| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Good |
| Demographics | 81st | Best |
| Amenities | 63rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2001 Olympic Blvd, Santa Monica, CA, 90404, US |
| Region / Metro | Santa Monica |
| Year of Construction | 2008 |
| Units | 100 |
| Transaction Date | 2024-09-10 |
| Transaction Price | $51,220,000 |
| Buyer | GC 2001-2029 OLYMPIC LP |
| Seller | NMS 2001 STUDIO APARTMENTS LLC |
2001 Olympic Blvd Santa Monica Multifamily Investment
Positioned in an Urban Core pocket of Santa Monica with a deep renter base and resilient income profile, this asset benefits from neighborhood fundamentals that support lease-up and retention, according to WDSuite’s CRE market data. The area’s elevated ownership costs relative to incomes reinforce renter demand, while occupancy has tracked near national norms.
Situated in Los Angeles County’s Westside, the neighborhood scores A- overall and ranks in the top quartile among 1,441 metro neighborhoods, signaling competitive livability for multifamily renters. Compared with metro and national trends, local housing performance sits above the national median, and NOI per unit benchmarks in the top decile nationally—an indicator of strong revenue potential for well-operated assets.
Amenities skew favorable for daily needs: grocery access and dining density both sit in the mid-to-high 90s nationally, and park access is also high. School quality averages 4.0 out of 5 and places in the top quartile nationally, supporting demand from households prioritizing education. Note that pharmacies and cafés are less dense locally, which may shift some convenience trips to nearby districts.
The neighborhood shows a high share of renter-occupied housing units (top percentile nationally), which deepens the tenant base and supports leasing velocity. Neighborhood occupancy has hovered around the national middle in recent years with some softening, suggesting operators should emphasize retention and renewals to protect cash flow. Median contract rents are elevated versus much of the country, consistent with Westside positioning, while the rent-to-income profile indicates comparatively manageable burdens that can aid lease stability.
Within a 3-mile radius, demographics are affluent and diversified across age cohorts, with median household incomes trending upward and households projected to expand alongside a modest reduction in average household size. This points to gradual renter pool expansion and steady absorption capacity for appropriately positioned units, based on CRE market data from WDSuite.
Safety conditions should be evaluated carefully. Relative to 1,441 Los Angeles metro neighborhoods, this area ranks in the lower tier for crime, and it places in a low national percentile for both property and violent offense rates. That positioning indicates below-average safety compared to neighborhoods nationwide.
Recent year-over-year estimates also indicate rising incident rates locally. Investors should underwrite with prudent operating assumptions—enhanced access control, security measures, and resident engagement—while benchmarking performance against comparable Urban Core assets across the metro.
Proximity to major employers in technology, energy, and engineering underpins a deep, commuter-friendly renter pool that supports leasing stability for workforce and professional households. The following nearby employers shape the local demand base:
- Activision Blizzard — interactive entertainment (1.35 miles) — HQ
- Abbott Laboratories — healthcare products offices (1.73 miles) — HQ
- Occidental Petroleum — energy corporate offices (2.98 miles) — HQ
- AECOM — engineering & infrastructure (4.08 miles) — HQ
- Microsoft Offices The Reserves — technology offices (4.41 miles)
Built in 2008, the property is materially newer than the neighborhood’s average vintage, offering competitive positioning versus older Westside stock and reducing near-term capital exposure. Elevated home values in the area tend to sustain reliance on rental housing, while a high concentration of renter-occupied units supports a broad, depthful tenant base. According to CRE market data from WDSuite, neighborhood occupancy has hovered near national norms, suggesting stable operations for well-managed assets with a focus on renewals and resident experience.
Local amenities, strong school ratings, and access to major employers contribute to demand durability. Within a 3-mile radius, incomes are high and households are projected to increase even as average household size edges down—conditions that can expand the renter pool and support pricing power for quality units. Operators should account for safety considerations and maintain conservative assumptions on lease-up pace while leveraging the submarket’s employment and amenity fundamentals.
- 2008 vintage offers competitive positioning vs. older neighborhood stock, with moderated near-term capex needs
- High renter-occupied housing share supports a deep tenant base and leasing stability
- Elevated ownership costs in Santa Monica reinforce sustained rental demand and retention potential
- Employer proximity (tech, energy, engineering) underpins steady demand from professional households
- Risk: below-average safety metrics and recent increases in estimated incident rates warrant prudent underwriting and security measures