| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Fair |
| Demographics | 22nd | Poor |
| Amenities | 64th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 606 Bay View Ave, Wilmington, CA, 90744, US |
| Region / Metro | Wilmington |
| Year of Construction | 1985 |
| Units | 108 |
| Transaction Date | 2005-11-28 |
| Transaction Price | $985,000 |
| Buyer | DIVERSIFIED HOLDINGS LLC |
| Seller | BAYVIEW APARTMENT GROUP LLC |
606 Bay View Ave Wilmington CA Apartment Investment
Neighborhood occupancy above 96% and a renter-occupied share near two-thirds point to steady leasing fundamentals in this Wilmington pocket, according to WDSuite’s CRE market data. These are neighborhood-level indicators, suggesting durable tenant demand around the asset.
The property sits within an Urban Core neighborhood that is competitive among Los Angeles-Long Beach-Glendale neighborhoods (rank 1007 of 1441). At the neighborhood level, multifamily occupancy trends are strong (nationally top quartile for occupancy), and renter concentration is high (around 62% of housing units are renter-occupied), supporting depth of tenant demand and lease-up resilience.
Local amenity density is a relative strength. Cafe and grocery counts rank in the top decile nationally, and restaurants are similarly abundant. This concentration of daily-needs retail helps reinforce renter convenience and stickiness even as the broader metro remains supply-constrained. Average school ratings in the neighborhood track below national norms, which can moderate family-oriented demand, but does not preclude stable workforce housing performance.
The asset’s 1985 vintage is newer than the neighborhood’s older housing stock (average vintage circa 1949). Investors should plan for mid-life systems and targeted renovations, while recognizing the property’s relative competitive position versus pre‑war/sub‑war-era buildings nearby—often enabling selective value‑add to refresh finishes and common areas.
Within a 3‑mile radius, demographics show a slight population contraction over the past five years, while household counts have increased and are projected to expand meaningfully through the next cycle. Smaller average household sizes are expected, which can support demand for efficiently sized units and diversified unit mixes. Elevated home values for the neighborhood (high-cost ownership market by national standards) typically sustain renter reliance on multifamily housing, while neighborhood rent-to-income levels imply manageable affordability pressure and support lease retention.
Neighborhood safety indicators compare favorably on a national basis, landing in the top quartile nationwide. Recent estimates also point to notable year‑over‑year declines in both property and violent offense rates, suggesting improving conditions rather than deterioration. As always, investors should evaluate micro‑location and property‑level controls alongside these neighborhood metrics.
The area draws on a diverse employment base spanning healthcare, industrial gases, and corporate offices, which supports renter demand through commute convenience. Nearby anchors include Air Products & Chemicals, Molina Healthcare, Airgas, Mattel, and Time Warner Business Class.
- Air Products & Chemicals — industrial gases (3.3 miles)
- Molina Healthcare — healthcare services (4.1 miles) — HQ
- Airgas — industrial gases (9.3 miles)
- Mattel — consumer products (12.1 miles) — HQ
- Time Warner Business Class — telecom offices (13.6 miles)
606 Bay View Ave offers scale in an Urban Core location where neighborhood occupancy is high and renter concentration is strong, supporting stable collections and retention. According to CRE market data from WDSuite, the surrounding neighborhood sits in the top quartile nationally for occupancy, while ownership costs are elevated versus income levels—factors that tend to reinforce sustained rental demand. The property’s 1985 vintage positions it newer than much of the nearby housing stock, creating potential for targeted value‑add and common‑area modernization to sharpen competitive standing.
Within a 3‑mile radius, households have grown and are projected to expand further even as population edges down, indicating smaller household sizes and a broader renter pool over time. Abundant daily‑needs amenities and proximity to diverse employers bolster leasing durability. Key watch items include below-average school ratings, limited park/pharmacy presence in the immediate neighborhood, and broader metro economic cyclicality—warrants underwriting that prioritizes unit-by-unit renovation ROI and disciplined rent positioning.
- High neighborhood occupancy and strong renter concentration support stable leasing
- 1985 vintage newer than local stock, enabling targeted value‑add and systems upgrades
- Within 3 miles, household growth and smaller sizes expand the renter pool
- Dense daily‑needs amenities and nearby employers aid retention and pricing power
- Risks: lower school ratings, limited parks/pharmacies, and macro sensitivity