| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 78th | Fair |
| Demographics | 28th | Poor |
| Amenities | 75th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3504 W Commonwealth Ave, Fullerton, CA, 92833, US |
| Region / Metro | Fullerton |
| Year of Construction | 1978 |
| Units | 24 |
| Transaction Date | 1999-02-16 |
| Transaction Price | $1,450,000 |
| Buyer | KROEZE STEVEN H |
| Seller | HARVEY ALLAN J |
3504 W Commonwealth Ave Fullerton Multifamily Investment
This 24-unit property benefits from neighborhood-level occupancy of 95.3% and strong rental demand in Orange County's established multifamily market, according to CRE market data from WDSuite.
The Fullerton neighborhood ranks in the 78th percentile nationally for housing fundamentals and features an urban core environment with 58.1% of housing units occupied by renters, positioning it in the 93rd percentile nationwide for rental density. Median household income of $85,272 within a 3-mile radius supports rental demand, while projected household growth through 2028 indicates expanding renter pools.
Built in 1978, this property aligns with the neighborhood's average construction year of 1973, suggesting potential value-add opportunities through strategic renovations and unit upgrades. The area maintains competitive occupancy at 95.3%, though this represents a slight decline from five years prior, requiring attention to retention strategies and market positioning.
Amenity access supports tenant appeal with high-density retail including 4.94 grocery stores per square mile (96th percentile nationally) and 2.47 cafes per square mile. Restaurant density of 7.41 per square mile provides lifestyle amenities that can enhance lease retention, while childcare facilities at 1.24 per square mile serve family-oriented renters in this higher household-size market.
The rent-to-income ratio of 0.28 indicates affordability pressures that may affect renewal rates and require careful lease management. However, median home values of $710,968 and strong appreciation trends help sustain rental demand by keeping homeownership costs elevated relative to renting options.
Safety metrics show mixed trends that require investor attention. The neighborhood ranks 415th out of 516 metro neighborhoods for overall crime, placing it in the 32nd percentile nationally. Property crime rates of 2,139 incidents per 100,000 residents increased 20.9% year-over-year, indicating elevated property crime activity that may impact tenant retention and insurance considerations.
Violent crime presents a more stable profile at 128.3 incidents per 100,000 residents, with a 12.4% decrease year-over-year suggesting improving trends in this category. Investors should factor security considerations into capital planning and evaluate tenant screening processes accordingly.
The surrounding employment base includes established corporate offices within reasonable commuting distance, supporting workforce housing demand for the property's tenant profile.
- LKQ — automotive parts distribution (4.8 miles)
- Time Warner Business Class — telecommunications services (5.0 miles)
- INTERNATIONAL PAPER Cypress Retail Packaging — manufacturing & packaging (5.5 miles)
- United Technologies — aerospace & defense (7.1 miles)
- International Paper — industrial manufacturing (8.3 miles)
This 1978-vintage property offers value-add potential through unit renovations and operational improvements in a neighborhood that maintains above-average occupancy levels. The 95.3% neighborhood occupancy rate provides stability, while the urban core location with 58.1% renter-occupied units ensures consistent demand from Orange County's workforce. Demographic projections show household growth through 2028, expanding the potential tenant base within a 3-mile radius.
The property's 24-unit size and 894 square foot average unit size align with market preferences, though investors should account for the neighborhood's crime profile and rent-to-income pressures in their underwriting. Commercial real estate analysis indicates strong amenity access and employment proximity support long-term rental demand, while the construction vintage creates opportunities for strategic capital improvements to enhance returns.
- Stable 95.3% neighborhood occupancy supports consistent cash flow
- Value-add potential from 1978 vintage allowing unit and common area upgrades
- Strong renter density at 58.1% of housing units ensures demand depth
- Risk consideration: Property crime trends and affordability pressures require active management