| 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 | 2012-06-13 |
| Transaction Price | $7,780,077 |
| Buyer | 2010 3RD STREET LLC |
| Seller | 2010 OCEAN VIEW LLC |
2010 3rd St Santa Monica Beachside Multifamily Investment
High renter concentration and elevated ownership costs reinforce durable renter demand in this Urban Core pocket, according to WDSuite’s CRE market data, supporting long-term leasing resilience.
Located in Santa Monica’s Urban Core, the property benefits from a neighborhood rated A and competitive among Los Angeles-Long Beach-Glendale neighborhoods (ranked 96 out of 1,441). Dense amenities and coastal lifestyle drivers contribute to renter appeal and retention.
Amenity access is a standout: restaurants, cafes, parks, childcare, and groceries score in the high national percentiles, with park density among the strongest nationally. This breadth of daily-needs and leisure options supports resident satisfaction and time-on-market performance for multifamily assets.
Rents in the neighborhood track well above national levels (near the high end by percentile), while the area’s home values are also elevated. In a high-cost ownership market, multifamily benefits from sustained renter reliance, which can support pricing power and lease retention, particularly for well-maintained assets near the beach.
Tenure patterns indicate depth of demand: renter-occupied housing share is high (upper national percentiles), signaling a broad tenant base for 1–2 bedroom product. Neighborhood occupancy sits near the national middle, but strong amenity access and a concentrated renter base can help stabilize performance relative to older or less centrally located stock. For multifamily property research, demographic statistics within a 3-mile radius show household incomes skew higher and forecasts indicate growth in households alongside a modest reduction in average household size, suggesting a larger renter pool over the next cycle.
Vintage context: the asset’s 1973 construction is slightly newer than the neighborhood’s average year built. That positioning can offer relative competitiveness versus pre-1960s buildings; however, investors should plan for systems modernization and selective common-area or in-unit upgrades to capture top-of-market rents.
Neighborhood safety metrics trend below national averages, and the area ranks toward the higher-crime end among 1,441 Los Angeles-Long Beach-Glendale neighborhoods. Recent year-over-year readings indicate property and violent offense rates have moved higher, so investors should underwrite security measures, lighting, and operating protocols accordingly.
Context for investors: proximity to active commercial corridors and a high-amenity, high-traffic environment can elevate reported incidents relative to quieter suburban areas. Comparative benchmarking against nearby coastal neighborhoods and ongoing trend monitoring remain prudent for pricing, insurance, and capex planning.
Proximity to major employers underpins renter demand and commute convenience, with a concentration of corporate offices spanning healthcare, gaming, technology, energy, and engineering — the same names highlighted below.
- Abbott Laboratories — healthcare & diagnostics (0.46 miles) — HQ
- Activision Blizzard — gaming (2.16 miles) — HQ
- Microsoft Offices The Reserves — technology offices (4.15 miles)
- Occidental Petroleum — energy (4.35 miles) — HQ
- AECOM — engineering & infrastructure (5.36 miles) — HQ
This 25-unit, 1973-vintage asset sits in an A-rated, amenity-rich Santa Monica neighborhood where high ownership costs and a large renter-occupied housing share underpin a deep tenant base. Based on CRE market data from WDSuite, neighborhood rents benchmark in the higher national percentiles while occupancy trends are near the national middle, suggesting stable performance for competitively positioned product.
Within a 3-mile radius, household incomes skew higher and forecasts show growth in households with smaller average household size — signals of renter pool expansion that can support occupancy stability and sustained leasing velocity. The 1973 vintage is slightly newer than the local average, offering competitive positioning versus older stock, with value-add potential through targeted system upgrades and interiors.
- High-cost ownership market reinforces reliance on rentals, supporting pricing power and retention
- Large renter-occupied housing share indicates depth of demand for 1–2 bedroom units
- Amenity-rich coastal location near major employers supports leasing velocity
- 1973 construction offers value-add through targeted modernization to remain competitive
- Risks: safety metrics below national averages and rent-to-income affordability pressure warrant conservative underwriting