| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 82nd | Best |
| Demographics | 92nd | Best |
| Amenities | 100th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1015 2nd St, Santa Monica, CA, 90403, US |
| Region / Metro | Santa Monica |
| Year of Construction | 2001 |
| Units | 31 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1015 2nd St, Santa Monica Multifamily Investment
In a high-demand coastal pocket of Santa Monica, this 31-unit asset is positioned for durable renter demand and retention, according to WDSuite’s CRE market data. The location’s amenity density and access to major employers support leasing stability.
Set within Santa Monica’s Urban Core (neighborhood rating A+), the location sits near the very top among 1,441 Los Angeles–Long Beach–Glendale neighborhoods for amenity access and dining, and ranks in the top national percentiles for cafes, groceries, parks, and pharmacies. For investors, this concentration of daily-needs and lifestyle amenities tends to bolster renter retention and leasing velocity.
Renter-occupied share is high at the neighborhood level, indicating depth in the tenant base and steady multifamily demand. While neighborhood occupancy has trailed many U.S. areas in recent periods, strong location fundamentals, coastal proximity, and walkability help support sustained interest from professional renters.
Within a 3-mile radius, demographics reflect a high-income consumer base with a sizable upper-income cohort. Over the next five years, forecasts point to population growth and a rise in households alongside slightly smaller average household sizes; together, these trends generally expand the renter pool and can support occupancy stability. Elevated neighborhood home values rank near the top nationally, signaling a high-cost ownership market that tends to sustain reliance on rental housing and reinforce lease retention.
Built in 2001, the asset is newer than the neighborhood’s average vintage. That positioning can be competitive versus older stock, though investors may still underwrite for selective modernization or systems updates to meet current renter expectations. Neighborhood operating performance also reads strong, with NOI per unit ranking near the top among metro peers and nationally based on WDSuite’s commercial real estate analysis—an indicator of local income potential rather than a guarantee for this property.
Safety indicators for the immediate neighborhood trend weaker than the metro average and national norms. According to WDSuite data, this area is positioned near the lower end when compared with 1,441 Los Angeles–Long Beach–Glendale neighborhoods and falls in a low national percentile. Recent readings show year-over-year increases in both property and violent offenses. Investors commonly plan for prudent security measures and attentive property management when underwriting in this location.
A cluster of nearby corporate offices underpins workforce housing demand and commute convenience for residents, including Abbott Laboratories, Activision Blizzard, Occidental Petroleum, Microsoft, and AECOM.
- Abbott Laboratories — corporate offices (1.7 miles) — HQ
- Activision Blizzard — corporate offices (2.9 miles) — HQ
- Occidental Petroleum — corporate offices (4.3 miles) — HQ
- Microsoft Offices The Reserves — corporate offices (5.4 miles)
- AECOM — corporate offices (5.6 miles) — HQ
1015 2nd St aligns with a high-amenity, renter-heavy pocket of Santa Monica where neighborhood home values rank near the top nationally, reinforcing sustained rental demand and supporting lease retention. The 2001 vintage is relatively modern versus the area’s older average stock, offering competitive positioning today with potential to create value through targeted updates.
Based on CRE market data from WDSuite, the surrounding neighborhood has historically strong per-unit NOI compared with metro and national benchmarks, while a forecasted increase in households within a 3-mile radius points to a larger tenant base over time. Key underwriting considerations include below-average safety readings and variable neighborhood occupancy, suggesting the importance of proactive management and disciplined leasing strategy.
- Amenity-rich Urban Core location supports renter demand and retention
- 2001 construction offers competitive positioning versus older neighborhood stock
- Neighborhood-level NOI per unit ranks near top tiers per WDSuite data
- 3-mile forecast points to more households and a broader renter pool
- Risks: below-average safety and variable neighborhood occupancy call for strong operations