| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 74th | Fair |
| Demographics | 9th | Poor |
| Amenities | 49th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 627 Lagoon Ave, Wilmington, CA, 90744, US |
| Region / Metro | Wilmington |
| Year of Construction | 1986 |
| Units | 32 |
| Transaction Date | 1996-05-29 |
| Transaction Price | $495,000 |
| Buyer | FEDERAL NATIONAL MORTGAGE ASSOCIATION |
| Seller | SKJERVEM KENNETH D |
627 Lagoon Ave Wilmington Multifamily Investment
This 32-unit property built in 1986 targets a rental market with 96.5% neighborhood occupancy and strong tenant retention fundamentals, according to CRE market data from WDSuite.
This Wilmington neighborhood ranks in the top quartile nationally for occupancy rates at 96.5%, significantly outperforming many Los Angeles submarkets and indicating strong rental demand stability. The area maintains a 76.4% renter-occupied housing share, ranking in the 98th percentile nationally among 1,441 metro neighborhoods, creating a substantial tenant base for multifamily properties.
Demographics within the 3-mile radius show household income growth of 35.4% over five years to a median of $76,566, while contract rents increased 33.2% to $1,484 median. This rental market demonstrates pricing power despite income constraints, with forecasted household growth of 26% through 2028 supporting continued tenant demand.
The property's 1986 construction year aligns with the neighborhood average of 1951, presenting potential value-add opportunities through strategic renovations and unit upgrades. Local amenities include exceptional grocery store density ranking 99th percentile nationally, though limited recreational amenities may impact tenant retention in competitive lease-up scenarios.
The neighborhood demonstrates improving safety trends with property offense rates declining 67% year-over-year and violent crime dropping 85%, ranking in the 95th and 98th percentiles nationally for crime reduction respectively among 1,441 Los Angeles metro neighborhoods.
Current crime levels remain competitive within the metro area, with property offense rates at 204 incidents annually and violent crime at 47 per 100,000 residents. These metrics place the neighborhood above median for safety among Los Angeles submarkets, supporting tenant retention and property management stability.
The Wilmington area benefits from proximity to major corporate employers and headquarters, providing workforce housing opportunities for professional tenants within reasonable commuting distance.
- Air Products & Chemicals — industrial chemicals (3.2 miles)
- Molina Healthcare — healthcare services (4.0 miles) — HQ
- Airgas — industrial gases (9.2 miles)
- Mattel — consumer products (12.1 miles) — HQ
- Raytheon Public Safety RTC — defense & aerospace (13.5 miles)
This 32-unit property benefits from exceptional neighborhood-level occupancy at 96.5% and a predominantly renter market with 76.4% of housing units tenant-occupied. The 1986 construction vintage presents value-add potential through targeted improvements, while household income growth of 35.4% over five years supports rental pricing power despite affordability pressures.
Demographic projections show 26% household growth through 2028 within the 3-mile radius, expanding the potential tenant base as multifamily property research indicates sustained rental demand. However, investors should monitor the low educational attainment levels and income constraints that may limit rent growth potential in renewal negotiations.
- Top quartile neighborhood occupancy at 96.5% indicates strong rental demand
- 76.4% renter-occupied housing share ranks 98th percentile nationally
- Value-add potential through 1986 vintage property improvements
- 26% forecasted household growth supports tenant base expansion
- Risk: Income constraints may limit aggressive rent growth strategies