| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 77th | Good |
| Demographics | 94th | Best |
| Amenities | 95th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 949 Larrabee St, West Hollywood, CA, 90069, US |
| Region / Metro | West Hollywood |
| Year of Construction | 1974 |
| Units | 78 |
| Transaction Date | 1993-07-07 |
| Transaction Price | $3,976,872 |
| Buyer | RESIDENTIAL ASSET II |
| Seller | R E F S INC |
949 Larrabee St West Hollywood Multifamily Investment
Positioned in an Urban Core pocket with a deep renter base and high-cost ownership landscape, the asset benefits from durable tenant demand, according to WDSuite’s CRE market data. Neighborhood amenities and employment access support leasing resilience over cycles.
West Hollywood’s Urban Core setting delivers lifestyle and access advantages that matter for leasing. The neighborhood ranks 12 out of 1,441 Los Angeles metro neighborhoods (A+), placing it among the top quartile nationally, per commercial real estate analysis from WDSuite. Amenity density is a distinguishing strength: restaurants and pharmacies score at the 100th national percentile, with groceries and parks also in the high-90s, supporting day-to-day convenience that helps with tenant retention.
Renter demand is reinforced by a high-cost ownership market. Neighborhood home values sit in the 98th national percentile and the value-to-income ratio is similarly elevated, which tends to sustain reliance on rental housing and can aid pricing power management. Within a 3-mile radius, 70%+ of housing units are renter-occupied, indicating a large tenant base; at the neighborhood level, the share of renter-occupied units is also high, supporting depth for multifamily leasing.
Demographic trends within a 3-mile radius show recent softness in population and households over the last five years, but projections call for population growth and a meaningful increase in households through 2028. This outlook suggests a larger renter pool and supports occupancy stability over the medium term. The neighborhood’s average school rating is strong (ranked 1 out of 1,441 in the metro), which can enhance appeal for households seeking quality education access.
The property’s 1974 vintage is slightly newer than the neighborhood’s average construction year. Investors should expect routine modernization and systems updates typical of 1970s assets while benefiting from competitive positioning versus older stock. Neighborhood occupancy has eased modestly over five years, so active lease management and unit programming remain important to capture demand.
Relative to many Los Angeles neighborhoods, reported crime levels in this area are elevated (crime rank 1,229 out of 1,441), placing the neighborhood below typical safety levels nationally. However, property offenses have declined year over year, which indicates some improvement in recent trend direction. Investors should underwrite appropriate security measures and operational practices consistent with an Urban Core location.
Proximity to major entertainment, media, engineering, and energy employers supports workforce housing demand and commute convenience for residents. The list below highlights nearby anchors likely to influence leasing stability.
- Live Nation Entertainment — entertainment (1.27 miles) — HQ
- Activision Blizzard Studios — gaming & media (1.70 miles)
- AECOM — engineering & infrastructure (2.76 miles) — HQ
- Occidental Petroleum — energy (3.93 miles) — HQ
- Disney — media & entertainment (5.81 miles) — HQ
949 Larrabee St is a 78-unit West Hollywood asset positioned in a top-ranked Urban Core neighborhood with exceptional amenity access and a deep renter base. Neighborhood NOI per unit sits near the top of national benchmarks, and, according to CRE market data from WDSuite, the ownership market’s elevated values help sustain multifamily demand and support rent strategies when balanced against resident affordability.
Built in 1974 with average unit sizes around 810 square feet, the property offers practical layouts with potential value-add through selective interior modernization and systems upgrades typical for its vintage. Forward-looking demographics within a 3-mile radius point to growth in households and a larger renter pool by 2028, while proximity to major employers underpins leasing and retention. Risks to monitor include neighborhood crime levels and previously soft occupancy at the neighborhood level, which call for disciplined operations and targeted unit programming.
- Top-tier Urban Core location with amenity density that supports retention
- High-cost ownership market reinforces depth of renter demand
- 1974 vintage offers value-add via selective renovations and system updates
- Proximity to major employers supports leasing and renewal velocity
- Risks: elevated crime and softer neighborhood occupancy require active management