| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 80th | Good |
| Demographics | 35th | Fair |
| Amenities | 56th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 15916 Vanowen St, Van Nuys, CA, 91406, US |
| Region / Metro | Van Nuys |
| Year of Construction | 1986 |
| Units | 20 |
| Transaction Date | 1997-09-25 |
| Transaction Price | $130,000 |
| Buyer | MERIDIAN INVESTMENTS LLC |
| Seller | HOFFMAN DEBORAH F |
15916 Vanowen St Van Nuys Multifamily Investment
This 20-unit property sits in a neighborhood where renter-occupied units comprise 74.5% of housing stock, above the 98th percentile nationally, supporting stable tenant demand in a metro where CRE market data from WDSuite shows neighborhood-level occupancy at 96.8%.
The property occupies a Van Nuys neighborhood rated B overall among 1,441 neighborhoods across the Los Angeles-Long Beach-Glendale metro. Built in 1986, the asset predates the neighborhood average construction year of 1972, positioning it as a moderately newer vintage that may offer lower near-term capital expenditure relative to older stock while still presenting value-add renovation opportunities to capture upside in unit finishes and common areas.
Renter-occupied units represent 74.5% of the neighborhood's housing stock—a concentration in the 98th percentile nationally—underscoring deep and sustained multifamily demand. Neighborhood-level occupancy stands at 96.8%, ranking in the 82nd percentile nationwide and reflecting strong absorption and lease retention dynamics. Median contract rent in the neighborhood is $1,651, in the 83rd percentile nationally, and has grown 40.1% over the past five years, outpacing many peer markets and signaling pricing power supported by constrained supply and persistent renter reliance.
Within a 3-mile radius, demographics show approximately 222,000 residents with a median household income of $78,067, up 37.2% over five years. Median contract rent across this broader area is $1,691, having increased 38.6% in the same period. Forward-looking projections anticipate median household income rising to $117,319 by 2028—a 50.3% gain—while median rent is forecast to reach $2,316, a 36.9% increase. Household counts are expected to grow 31.9% to more than 100,000, expanding the renter pool and supporting occupancy stability and lease-up velocity.
Median home values in the neighborhood are $808,934, ranking in the 95th percentile nationally, while the value-to-income ratio sits in the 99th percentile. These elevated ownership costs limit accessibility to homeownership and sustain rental demand, reinforcing tenant retention and reducing lease management risk. The neighborhood's rent-to-income ratio ranks in the 7th percentile nationally, indicating that rents remain relatively affordable compared to incomes—a dynamic that supports lease renewals and reduces turnover pressure.
Amenity density is robust, with grocers, pharmacies, and childcare each averaging 1.04 per square mile, all ranking above the metro median and in the 71st to 85th percentiles nationally. Restaurant density reaches 18.70 per square mile, in the 96th percentile nationwide, while cafés rank in the 87th percentile. This concentration of daily-needs retail and dining enhances tenant appeal and supports retention, particularly among younger and family-oriented renters. The neighborhood type is classified as Urban Core, consistent with transit access and walkable amenities that appeal to workforce and service-sector tenants.
Safety metrics for the neighborhood show a crime rank of 381 out of 1,441 metro neighborhoods, placing it in the 75th percentile nationally—indicating lower crime relative to most U.S. neighborhoods. Property offense rates are estimated at 143.1 incidents per 100,000 residents, ranking in the 61st percentile nationwide, while violent offense rates stand at 50.9 per 100,000, in the 43rd percentile.
Notably, both property and violent offense rates declined sharply year-over-year—down 89.7% and 89.3%, respectively—placing the neighborhood in the 99th percentile nationally for crime reduction trends. While these large percentage declines may reflect data volatility or reporting changes, the directional improvement aligns with broader public safety investments across the metro and supports tenant retention and leasing stability over the near term.
The property benefits from proximity to a diverse base of corporate offices anchored by entertainment, telecommunications, and energy employers that support workforce housing demand and commute convenience for professional and service-sector tenants.
- Thermo Fisher Scientific — life sciences & laboratory services (6.6 miles)
- Farmers Insurance Exchange — insurance (7.0 miles) — HQ
- Charter Communications — telecommunications (7.8 miles)
- Radio Disney — media & broadcasting (8.4 miles)
- Disney — entertainment & media (9.2 miles) — HQ
This 20-unit Van Nuys multifamily asset presents a compelling investment thesis anchored by structural demand drivers, favorable supply-demand dynamics, and embedded value-add upside in a high-barrier Los Angeles submarket.
The neighborhood's 74.5% renter occupancy rate—ranking in the 98th percentile nationally—reflects deeply entrenched rental demand supported by elevated home values ($808,934 median) and a value-to-income ratio in the 99th percentile. These ownership cost barriers sustain tenant retention and reduce lease-up risk, while the neighborhood's 96.8% occupancy rate (82nd percentile nationally) signals tight supply conditions and limited competitive vacancy.
Rent growth momentum is strong, with neighborhood median contract rent rising 40.1% over five years to $1,651 and projected to reach $2,316 by 2028—a 36.9% forward increase. Within the broader 3-mile radius, median household income is forecast to grow 50.3% to $117,319 by 2028, while household counts are expected to expand 31.9%, enlarging the addressable renter pool and supporting absorption of renovated units at premium pricing.
The property's 1986 construction year positions it as moderately newer than the neighborhood average (1972), potentially reducing near-term capital expenditure while offering scope for interior and common-area upgrades to capture rent premiums. The Urban Core location provides walkable access to robust amenity density—including restaurant density in the 96th percentile nationally—enhancing tenant appeal and supporting lease renewals among workforce and service-sector renters employed at nearby corporate anchors including Disney, Charter Communications, and Farmers Insurance Exchange.
Safety trends are favorable, with property and violent crime rates declining sharply year-over-year (down 89.7% and 89.3%, respectively), placing the neighborhood in the 99th percentile nationally for crime reduction. While these figures may reflect data volatility, the directional improvement supports tenant perception and retention over the investment horizon.
Collectively, the asset benefits from durable renter demand underpinned by high ownership barriers, strong occupancy fundamentals, expanding household formation, and proximity to a diversified employment base—offering investors a platform for stable cash flow, rent growth capture, and value-add execution in a supply-constrained Los Angeles submarket.