Sun Valley Multifamily Market Report
Market Overview
Sun Valley is a neighborhood located in the San Fernando Valley region of Los Angeles, California. It is situated in the northeastern part of the city and is known for its diverse population, suburban feel, and proximity to various attractions and amenities.
Highlights
- The market cap rate is fairly similar to the Los Angeles metro average of 4.5%, sitting at 4.6%.
- The total population of Sun Valley is 55,280, seeing a .3% increase from the same period in 2022.
- The market pricing sits at $274,736 as of Q3 2023.
Rents | Vacancy | Construction
The Sun Valley submarket has maintained the same vacancy rate in the past year, staying at 2.2%. There has been a modest amount of positive absorption. Class C units are currently the most popular, with 5,824 total units. There are a total of 2,556 Class B and 243 Class A units. Rent has increased 2.4% from last year, currently at around $1,670 per month. Rents have increased a cumulative 10.1% in the past three years. There are currently 56 units under construction.
Sales
Annual sales volume has averaged $31.1 million over the past five years, and the 12-month high in investment volume hit $56.6 million over that stretch.
Buyers have shown interest in Sun Valley’s multifamily properties and have scooped up assets over the years. In the past 12 months, $16.3 million worth of assets have been sold in Sun Valley. Although investors have historically been active, over the past 12 months, deal flow has pulled back.
Sun Valley by the Numbers Last 12 Months
- Vacancy Rate: 2.2%
- Asking Rent Growth: 2.4%
- Average Price Per Unit: $300,000
- Sales Volume: $16.8M
- Sale Comparables: 4
- Units Under Construction: 56
