| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 85th | Best |
| Demographics | 68th | Fair |
| Amenities | 80th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 18883 Von Karman Ave, Irvine, CA, 92612, US |
| Region / Metro | Irvine |
| Year of Construction | 2010 |
| Units | 115 |
| Transaction Date | 2009-12-01 |
| Transaction Price | $27,000,000 |
| Buyer | Essex Property Trust |
| Seller | Cathay Bank |
18883 Von Karman Ave Irvine Multifamily Investment
Positioned in an Inner Suburb of Irvine with a deep renter base and proximity to major employers, the asset benefits from strong location fundamentals and newer construction; according to WDSuite’s CRE market data, neighborhood rents trend high for Orange County while ownership costs reinforce sustained rental demand.
The property sits in Irvine’s Inner Suburb setting, with neighborhood performance rated A and ranked 61 of 516 in the Anaheim–Santa Ana–Irvine metro, indicating competitive fundamentals among metro peers. 2010 construction is newer than the neighborhood average vintage (2001), supporting relative competitiveness versus older stock while still warranting standard mid-life system planning over the hold.
Local amenity access is a strength: restaurants score in the 97th percentile nationally, cafes in the upper 80s, and grocery/pharmacy access above the national median, helping support leasing and retention. Parks are present at levels around the national 70th percentile, adding to livability for family and roommate households drawn to larger floor plans.
Renter concentration in the neighborhood is high (renter-occupied share near the top of U.S. neighborhoods), which points to a deep tenant base for multifamily. By contrast, neighborhood occupancy runs below national norms, suggesting leasing still requires active management and product differentiation; elevated home values in the area (well above national percentiles) tend to sustain demand for rental housing, reinforcing pricing power when operations are executed well.
Within a 3-mile radius, demographics show population and household growth over the past five years with further expansion forecast, alongside a large share of 18–34-year-olds and rising incomes. These trends expand the local renter pool and support occupancy stability and rent growth potential, based on CRE market data from WDSuite.
Safety indicators for the immediate neighborhood trend weaker than national averages, with crime metrics positioned toward the higher-crime end both locally and nationally (crime rank 433 of 516 metro neighborhoods; lower national percentiles indicate comparatively higher reported crime). Property offense rates have improved in the last year, while violent offense trends ticked up modestly, suggesting mixed near‑term dynamics.
Investors typically account for these conditions via security features, lighting, and active property management, and by emphasizing proximity to employment and amenities to support leasing. As always, evaluate block-level patterns and recent trendlines alongside comparable assets rather than relying on metro-wide benchmarks alone.
The location serves a broad professional employment base, supporting weekday demand and short commute times for renters. Key nearby employers include Prudential, Western Digital, Microsoft, First American Financial, and Pacific Life.
- Prudential — corporate offices (0.88 miles)
- Western Digital — corporate offices (1.08 miles) — HQ
- Microsoft Technology Center — technology offices (1.24 miles)
- First American Financial — title & insurance services (2.16 miles) — HQ
- Pacific Life — insurance (3.70 miles) — HQ
This 115-unit, 2010-vintage asset combines newer construction, large average unit sizes, and a highly amenitized Irvine location. Neighborhood renter concentration is among the highest nationally, supporting a deep tenant base, while elevated ownership costs in Orange County help sustain reliance on multifamily housing. According to CRE market data from WDSuite, neighborhood NOI per unit ranks among the strongest nationally, consistent with premium rent levels and affluent household profiles in the area.
Key underwriting considerations include neighborhood occupancy running below national levels and safety metrics that trail national percentiles, which place a premium on leasing execution, security, and product positioning. Rent-to-income ratios signal some affordability pressure, so asset performance often hinges on amenity value, floor plan utility, and renewal management to protect retention and pricing power.
- Newer 2010 vintage relative to local stock, supporting competitive positioning with manageable mid-life capital planning
- Deep renter base in a high-cost ownership market, reinforcing sustained multifamily demand
- Strong amenity access and proximity to major employers underpin leasing and retention
- High neighborhood NOI per unit by national standards supports a premium product thesis
- Risks: below‑national neighborhood occupancy and weaker safety metrics require active leasing and security strategies