Pico Union
Pico-Union is a densely developed Central Los Angeles multifamily market characterized by a diverse community, substantial renter population and a mixture of historic residences and apartment properties. Its housing stock ranges from smaller vintage buildings to larger multifamily developments, creating opportunities across a variety of investment strategies. The neighborhood’s location provides convenient access to Downtown Los Angeles, Koreatown, USC and surrounding employment and commercial centers, while major transit routes and neighborhood-serving businesses support resident connectivity. For multifamily owners and investors, existing tenancy, property condition, historic-development considerations and proximity to major corridors can all influence individual asset performance and long-term value.
MARKET OVERVIEW
Source: CoStar | Pico Union Multifamily | 2025
Units Sold
123
Rent Growth (YoY)
4.3%
Average Cap Rate
7.1%
Vacancy Rate
8.1%
Average Price Per Unit
$160,935
Average Rent
$1,335
Average Sale Price
$2M
Total Transactions
10
EMPLOYMENT DRIVERS
Pico-Union benefits from its proximity to major employment centers in Downtown Los Angeles and the USC area. Residents have convenient access to jobs in education, healthcare, government, professional services, finance, hospitality and entertainment, while neighborhood retail, restaurants and small businesses contribute to local employment. Access to major surface streets, freeway connections and public transportation further connects the neighborhood to employment opportunities throughout Central Los Angeles.
TENANT PROFILE
Pico-Union has a predominantly renter-oriented population that includes working households, families, multigenerational households, immigrant communities and long-term residents. Its relatively affordable housing, central location and access to transit, employment centers and neighborhood-serving businesses contribute to renter demand. The area’s mixture of smaller apartment properties and larger multifamily buildings accommodates a range of household sizes, while its established cultural identity continues to shape the neighborhood’s residential character.