| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 82nd | Best |
| Demographics | 92nd | Best |
| Amenities | 100th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1531 6th St, Santa Monica, CA, 90401, US |
| Region / Metro | Santa Monica |
| Year of Construction | 2003 |
| Units | 48 |
| Transaction Date | 2009-09-10 |
| Transaction Price | $7,000,000 |
| Buyer | PR SM ANACAPA LLC |
| Seller | JSM ANACAPA LLC |
1531 6th St, Santa Monica Multifamily Investment
Positioned in an amenity-dense urban core with a deep renter base, this asset benefits from strong pricing power supported by a high-cost ownership market, according to WDSuite’s CRE market data. Neighborhood occupancy is steady but not peak-level, suggesting attention to leasing strategy can enhance stability.
The property sits in Santa Monica’s Urban Core, where amenities are a clear differentiator for renter appeal. The neighborhood ranks 1st out of 1,441 Los Angeles metro neighborhoods for overall amenity access and places in the top national percentiles for restaurants, groceries, cafes, parks, and pharmacies. For investors, this breadth of daily-needs and lifestyle options underpins leasing velocity and helps sustain rent premiums for well-maintained product.
Renter-occupied housing is a dominant share of units in this neighborhood, indicating a sizable and durable tenant base for multifamily. Median rents are among the highest nationally, while home values are also elevated, creating a high-cost ownership market that tends to reinforce reliance on multifamily housing. These dynamics generally support retention and pricing, though they warrant attentive lease management to mitigate affordability pressure.
Compared with the broader Los Angeles-Long Beach-Glendale metro, the neighborhood’s recent occupancy performance trails national leaders, so operators may need to emphasize renewals and targeted concessions in softer periods. Even so, neighborhood-level NOI per unit benchmarks are in the top percentiles nationally, pointing to proven revenue potential for competitive assets.
Within a 3-mile radius, demographic data show a high-income renter pool and projections for household growth alongside smaller average household sizes over the next five years. This combination typically expands the pool of apartment seekers and supports occupancy stability for well-located buildings near transit, jobs, and amenities, based on CRE market data from WDSuite.
Safety indicators for the immediate neighborhood trend below both metro and national benchmarks. The area ranks toward the lower end of the Los Angeles metro spectrum (1374 out of 1,441 neighborhoods), and national comparisons place it in lower percentiles for safety. Recent year-over-year figures indicate increases in both property and violent offenses. For investors, this suggests an emphasis on visible security measures, access control, and resident communication to support retention and leasing.
Context matters: safety varies block-to-block in urban cores, and properties with professional management, lighting, controlled entry, and coordinated neighborhood engagement often perform better than area averages. Underwriting should reflect this environment with appropriate operating practices and insurance assumptions.
Proximity to major employers supports a steady professional renter base and commute convenience, led by nearby headquarters and large corporate offices including Abbott Laboratories, Activision Blizzard, Occidental Petroleum, Microsoft, and AECOM.
- Abbott Laboratories — healthcare & life sciences (1.1 miles) — HQ
- Activision Blizzard — interactive entertainment (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
Built in 2003, the asset is newer than much of the local housing stock, offering competitive finishes and systems relative to older vintage properties while still presenting selective modernization opportunities. The location’s amenity density and high renter concentration support durable demand and rent premium potential; however, neighborhood occupancy trends are below top-tier markets, making disciplined leasing and renewal strategies important. According to CRE market data from WDSuite, elevated home values in the area reinforce reliance on multifamily housing, which can help sustain pricing power for well-managed assets.
Within a 3-mile radius, high household incomes and projected growth in households—coupled with smaller average household sizes—point to a larger tenant base over the next five years. These fundamentals, together with proximity to major employers, support long-term leasing durability; key risks include affordability pressure and area safety metrics that call for strong on-site management and security practices.
- 2003 vintage offers competitive positioning versus older local stock with targeted value-add potential
- Amenity-rich Urban Core location supports rent premiums and steady leasing
- High-cost ownership market reinforces multifamily demand and pricing power
- 3-mile demographics indicate rising household counts and a deep, high-income renter pool
- Risks: below-peak neighborhood occupancy, affordability pressure, and safety considerations require proactive management