| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 82nd | Best |
| Demographics | 51st | Fair |
| Amenities | 64th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5851 Hazeltine Ave, Van Nuys, CA, 91401, US |
| Region / Metro | Van Nuys |
| Year of Construction | 1973 |
| Units | 27 |
| Transaction Date | 2022-03-18 |
| Transaction Price | $8,000,000 |
| Buyer | 5851 HAZELTINE LLC |
| Seller | ASHER PROPERTIES LLC |
5851 Hazeltine Ave, Van Nuys CA Multifamily Investment
Stabilized renter demand in an Urban Core pocket of Van Nuys with competitive neighborhood occupancy and strong proximity fundamentals, according to WDSuite’s CRE market data, points to durable cash flow potential for a 27-unit asset.
The property sits in a B+ rated Urban Core neighborhood that is competitive among Los Angeles-Long Beach-Glendale neighborhoods (ranked 438 of 1,441). Investor takeaways center on depth of the renter base and daily-needs convenience rather than lifestyle amenities.
Neighborhood occupancy is strong and above national norms (82nd percentile nationally), indicating resilient leasing conditions. Renter concentration is elevated, with a high share of housing units renter-occupied, supporting a larger tenant pool and potential retention advantages relative to more ownership-heavy areas (based on CRE market data from WDSuite).
Daily-needs access is a relative strength: the area ranks near the top of the metro for grocery and pharmacy density (both mid-90s percentiles nationally) and offers robust restaurant options (95th percentile). Parks and cafes are comparatively limited, which may modestly reduce lifestyle appeal but typically has less impact on workforce-oriented demand than proximity to essentials.
Home values in the neighborhood are elevated compared with national benchmarks, and the value-to-income ratio sits near the top of national ranges. This high-cost ownership context generally sustains reliance on rental housing, supporting pricing power and lease retention for well-managed multifamily properties. At the same time, neighborhood rent levels and rent-to-income metrics suggest managed affordability relative to ownership, an important consideration for renewal strategy.
Demographic indicators within a 3-mile radius show households have grown recently and are projected to rise further even as average household size trends lower. This dynamic points to a larger number of smaller households and continued renter pool depth, supporting occupancy stability and leasing velocity.
Safety trends are comparatively favorable. The neighborhood’s crime standing is competitive among Los Angeles-Long Beach-Glendale neighborhoods (ranked 191 of 1,441) and sits in the top quartile nationally for overall safety. Recent data also indicate notable year-over-year reductions in both property and violent offense rates, improvements that rank among the strongest nationwide.
While conditions can vary by block and over time, the combination of above-metro-average standing and recent downward momentum provides supportive context for renter retention and leasing narratives in the submarket.
Nearby media, entertainment, and corporate services employers provide a broad white-collar employment base that supports renter demand and commute convenience for residents, including Charter Communications, Radio Disney, Disney, Live Nation Entertainment, and Occidental Petroleum.
- Charter Communications — telecommunications (5.7 miles)
- Radio Disney — media (5.9 miles)
- Disney — entertainment (6.8 miles) — HQ
- Live Nation Entertainment — entertainment (7.5 miles) — HQ
- Occidental Petroleum — energy (8.1 miles) — HQ
This 27-unit asset, built in 1973, benefits from a renter-heavy Urban Core location with occupancy that trends above national benchmarks and daily-needs accessibility that supports lease stability. Elevated neighborhood home values reinforce reliance on multifamily, while rent-to-income dynamics point to manageable affordability that can aid renewals. According to commercial real estate analysis from WDSuite, neighborhood NOI per unit and occupancy metrics are competitive versus national peers, underscoring durable demand drivers.
Vintage implies potential value-add through targeted interior updates and system modernization, enabling repositioning against older nearby stock while planning for capital needs. Household growth within a 3-mile radius and a shift toward smaller household sizes indicate a broadening tenant base over time. Key risks include limited park/cafe amenities and macro sensitivity typical of entertainment-centric employment nodes, warranting prudent expense control and leasing strategies.
- Renter-heavy neighborhood and above-national occupancy support stable leasing
- Elevated ownership costs in the area bolster multifamily demand and pricing power
- 1973 vintage offers value-add and system upgrade opportunities for competitive positioning
- Daily-needs access (groceries, pharmacies, restaurants) supports retention and convenience
- Risks: thinner lifestyle amenities and sector cyclicality in nearby entertainment employment