| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 81st | Best |
| Demographics | 78th | Best |
| Amenities | 82nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2010 3rd St, Santa Monica, CA, 90405, US |
| Region / Metro | Santa Monica |
| Year of Construction | 1973 |
| Units | 25 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2010 3rd St Santa Monica Multifamily Investment
Strong renter demand and a high-cost ownership landscape suggest durable leasing fundamentals for this 25‑unit asset in Santa Monica, according to WDSuite’s CRE market data.
Located in Santa Monica’s Urban Core, the neighborhood scores competitive among Los Angeles-Long Beach-Glendale neighborhoods (ranked 96 of 1,441) with an A rating, signaling established amenities and steady multifamily demand. Amenity access is a differentiator: restaurants, cafes, childcare, groceries, and parks test well above national norms, with parks particularly strong, supporting day‑to‑day livability that helps retention.
For investors, the share of housing units that are renter‑occupied is elevated (73.6%), placing the area among the higher renter concentrations nationwide. This depth of the tenant base supports leasing velocity and renewals even as neighborhood occupancy trends sit closer to national midrange, based on CRE market data from WDSuite.
Home values in the neighborhood are among the highest nationally, creating a high‑cost ownership market that typically sustains reliance on rentals and supports pricing power when product is well‑positioned. At the same time, rent-to-income around 30% indicates affordability pressure is a consideration for lease management and renewal strategies.
Within a 3‑mile radius, demographic data show a modest population dip in recent years but projections point to population growth and a meaningful increase in households over the next five years, implying a larger tenant base and potential renter pool expansion. Household incomes skew higher than national norms, which can support Class B/C value‑add repositioning or premium renovations when aligned with product‑market fit.
Schools in the immediate neighborhood average below national midrange, which may modestly influence family‑oriented demand; however, the area’s amenity richness, coastal location, and employment access often anchor renter appeal for singles and couples. The property’s 1973 construction is somewhat newer than the neighborhood’s average vintage (1966), suggesting relative competitiveness versus older stock, though investors should plan for modernization of aging systems as part of a value‑add or capital program.
Safety indicators for the neighborhood trend below national averages, with crime measures sitting in lower national percentiles. In practical terms, this places the area less favorably on safety relative to many U.S. neighborhoods and warrants standard operational diligence around lighting, access control, and security vendor coordination.
Compared with other neighborhoods in the Los Angeles‑Long Beach‑Glendale metro (1,441 total), the area’s crime ranking sits in a weaker cohort, while some indicators have shown recent increases. Investors typically mitigate through property‑level measures and tenant‑experience management; underwriting should reflect these dynamics without assuming block‑level uniformity.
Proximity to major employers in healthcare, gaming, technology, and energy supports commuter convenience and helps underpin renter demand for workforce and professional households noted below.
- Abbott Laboratories — healthcare & medical devices (0.5 miles) — HQ
- Activision Blizzard — gaming & entertainment (2.2 miles) — HQ
- Microsoft Offices The Reserves — technology offices (4.2 miles)
- Occidental Petroleum — energy corporate offices (4.3 miles) — HQ
- AECOM — engineering & infrastructure (5.3 miles) — HQ
2010 3rd St brings 25 units in a high‑amenity, coastal neighborhood with a deep renter base and historically strong income profiles. According to CRE market data from WDSuite, the submarket shows competitive standing within the Los Angeles metro, with renter‑occupied concentration among the highest nationally and amenity access that supports lease retention. The local ownership market’s elevated home values further sustains reliance on rentals, while neighborhood occupancy trends near national midrange favor disciplined leasing and asset management.
Built in 1973, the asset is somewhat newer than the neighborhood’s average vintage, offering relative competitiveness versus older stock; however, investors should plan for system updates and selective renovations to capture premium rents. Within a 3‑mile radius, forward‑looking demographics indicate population growth and a notable increase in households, signaling renter pool expansion that can support occupancy stability over the hold period.
- Deep renter-occupied share supports leasing velocity and renewals
- High-cost ownership market reinforces multifamily demand and pricing power
- 1973 vintage offers value‑add and modernization paths versus older comparables
- Amenity‑rich, coastal location near marquee employers supports retention
- Risks: below‑average safety indicators and rent affordability pressure necessitate proactive operations and underwriting