| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 80th | Best |
| Demographics | 84th | Best |
| Amenities | 60th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2403 S Walnut Ave, Venice, CA, 90291, US |
| Region / Metro | Venice |
| Year of Construction | 1990 |
| Units | 48 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2403 S Walnut Ave Venice Multifamily Investment
This 48-unit property built in 1990 sits in a Venice neighborhood with 89.3% occupancy and strong renter demand, supported by a 65.1% rental tenure rate according to CRE market data from WDSuite.
This Venice neighborhood ranks in the top quartile nationally for Net Operating Income per unit at $23,398, placing 11th among 1,441 metro neighborhoods. The area maintains a strong rental market with 65.1% of housing units occupied by renters, supporting consistent demand for multifamily properties. Demographics within a 3-mile radius show a stable population of 205,130 with median household income of $118,517, though slight population decline of 1.8% over five years requires monitoring for absorption trends.
The 1990 construction vintage aligns with the neighborhood average of 1970, positioning this property for potential value-add opportunities through strategic capital improvements. Median contract rents of $2,234 have increased 40.5% over five years, demonstrating pricing power, while the neighborhood's 89.3% occupancy rate reflects market fundamentals despite an 8.2% decline from previous levels. Home values averaging $1.6 million reinforce rental demand as elevated ownership costs keep households in the rental market.
The neighborhood benefits from exceptional amenity density, ranking in the 96th percentile nationally for childcare facilities and 97th percentile for grocery stores per square mile. School ratings average 3.4 out of 5, placing in the 71st percentile nationally. However, investors should note the area's 10th percentile rent-to-income ratio, indicating potential affordability pressure that may affect renewal rates and require careful lease management strategies.
Crime metrics show a mixed but improving trend for this Venice neighborhood. Property offense rates of 190 per 100,000 residents rank the area 448th among 1,441 metro neighborhoods, placing it near the middle of regional performance. More encouraging for investors, both property and violent crime rates declined significantly over the past year, with property offenses down 79.6% and violent offenses down 85.9%, ranking in the 98th percentile nationally for year-over-year improvement.
The neighborhood's overall crime rank of 328 out of 1,441 places it in the 77th percentile nationally, indicating above-average safety compared to neighborhoods nationwide. While violent crime remains relatively low at 23.4 incidents per 100,000 residents, investors should continue monitoring these trends as part of ongoing property management and tenant retention strategies.
The Venice area benefits from proximity to several major corporate headquarters and offices, providing employment stability that supports local rental demand.
- Activision Blizzard — gaming and entertainment (1.7 miles) — HQ
- Microsoft Offices The Reserves — technology offices (1.9 miles)
- Abbott Laboratories — healthcare and medical devices (2.1 miles) — HQ
- Symantec — cybersecurity (3.5 miles)
- Southwest Airlines Counter — aviation services (4.3 miles)
This 48-unit Venice property presents a compelling value-add opportunity anchored by strong neighborhood fundamentals and improving market conditions. The 1990 construction vintage offers renovation upside potential while avoiding major structural concerns, and the neighborhood's top-quartile NOI performance of $23,398 per unit demonstrates operational strength. Demographic stability within a 3-mile radius supports tenant demand, with 65.1% rental tenure and median household income of $118,517 providing a solid renter base.
According to multifamily property research from WDSuite, rent growth of 40.5% over five years indicates pricing power, while the significant decline in both property and violent crime rates enhances the area's appeal to quality tenants. Proximity to major employers including Activision Blizzard and Microsoft within two miles provides employment stability. However, investors should monitor the 10th percentile rent-to-income ratio and recent occupancy decline as potential headwinds requiring active management.
- Top-quartile neighborhood NOI performance at $23,398 per unit
- Strong rental market with 65.1% of units renter-occupied
- Significant crime reduction trends improving tenant appeal
- Value-add potential through strategic capital improvements
- Risk: Rent-to-income pressures may impact renewal rates