregates, not block-level or property-specific measures.
Within the Los Angeles-Long Beach-Glendale metro, relative safety varies by sub-area; investors should benchmark against peer neighborhoods across the 1,441-neighborhood metro to contextualize risk and leasing impact. Ongoing trend monitoring and standard security best practices can help maintain tenant retention and asset performance.
The area serves a diverse employment base that supports renter demand through proximity to healthcare, industrial gases/chemicals, packaging, and consumer products headquarters and offices. Nearby employers can reinforce leasing stability by shortening commutes for a broad tenant profile.
- Molina Healthcare — healthcare (5.7 miles) — HQ
- Air Products & Chemicals — industrial gases & chemicals (6.6 miles)
- Airgas — industrial gases distribution (12.6 miles)
- Mattel — consumer products/toys (14.4 miles) — HQ
- INTERNATIONAL PAPER Cypress Retail Packaging — packaging (16.0 miles)
This 24-unit, 1978-vintage asset in San Pedro is positioned in a renter-heavy neighborhood with nationally strong occupancy and robust amenity density. Elevated ownership costs locally tend to sustain multifamily demand, while a growing 3-mile household base and rising incomes point to a larger tenant pool over the next cycle. According to CRE market data from WDSuite, neighborhood-level occupancy sits above national medians, and NOI performance trends are strong relative to national benchmarks, supporting an underwriting case centered on demand depth and rent durability rather than outsized concessions.
The property’s vintage is newer than the area’s older housing stock, providing relative competitiveness; selective renovations and building system updates can further strengthen positioning. Key watch items include limited park/pharmacy access nearby and school ratings below national midpoints, which may influence tenant mix and marketing strategy. Safety trends are improving, but ongoing monitoring remains prudent.
- Renter-heavy neighborhood and above-median occupancy support demand stability
- High-cost ownership market reinforces reliance on multifamily rentals
- 1978 vintage offers value-add potential via targeted modernization
- Expanding 3-mile household base and rising incomes enlarge the tenant pool
- Risks: amenity gaps (parks/pharmacies), below-average school ratings, and the need for continued safety trend monitoring