| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 78th | Good |
| Demographics | 37th | Fair |
| Amenities | 45th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 653 W 13th St, San Pedro, CA, 90731, US |
| Region / Metro | San Pedro |
| Year of Construction | 1979 |
| Units | 24 |
| Transaction Date | 2019-09-06 |
| Transaction Price | $5,000,000 |
| Buyer | HARBOR VILLAS LLC |
| Seller | HANCOCK EDWARD H |
653 W 13th St San Pedro Multifamily Investment
This 24-unit property benefits from exceptional neighborhood-level NOI performance and strong rental demand fundamentals, with CRE market data from WDSuite showing the area ranks in the top 5% nationally for net operating income per unit.
San Pedro presents a compelling investment environment with neighborhood-level occupancy at 95.4%, supported by a rental-dominant housing market where 73.5% of units are renter-occupied. The area ranks in the top quartile nationally for rental share among the region's 1,441 neighborhoods, indicating sustained demand for multifamily housing.
Built in 1979, this property aligns with the neighborhood's average construction year of 1957, positioning it as relatively newer stock that may require less immediate capital expenditure compared to surrounding buildings. The 736-square-foot average unit size targets the area's demographic profile, with households averaging 2.9 people within a 3-mile radius.
Home values averaging $700,241 with 48% five-year appreciation reinforce rental demand, as elevated ownership costs sustain reliance on multifamily housing. Median household income of $98,176 within the 3-mile radius supports rent affordability, while demographic projections show household growth of 29.6% through 2028, expanding the potential tenant base.
The neighborhood offers solid urban amenities including 27 restaurants per square mile (98th percentile nationally) and grocery access, though childcare and park amenities are limited. Contract rents have grown 27% over five years, reaching a median of $1,683, indicating pricing power within this rental-focused market.
Safety metrics show mixed but improving trends for the neighborhood. Property crime rates have declined significantly by 80.3% year-over-year, placing the area in the 98th percentile nationally for crime reduction. Current property offense rates of 209 incidents per 100,000 residents rank in the middle tier among Los Angeles metro neighborhoods.
Violent crime remains relatively contained at 15 incidents per 100,000 residents, with the neighborhood ranking above average compared to metro peers. More notably, violent crime has decreased 97.3% year-over-year, representing the strongest improvement rate nationwide. These downward crime trends support tenant retention and property management stability.
The San Pedro submarket benefits from proximity to major corporate employers, supporting workforce housing demand and commute convenience for tenants.
- Molina Healthcare — healthcare services (5.8 miles) — HQ
- Air Products & Chemicals — industrial chemicals (6.6 miles)
- Airgas — industrial gases (12.5 miles)
- Mattel — consumer products (14.2 miles) — HQ
- Raytheon Public Safety RTC — defense & aerospace (16.8 miles)
This 24-unit San Pedro property capitalizes on exceptional neighborhood fundamentals, with net operating income per unit averaging $16,726 — ranking in the 96th percentile nationally according to commercial real estate analysis from WDSuite. The 1979 construction year positions the asset for potential value-add opportunities while avoiding the immediate capital needs of much older neighborhood stock.
Demographic growth projections within the 3-mile radius show household expansion of 29.6% through 2028, supported by median income growth to $118,804. The neighborhood's 73.5% rental share and 95.4% occupancy rate create a stable tenant base, while elevated home values sustain rental demand by limiting ownership accessibility. These fundamentals support both occupancy stability and long-term rent growth potential.
- Top 5% nationally for neighborhood NOI per unit performance
- Strong rental market with 73.5% of housing units renter-occupied
- Household growth of 29.6% projected through 2028 expanding tenant base
- Value-add potential from 1979 vintage in neighborhood averaging 1957
- Limited amenities and aging building stock may require ongoing capital investment