| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 82nd | Best |
| Demographics | 92nd | Best |
| Amenities | 100th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1537 7th St, Santa Monica, CA, 90401, US |
| Region / Metro | Santa Monica |
| Year of Construction | 2003 |
| Units | 36 |
| Transaction Date | 2024-09-10 |
| Transaction Price | $5,390,000 |
| Buyer | GC 1537 7TH LP |
| Seller | 1537 ON 7TH LLC |
1537 7th St Santa Monica Multifamily Investment
This 36-unit property benefits from Santa Monica's top-tier neighborhood ranking and exceptional amenity density. The area demonstrates strong rental fundamentals with 83% renter occupancy and median household incomes exceeding $106,000, according to CRE market data from WDSuite.
Located in Santa Monica's Urban Core, this neighborhood ranks 3rd among 1,441 metro neighborhoods with an A+ rating and 100th national percentile for amenities. The area features exceptional walkability with 154 restaurants per square mile, 14 grocery stores per square mile, and comprehensive urban services that support tenant retention and appeal.
Built in 2003, the property aligns with the neighborhood's average construction year of 1978, positioning it as newer stock with reduced near-term maintenance requirements. The area maintains 83% renter occupancy, ranking in the top quartile nationally for rental tenure, which reinforces consistent demand for multifamily housing.
Demographics within a 3-mile radius show 154,774 residents with median household income of $124,488 and strong educational attainment at 47.1% bachelor's degree holders. Five-year projections indicate household count growth of 39% and median income increases of 21%, supporting expanded renter pool and pricing stability. However, rent-to-income ratios at 33% suggest affordability pressures that require careful lease management consideration.
Neighborhood median rents of $2,897 rank 130th among metro areas with 47% five-year growth, while home values averaging $1.45 million reinforce rental demand as elevated ownership costs sustain renter reliance on multifamily housing. The area's NOI per unit averages $23,011, ranking 12th metro-wide in the 99th national percentile.
Safety metrics indicate challenges that warrant investor attention and due diligence. The neighborhood ranks 1,374th among 1,441 metro neighborhoods for crime, placing it in the 13th national percentile. Property crime rates of 13,250 per 100,000 residents increased 73% year-over-year, while violent crime rates of 1,230 per 100,000 residents rose 29%.
These trends suggest the need for enhanced security measures, property management protocols, and tenant screening processes. Investors should factor security infrastructure costs and insurance considerations into underwriting, while monitoring local crime reduction initiatives that may improve conditions over time.
The Santa Monica area benefits from proximity to major corporate headquarters and technology employers that support professional renter demand and commute convenience.
- Abbott Laboratories — pharmaceutical & healthcare (1.1 miles) — HQ
- Activision Blizzard — gaming & entertainment (2.1 miles) — HQ
- Occidental Petroleum — energy & oil services (3.9 miles) — HQ
- Microsoft Offices The Reserves — technology (4.6 miles)
- AECOM — engineering & infrastructure (5.1 miles) — HQ
This Santa Monica property offers exposure to one of Los Angeles County's premier multifamily markets, with neighborhood fundamentals ranking in the top quartile nationally across key metrics. The 2003 construction vintage provides modern appeal while avoiding the capital expenditure requirements of older stock. Strong demographic trends show household growth of 39% projected over five years, expanding the potential tenant base, while median household incomes exceeding $106,000 support rent collection stability.
The neighborhood's 83% renter occupancy rate and exceptional amenity density create competitive advantages for tenant attraction and retention. However, multifamily property research indicates elevated crime metrics and affordability pressures require active management consideration. Home values averaging $1.45 million reinforce rental demand as ownership costs keep households in the multifamily market, while NOI per unit averaging $23,011 demonstrates the area's income-generating potential.
- Top-tier neighborhood ranking (3rd of 1,441) with A+ rating and exceptional walkability
- Strong demographic growth with 39% household increase projected over five years
- High-income tenant base with median household income of $124,488
- Proximity to major corporate employers including Abbott Laboratories and Activision Blizzard
- Risk considerations include elevated crime metrics and affordability pressure requiring enhanced management protocols