| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 82nd | Best |
| Demographics | 92nd | Best |
| Amenities | 100th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1428 6th St, Santa Monica, CA, 90401, US |
| Region / Metro | Santa Monica |
| Year of Construction | 1998 |
| Units | 24 |
| Transaction Date | 2024-09-10 |
| Transaction Price | $17,170,000 |
| Buyer | GC 1422-1428 6TH LP |
| Seller | 1422 ON 6TH LLC |
1428 6th St, Santa Monica Multifamily Opportunity
Amenity-rich Urban Core location with deep renter demand, according to WDSuite’s CRE market data, positioning well-located assets for steady absorption and resilient leasing.
Situated in Santa Monica’s Urban Core, the property benefits from one of the metro’s most convenient amenity footprints—this neighborhood ranks 1st out of 1,441 Los Angeles-Long Beach-Glendale neighborhoods for overall amenity access. Dense coverage of restaurants, groceries, cafes, parks, and pharmacies supports renter convenience and helps sustain day-to-day occupancy and retention for walkable multifamily assets.
Neighborhood rents trend at the upper end of the market and home values are elevated, which reinforces reliance on multifamily housing and supports pricing power for well-managed properties. At the neighborhood level, renter concentration is high, indicating a deep base of renter-occupied units that can support leasing velocity. Median incomes are strong and household sizes are smaller than typical for the region, reinforcing demand for well-located, professionally managed apartments.
Education and workforce indicators are favorable: the neighborhood scores in the top quartile nationally for educational attainment and demographics and is competitive among Los Angeles metro neighborhoods. These dynamics, combined with strong amenity density, position the area to capture mobile professionals seeking proximity to jobs and services.
Within a 3-mile radius, WDSuite’s commercial real estate analysis indicates stable to expanding demand drivers: population and household counts are expected to grow through the current forecast window, increasing the local renter pool and supporting occupancy stability. Given elevated ownership costs nearby, professionally managed multifamily can retain residents longer, while careful lease management can mitigate affordability pressure where rent-to-income ratios are tighter.
Safety performance in this neighborhood trends below metro averages and falls in the lower tier nationally, based on WDSuite’s validated metrics. Crime ranks near the bottom among 1,441 Los Angeles-Long Beach-Glendale neighborhoods, signaling that investors should underwrite for prudent security measures, lighting, and on-site management to support resident comfort and retention.
Recent year-over-year changes point to elevated property and violent offense rates relative to many U.S. neighborhoods, so investors may want to incorporate operational protocols and partnerships with local stakeholders. Comparative framing is most useful here: while other fundamentals (amenities, incomes, and renter depth) are strong, safety requires active management and realistic expense planning.
Proximity to major corporate offices underpins a steady professional renter base and supports retention through commute convenience. Key nearby employers include Abbott Laboratories, Activision Blizzard, Occidental Petroleum, Microsoft, and AECOM.
- Abbott Laboratories — healthcare & life sciences (1.2 miles) — HQ
- Activision Blizzard — interactive entertainment (2.3 miles) — HQ
- Occidental Petroleum — energy (4.1 miles) — HQ
- Microsoft Offices The Reserves — technology offices (4.8 miles)
- AECOM — engineering & infrastructure (5.2 miles) — HQ
This 24-unit asset, built in 1998, is competitively positioned versus older neighborhood stock (average vintage 1978). The construction year suggests relative appeal to today’s tenants, while allowing for targeted modernization to enhance unit finishes and building systems. According to CRE market data from WDSuite, the neighborhood combines top-tier amenity access and strong renter concentration, factors that typically support absorption and lease renewals for well-managed multifamily.
Fundamentally, elevated home values in the area sustain demand for rental housing, and nearby white-collar employment centers expand the professional tenant base. Within a 3-mile radius, population and household growth through the forecast period point to a larger renter pool, supporting occupancy stability. Key underwriting considerations include safety performance that trails metro norms and affordability pressure in a high-cost coastal market, both of which can be addressed with proactive operations and measured rent strategies.
- 1998 vintage offers competitive positioning versus older stock, with value-add potential via selective upgrades.
- Amenity-dense Urban Core location ranks 1st of 1,441 metro neighborhoods for access, supporting renter retention.
- High renter concentration and proximity to major employers underpin a deep tenant base and leasing stability.
- Elevated ownership costs reinforce sustained multifamily demand and potential pricing power for well-managed assets.
- Risks: below-metro safety metrics and affordability pressure call for active management, security planning, and disciplined rent strategy.