| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 82nd | Best |
| Demographics | 92nd | Best |
| Amenities | 100th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1423 6th St, Santa Monica, CA, 90401, US |
| Region / Metro | Santa Monica |
| Year of Construction | 1998 |
| Units | 24 |
| Transaction Date | 1997-04-23 |
| Transaction Price | $450,000 |
| Buyer | GC 1423-1425 6TH LP |
| Seller | 1423 ON 6TH LLC |
1423 6th St, Santa Monica Multifamily Investment
Positioned in Santa Monica’s urban core, the asset benefits from a high renter-occupied neighborhood and amenity density that support durable tenant demand, according to WDSuite’s CRE market data.
This Urban Core neighborhood ranks 3 out of 1,441 Los Angeles–Long Beach–Glendale metro neighborhoods (A+), reflecting top-tier fundamentals among peers. Amenity access is a standout: restaurants, groceries, parks, and pharmacies index in the top percentile nationally, reinforcing walkability and daily convenience that can underpin leasing velocity.
The neighborhood’s renter-occupied share is high (among the strongest nationally), signaling depth in the tenant base for multifamily product. By contrast, neighborhood occupancy trends sit below the national middle, so operators should prioritize retention strategies and product differentiation to sustain performance.
Within a 3-mile radius, demographic statistics show a high-income profile and forecast expansion in households by 2028, pointing to a larger tenant base even as average household size trends smaller. This pattern typically supports absorption of smaller floor plans and steady renewal pipelines rather than dependence on net in-migration alone.
Home values in the neighborhood are elevated (near the 99th percentile nationally), creating a high-cost ownership market that tends to sustain rental demand and supports pricing power for well-managed assets. Rent-to-income levels indicate some affordability pressure, suggesting the need for thoughtful lease management to balance occupancy stability with rent growth.
Built in 1998 versus a neighborhood average vintage of 1978, the property is newer than much of the nearby stock—often a competitive advantage on systems and layout. Investors should still underwrite selective modernization for finishes and common areas to maintain positioning against recent deliveries.
Safety conditions compare unfavorably to both metro and national benchmarks: the neighborhood ranks near the lower end of the Los Angeles–Long Beach–Glendale metro (1,374 out of 1,441), and national safety percentiles are low. Recent year-over-year estimates indicate an uptick in reported offenses. Investors typically address this with visible security measures, lighting, and access controls, balancing resident experience with operating costs.
As with any urban core location, conditions can vary by block and over time; investors should validate trends through multiple sources and incorporate prudent safety-related capex and operating protocols into underwriting.
Proximity to major employers supports a commuter-friendly renter base and leasing stability, with strong representation from healthcare, gaming, energy, technology, and engineering: Abbott Laboratories, Activision Blizzard, Occidental Petroleum, Microsoft, and AECOM.
- Abbott Laboratories — healthcare & diagnostics (1.2 miles) — HQ
- Activision Blizzard — gaming & entertainment (2.3 miles) — HQ
- Occidental Petroleum — energy (4.0 miles) — HQ
- Microsoft Offices The Reserves — technology offices (4.8 miles)
- AECOM — engineering & professional services (5.2 miles) — HQ
1423 6th St combines a high-amenity, walkable Santa Monica location with a renter-oriented neighborhood and elevated ownership costs that reinforce reliance on multifamily housing. Based on commercial real estate analysis from WDSuite, the surrounding neighborhood performs at the top of the metro, while high home values and a deep renter pool support steady demand; operators should nevertheless plan for below‑median neighborhood occupancy by focusing on renewal strategies and product quality.
Constructed in 1998, the 24-unit asset is newer than much of the local stock, offering competitive positioning with potential upside from targeted interior and common-area updates. Within a 3-mile radius, projections indicate growth in households and rising incomes by 2028, which can expand the tenant base and support rent resilience, particularly for well-managed, well-located units.
- Amenity-rich urban core with top-tier neighborhood ranking in the Los Angeles metro
- High renter-occupied share supports depth of demand and renewal stability
- 1998 vintage offers competitive edge versus older stock with selective value-add potential
- Elevated home values sustain rental reliance and pricing power for well-managed assets
- Risk: neighborhood occupancy trends below national middle—requires active lease management and resident retention