| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Fair |
| Demographics | 14th | Poor |
| Amenities | 35th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 923 N Banning Blvd, Wilmington, CA, 90744, US |
| Region / Metro | Wilmington |
| Year of Construction | 1990 |
| Units | 26 |
| Transaction Date | 2004-04-20 |
| Transaction Price | $2,425,000 |
| Buyer | GROUP V SAN BERNARDINO LP |
| Seller | BARTOLI FUHRMAN INVESTMENTS |
923 N Banning Blvd Wilmington Multifamily Investment
Neighborhood occupancy has held around the mid-90% range, suggesting steady renter demand, according to WDSuite's CRE market data.
Wilmington sits within the Los Angeles-Long Beach-Glendale metro and shows durable renter demand indicators: the neighborhood's occupancy is in the low-to-mid 90% range and the renter-occupied share of housing units is high, indicating a deep tenant base for multifamily owners. Based on CRE market data from WDSuite, this supports leasing stability and reduces exposure to protracted vacancies at the neighborhood level.
Local amenity access skews practical rather than lifestyle-driven. Restaurant density is in the top quartile nationally, and grocery access is above the national median, while cafes and pharmacies are sparse within the neighborhood. Park access trends above the national median, providing some open space balance. For investors, this mix points to workforce-oriented demand with daily-needs convenience rather than destination retail.
The property's 1990 vintage is newer than the neighborhood's older housing stock (average late-1950s), which can enhance competitive positioning versus legacy assets. Investors should still plan for modernization of systems typical of 1990s construction, but the relative age advantage may translate into lower near-term capital intensity compared with mid-century stock and support rentability.
Within a 3-mile radius, demographics show a modest population dip historically alongside growth in household counts and smaller average household sizes projected. This combination expands the renter pool relative to population trends and can support occupancy stability. Elevated home values in the neighborhood (high national percentile) create a high-cost ownership market, which tends to sustain multifamily reliance and can reinforce pricing power, while elevated rent-to-income ratios in the neighborhood suggest affordability pressure that owners should manage via renewal strategy and lease administration.
Neighborhood safety indicators trend around the national middle overall, based on WDSuite's CRE market data. Recent year-over-year readings show notable declines in both violent and property offense rates, signaling an improving trend, though property crime remains higher than many areas nationally. Investors should underwrite with prudent security and loss-prevention assumptions while recognizing the directional improvement.
Proximity to industrial, healthcare, and corporate office employment underpins renter demand through commute convenience and workforce housing needs, including Air Products & Chemicals, Molina Healthcare, Airgas, Mattel, and Time Warner Business Class.
- Air Products & Chemicals - industrial gases (2.6 miles)
- Molina Healthcare - managed care (3.5 miles) - HQ
- Airgas - industrial gases (8.6 miles)
- Mattel - toy manufacturing (12.3 miles) - HQ
- Time Warner Business Class - telecom services (12.8 miles)
923 N Banning Blvd offers 26 units with an average unit size near 960 square feet, positioning it for sticky tenancy in a workforce-driven pocket of Wilmington. The neighborhood exhibits high renter concentration and occupancy in the low-to-mid 90% range, which supports leasing durability. According to commercial real estate analysis from WDSuite, elevated ownership costs in the neighborhood help sustain reliance on rentals, while household growth within a 3-mile radius expands the addressable tenant base even as population levels trend flat to modestly lower.
Built in 1990, the asset is newer than much of the surrounding housing stock, which can provide a competitive edge versus mid-century properties and limit near-term capital needs to targeted building system upgrades or value-add modernization. Investors should balance this with affordability pressure signals at the neighborhood level by emphasizing renewal management and measured rent positioning to protect occupancy.
- High local renter-occupied share supports a deep tenant base and occupancy stability.
- 1990 vintage offers a relative age advantage versus older neighborhood stock, moderating near-term capex.
- Daily-needs amenities and nearby employers reinforce workforce housing demand and lease retention.
- Risk: affordability pressure and elevated property crime require disciplined renewal strategy and prudent security budgeting.