| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Fair |
| Demographics | 14th | Poor |
| Amenities | 35th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 633 Broad Ave, Wilmington, CA, 90744, US |
| Region / Metro | Wilmington |
| Year of Construction | 1987 |
| Units | 32 |
| Transaction Date | 1998-07-22 |
| Transaction Price | $1,136,741 |
| Buyer | CALIFORNIA NATIONAL BANK |
| Seller | LEE TETSAN |
633 Broad Ave, Wilmington CA Multifamily Investment
Neighborhood multifamily fundamentals show high renter concentration and steady occupancy, according to WDSuite’s CRE market data, supporting durable demand for stabilized assets in Wilmington within the Los Angeles metro.
Wilmington sits within the Los Angeles-Long Beach-Glendale metro and exhibits investor-relevant dynamics for workforce housing. Neighborhood occupancy is approximately 95% (neighborhood-level, not property-specific), indicating generally tight leasing conditions. The area skews strongly renter-occupied at roughly 75.7% of housing units, which points to a deep tenant base and potential lease-up resilience.
Within a 3-mile radius, demographics show modest population contraction over the last five years alongside a small increase in households, suggesting smaller average household sizes. Looking ahead, forecasts indicate further reductions in population but a notable increase in household counts, which can expand the renter pool and support occupancy stability for right-sized units. Median contract rents in the broader 3-mile area have grown meaningfully in recent years with additional growth projected, reinforcing the case for sustained renter demand.
Local amenities present a mixed picture. Restaurants index around the upper-middle range within national comparisons, and grocery availability tracks above national midpoints, while cafes and pharmacies are relatively sparse. For investors, this points to everyday convenience anchored by essentials, with some amenity gaps that may influence marketing and resident retention strategies.
Ownership costs in the neighborhood reflect a high-cost ownership market relative to incomes, which tends to sustain reliance on rental housing and can bolster pricing power for well-managed assets. At the same time, rent-to-income levels signal affordability pressure that calls for careful lease management and renewal strategies. The property’s 1987 vintage is newer than the area’s average construction year of 1958, implying competitive positioning against older stock, though modernization of aging systems may still be prudent for long-term performance.
Safety metrics are mixed when compared nationally and across the Los Angeles-Long Beach-Glendale metro. Overall conditions align near national midpoints, while property crime measures sit below national medians. Recent year-over-year readings indicate improving trends in both violent and property categories. For investors, the takeaway is a submarket that warrants standard risk controls and active on-site management, with recent trajectory offering some incremental reassurance.
Nearby employers provide a diversified workforce draw that supports renter demand and commute convenience, notably in chemicals, healthcare services, industrial gases, toys/consumer products, and telecommunications.
- Air Products & Chemicals — chemicals (2.96 miles)
- Molina Healthcare — healthcare services (3.59 miles) — HQ
- Airgas — industrial gases (8.96 miles)
- Mattel — toys & consumer products (12.35 miles) — HQ
- Time Warner Business Class — telecommunications (13.12 miles)
633 Broad Ave is a 32-unit, 1987-vintage asset positioned in a renter-heavy Wilmington neighborhood where occupancy remains tight at the neighborhood level and household counts in the broader 3-mile radius have increased despite modest population decline. Elevated ownership costs relative to incomes reinforce renter reliance on multifamily housing, while recent and forecast rent growth in the 3-mile area points to sustained demand and potential pricing power for competitive units, based on CRE market data from WDSuite.
Relative to older local stock, the 1987 vintage offers competitive positioning, though planning for system updates can protect long-run performance. Investors should balance demand depth and improving safety trends with affordability pressure and some amenity gaps, focusing on asset management and renewals to maintain occupancy and retention.
- Renter-heavy neighborhood and tight neighborhood occupancy support leasing stability.
- 3-mile rents have risen with additional growth projected, indicating durable renter demand.
- 1987 vintage competes well versus older stock; targeted modernization can enhance returns.
- High-cost ownership environment sustains reliance on rentals, aiding pricing power.
- Risks: affordability pressure (rent-to-income) and amenity gaps require proactive lease management.