| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 82nd | Best |
| Demographics | 92nd | Best |
| Amenities | 100th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1519 6th St, Santa Monica, CA, 90401, US |
| Region / Metro | Santa Monica |
| Year of Construction | 2001 |
| Units | 48 |
| Transaction Date | 2009-09-10 |
| Transaction Price | $7,000,000 |
| Buyer | PR SM AMALFI LLC |
| Seller | JSM AMALFI LLC |
1519 6th St Santa Monica Multifamily Investment
Strong renter demand and a high-cost ownership landscape in Santa Monica supported by CRE market data from WDSuite 14suggest pricing power potential, while neighborhood occupancy trends warrant active lease management. The Urban Core location benefits from exceptional amenities that help sustain leasing velocity across cycles.
This Urban Core neighborhood ranks among the very best for daily-life convenience, with amenities scoring at the top of the Los Angeles metro (ranked 1st of 1,441 neighborhoods) and among the strongest nationally. Dense clusters of restaurants, groceries, pharmacies, cafes, parks, and childcare options create a walkable environment that typically supports tenant retention and leasing momentum.
The area skews heavily renter-occupied at the neighborhood level (top national percentile for renter concentration), signaling a deep tenant base for multifamily. Within a 3-mile radius, demographics indicate a predominantly renter-occupied housing stock as well, roughly two-thirds of units, which supports ongoing demand for professionally managed apartments rather than ownership transitions.
Neighborhood occupancy has improved modestly over the past five years but remains below the national middle and below the metro median (ranked 1,333 of 1,441). For investors, this points to the importance of asset-specific execution thoughtful renovation scopes, competitive unit finishes, and responsive operations to capture the area 27s strong traffic generated by its amenity-rich setting.
Home values here are elevated versus most U.S. neighborhoods, reinforcing reliance on rental housing and supporting pricing power for well-located assets. Median contract rents at the neighborhood level are also high relative to national norms, which can compress rent-to-income headroom; prudent lease management and renewal strategies help balance growth with retention. The property 27s 2001 vintage is newer than the neighborhood 27s average building year (1978), suggesting relative competitiveness against older stock, while thoughtful modernization of systems and common areas may further differentiate the asset.
Safety indicators for this neighborhood trend weaker relative to many Los Angeles metro peers (crime rank 1,374 of 1,441), and national comparisons place the area in a lower percentile for both property and violent offenses. Recent year-over-year movements suggest volatility rather than a consistent downtrend. Investors often address this context through property-level design, lighting, access control, and proactive operations, while monitoring submarket-level trends over time.
These metrics reflect neighborhood-level conditions, not on-site activity at the property. Comparing trends over multiple years and relative to broader metro patterns can help calibrate underwriting assumptions for security expenditures and tenant retention.
Nearby headquarters and major offices in healthcare, gaming, energy, technology, and engineering provide a diversified employment base that supports renter demand and commute convenience for residents. The following employers are within a short drive and help stabilize leasing through varied economic cycles.
- Abbott Laboratories healthcare (1.1 miles) HQ
- Activision Blizzard gaming & media (2.2 miles) HQ
- Occidental Petroleum energy (4.0 miles) HQ
- Microsoft Offices The Reserves technology offices (4.6 miles)
- AECOM engineering & infrastructure (5.2 miles) HQ
1519 6th St offers 48 units averaging roughly 983 square feet in a Santa Monica Urban Core location where renter concentration is among the highest nationally and ownership costs are elevated, reinforcing reliance on multifamily housing. According to CRE market data from WDSuite, neighborhood amenities rank first across the Los Angeles metro, a dynamic that typically supports leasing velocity and tenant retention for well-managed assets.
Built in 2001, the property is newer than much of the surrounding housing stock, giving it a competitive position versus older buildings while leaving room for selective modernization to capture premium demand. While neighborhood occupancy trends sit below metro medians, nearby diversified employers and the area 27s amenity depth help anchor demand; underwriting should account for affordability pressure and operational focus on renewals to sustain occupancy.
- Amenity-rich Urban Core location ranked 1st of 1,441 metro neighborhoods, supporting steady leasing traffic.
- High renter-occupied share at the neighborhood level and elevated ownership costs deepen the tenant base and pricing power potential.
- 2001 vintage is competitive versus older local stock, with targeted upgrades offering value-add upside.
- Diverse nearby employers (healthcare, gaming, energy, technology, engineering) support demand resilience.
- Risks: neighborhood safety ranks below metro norms and occupancy trails metro medians, calling for disciplined operations and prudent underwriting.