| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 82nd | Best |
| Demographics | 92nd | Best |
| Amenities | 100th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1512 15th St, Santa Monica, CA, 90404, US |
| Region / Metro | Santa Monica |
| Year of Construction | 2006 |
| Units | 41 |
| Transaction Date | 1999-10-11 |
| Transaction Price | $670,000 |
| Buyer | COMMUNITY CORP OF SANTA MONICA |
| Seller | 1512 15TH STREET LLC |
1512 15th St, Santa Monica Multifamily Investment
In a high-cost ownership market with deep renter demand, the surrounding neighborhood shows strong renter-occupied concentration and premium amenities, according to WDSuite’s CRE market data. While occupancy dynamics are measured for the neighborhood rather than this property, the area’s tenant base and location fundamentals support consistent leasing interest.
Located in Santa Monica’s Urban Core, this asset benefits from an A+ neighborhood rating and a position competitive among Los Angeles-Long Beach-Glendale’s 1,441 metro neighborhoods (ranked 3 of 1,441). Amenity access is a standout: the area sits in the 100th national percentile for restaurants, cafes, groceries, parks, and pharmacies, reinforcing daily convenience and lifestyle appeal that can aid leasing and retention.
The property’s 2006 vintage is newer than the neighborhood’s average construction year (1978), suggesting relative competitiveness versus older local stock. Investors should plan for mid-life system updates and select modernization to meet current renter expectations, but the starting point is advantaged compared with many nearby buildings.
Tenure patterns are favorable for multifamily: the neighborhood shows a high share of renter-occupied housing units (83% per WDSuite neighborhood data), indicating a deep tenant pool and steady demand for professionally managed apartments. Median home values in the area are elevated, which tends to reinforce reliance on rental housing and can support pricing power when paired with effective lease management.
Within a 3-mile radius, demographics indicate a sizable professional base with high household incomes and a projected increase in households over the next five years. This expected renter pool expansion supports absorption and renewal potential, though operators should monitor affordability pressure where rent-to-income ratios trend higher than national norms.
Neighborhood safety trends should be evaluated carefully. Compared with other neighborhoods in the Los Angeles-Long Beach-Glendale metro, this area’s crime rank sits near the lower end of the spectrum (1,374 out of 1,441), indicating higher reported incident levels relative to many local peers. Nationally, it tracks in lower percentiles for safety, so prudent security measures, lighting, and resident engagement can be important for operations.
Investors typically mitigate these risks through on-site protocols and partnership with local public-safety resources, while underwriting for potential insurance and operating cost impacts. Monitoring trend direction at the neighborhood level over time is advisable to align capital planning with resident expectations.
The surrounding employment base includes several nearby corporate headquarters and offices, supporting commuter convenience and a steady pool of professional renters. Notable employers include Abbott Laboratories, Activision Blizzard, Occidental Petroleum, AECOM, and Microsoft.
- Abbott Laboratories — corporate offices (1.5 miles) — HQ
- Activision Blizzard — corporate offices (1.8 miles) — HQ
- Occidental Petroleum — corporate offices (3.4 miles) — HQ
- AECOM — corporate offices (4.5 miles) — HQ
- Microsoft Offices The Reserves — corporate offices (4.6 miles)
This 2006-vintage, 41-unit asset sits in one of Santa Monica’s highest-amenity urban districts, where elevated home values and a high share of renter-occupied units point to durable multifamily demand. Based on CRE market data from WDSuite, the neighborhood’s amenity density ranks among the nation’s leaders, which can support leasing velocity and renewal outcomes despite broader affordability pressure.
Near-term focus should center on operational execution and selective modernization consistent with a mid-2000s building—targeting finishes, common areas, and efficiency upgrades to strengthen competitive positioning against both older stock and new deliveries. Underwriting should account for neighborhood safety considerations and variable occupancy at the neighborhood level, balanced by proximity to major employers and a projected expansion in the nearby renter base.
- Newer-than-average 2006 vintage offers value-add through targeted modernization
- Deep renter pool reinforced by high-cost ownership market and strong amenities
- Proximity to HQ-level employers supports leasing stability and retention
- Data-driven thesis using WDSuite’s commercial real estate analysis for neighborhood context
- Risks: lower safety rankings and uneven neighborhood occupancy warrant conservative operations