| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 82nd | Best |
| Demographics | 92nd | Best |
| Amenities | 100th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1511 15th St, Santa Monica, CA, 90404, US |
| Region / Metro | Santa Monica |
| Year of Construction | 2011 |
| Units | 29 |
| Transaction Date | 2012-01-10 |
| Transaction Price | $5,610,556 |
| Buyer | MOP SPE 2 LP |
| Seller | REP WRC SPE 2 LP |
1511 15th St, Santa Monica Multifamily Investment
Newer construction in an amenity-rich Santa Monica location supports renter demand and competitive positioning, according to WDSuite’s CRE market data. One clear takeaway for investors is durable appeal driven by proximity advantages and a deep renter base.
Situated in Santa Monica’s Urban Core, the neighborhood scores A+ overall and ranks 3rd among 1,441 Los Angeles metro neighborhoods, indicating strong fundamentals for multifamily. Amenity access is a standout: the area is the metro’s top-ranked for amenities (1st of 1,441) and sits in the highest national percentiles for restaurants, groceries, parks, pharmacies, and cafes—an advantage that helps with leasing velocity and retention.
The building’s 2011 vintage is materially newer than the neighborhood’s average 1978 stock, which supports competitiveness against older properties; investors should still underwrite routine modernization as systems age. Neighborhood-level renter concentration is high, with a large share of housing units renter-occupied, signaling depth in the tenant base. Within a 3-mile radius, a majority of housing units are renter-occupied as well, reinforcing steady multifamily demand.
Demand drivers extend beyond amenities. Within a 3-mile radius, median household incomes are high and have grown in recent years, while elevated ownership costs in the neighborhood (top national percentiles for home values) sustain reliance on multifamily housing and can support pricing power. At the same time, a higher rent-to-income ratio indicates affordability pressure, which calls for attentive lease management and renewal strategies.
According to WDSuite’s multifamily property research, the neighborhood’s reported occupancy has trended upward over the last five years but remains below stronger national benchmarks; operators often offset this with product differentiation, amenity activation, and unit-turn execution. Population and household metrics aggregated within a 3-mile radius point to a stable to expanding renter pool over the forecast period, which supports occupancy stability over the medium term.
Safety indicators for the neighborhood are below metro averages, ranking near the bottom among 1,441 Los Angeles metro neighborhoods and falling in low national percentiles compared with neighborhoods nationwide. For investors, this typically warrants practical measures such as well-lit common areas, access control, and coordination with property management to support resident experience and leasing outcomes. Conditions can vary block to block; use local diligence to verify recent trends.
Proximity to major corporate offices and headquarters underpins a strong white-collar renter base and convenient commutes for residents. Nearby employers include Abbott Laboratories, Activision Blizzard, Occidental Petroleum, AECOM, and Microsoft Offices The Reserves.
- Abbott Laboratories — corporate offices (1.5 miles) — HQ
- Activision Blizzard — corporate offices (1.7 miles) — HQ
- Occidental Petroleum — corporate offices (3.3 miles) — HQ
- AECOM — corporate offices (4.5 miles) — HQ
- Microsoft Offices The Reserves — corporate offices (4.6 miles)
1511 15th St offers a 2011-vintage asset in an A+ Santa Monica neighborhood where amenity density ranks at the top of the Los Angeles metro and among the highest nationally. The newer vintage should position the property competitively versus older local stock, with potential to capture renters who prioritize proximity and quality. Elevated home values in the neighborhood reinforce reliance on rental housing, while a high share of renter-occupied units suggests a deep tenant base and supports leasing stability. According to CRE market data from WDSuite, neighborhood occupancy has improved over the last five years, and medium-term demographic indicators within a 3-mile radius point to a larger renter pool, supporting steady demand.
Investors should underwrite affordability pressure (higher rent-to-income ratios) and local safety considerations with pragmatic operations, security, and renewal strategies. With thoughtful capital planning and asset management, the combination of location fundamentals, employment access, and a newer building can support consistent performance.
- Newer 2011 vintage relative to local stock enhances competitiveness versus older properties
- A+ neighborhood with top-ranked amenities supports leasing velocity and retention
- High renter concentration and elevated ownership costs sustain multifamily demand
- Employment access to major corporate offices supports a steady white-collar tenant base
- Risks: affordability pressure and below-metro safety metrics call for proactive operations