| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 82nd | Best |
| Demographics | 92nd | Best |
| Amenities | 100th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1438 5th St, Santa Monica, CA, 90401, US |
| Region / Metro | Santa Monica |
| Year of Construction | 2006 |
| Units | 52 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1438 5th St Santa Monica Core Multifamily Opportunity
In Santa Monica’s urban core, a deep renter base and high-cost ownership market support durable demand and pricing power, according to WDSuite’s CRE market data.
Situated in Santa Monica’s Urban Core, the property benefits from a rare concentration of daily needs and lifestyle amenities. The neighborhood ranks 3 out of 1,441 metro neighborhoods overall (A+), with restaurants, cafes, groceries, pharmacies, and parks all placing in the top tier nationally. This density of services supports renter convenience, walkability, and lease retention for professionally managed assets.
Amenity access is a standout: restaurant density ranks 5 of 1,441 metro neighborhoods and sits at the 100th percentile nationally; grocery, cafe, and pharmacy access also register near the top of U.S. neighborhoods. These location fundamentals underpin steady touring traffic and competitive positioning versus less amenitized submarkets in the Los Angeles-Long Beach-Glendale metro.
Renter demand is broad-based. The neighborhood’s share of renter-occupied housing units is high (99th percentile nationally), indicating depth in the tenant pool. Median household incomes in the neighborhood rate well above national norms while home values and the value-to-income ratio sit near the top percentiles nationally — a high-cost ownership landscape that tends to reinforce reliance on multifamily rentals and support renewal velocity.
Within a 3-mile radius, demographics indicate a stable, high-income renter pool with expectations for a future increase in households and smaller average household sizes over the next five years. That combination typically expands the renter pool and supports occupancy stability. School ratings data are not available for this neighborhood; investors may wish to underwrite tenant demand on the strength of amenity access and employment connectivity. Based on WDSuite’s commercial real estate analysis, neighborhood NOI per unit benchmarks rank among the strongest metro-wide, signaling competitive rent potential in this micro-market.
Safety trends should be underwritten conservatively for an urban core location. The neighborhood’s crime rank is 1,374 out of 1,441 metro neighborhoods, indicating higher reported crime relative to most of the Los Angeles-Long Beach-Glendale metro. Compared with neighborhoods nationwide, overall crime levels benchmark in a lower national percentile, which suggests investors should plan for standard urban security measures, lighting, controlled access, and active management.
Violent and property offense indicators also track in low national percentiles (with higher percentiles indicating safer areas), reinforcing the need for routine security and operating protocols common to dense, mixed-use districts. Framed appropriately, these realities are typical of high-amenity cores where foot traffic and nightlife are elevated; leasing remains supported by location advantages and proximity to jobs.
Proximity to major employers anchors demand for well-located rentals, with tenants drawn by short commutes to corporate headquarters and tech, energy, and engineering offices noted below.
- Abbott Laboratories — healthcare products (1.1 miles) — HQ
- Activision Blizzard — interactive entertainment (2.4 miles) — HQ
- Occidental Petroleum — energy (4.1 miles) — HQ
- Microsoft Offices The Reserves — software & cloud (4.8 miles)
- AECOM — engineering & infrastructure (5.3 miles) — HQ
Built in 2006, the asset is newer than the neighborhood’s average vintage and should compare favorably to older stock, supporting rent attainment and lower near-term capital needs; investors may still plan for targeted system updates and modernization to maintain competitive standing. Location fundamentals are exceptional: top-tier amenity density, high-income households, and a high-cost ownership market that sustains multifamily demand. At the neighborhood level, renter-occupied share is elevated and NOI per unit benchmarks are among the strongest in the metro, which supports a durable revenue profile, based on CRE market data from WDSuite.
Counterbalancing strengths, the neighborhood’s reported occupancy level trends below national norms and safety indicators track weaker than average for the metro, which argues for disciplined leasing, security protocols, and proactive resident relations. Within a 3-mile radius, projections point to an increase in households and smaller average household sizes over the next five years, expanding the tenant base and helping backfill units through cycles.
- 2006 vintage competes well versus older neighborhood stock; plan selective upgrades to preserve positioning.
- Urban core location with top-tier amenity access supports leasing velocity and renewal rates.
- High-cost ownership market and strong incomes reinforce reliance on rentals and pricing power.
- 3-mile projections indicate more households and smaller household sizes, enlarging the renter pool.
- Risks: below-average neighborhood occupancy and weaker safety metrics call for active management and security investment.