| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Good |
| Demographics | 81st | Best |
| Amenities | 63rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2029 Olympic Blvd, Santa Monica, CA, 90404, US |
| Region / Metro | Santa Monica |
| Year of Construction | 2009 |
| Units | 65 |
| Transaction Date | 2024-09-10 |
| Transaction Price | $51,220,000 |
| Buyer | GC 2001-2029 OLYMPIC LP |
| Seller | NMS 2001 STUDIO APARTMENTS LLC |
2029 Olympic Blvd Santa Monica Multifamily Investment
Urban core setting with a high renter concentration and a high-cost ownership landscape supports steady renter demand in the surrounding neighborhood, according to WDSuite’s CRE market data.
Located in Santa Monica’s Urban Core and competitive among the 1,441 Los Angeles-Long Beach-Glendale neighborhoods, the area pairs strong livability with investor-relevant fundamentals. Neighborhood schools average 4.0/5 and sit in the top quartile nationally, while daily needs are well covered with grocery access and parks both ranking in high national percentiles. Restaurant density is also strong. Cafes and pharmacies are thinner by comparison, which may modestly affect walk-to-convenience for certain tenants.
The housing stock skews renter-occupied at the neighborhood level, with a renter concentration near seven in ten units. For multifamily owners, that depth of renter households translates into a broad tenant base and supports leasing velocity. Neighborhood occupancy trends are around the national midpoint, so asset-level operations may benefit from active leasing and renewal management to sustain stability.
Within a 3-mile radius, demographics are favorable for demand: households have edged higher and forecasts point to additional household growth alongside smaller average household sizes, expanding the renter pool. Median incomes in the 3-mile area are high, and neighborhood rent-to-income metrics indicate manageable affordability pressure relative to many U.S. submarkets, aiding retention and pricing discipline.
Home values in the neighborhood rank among the highest nationally, reflecting a high-cost ownership market that tends to reinforce reliance on rental housing—supportive of tenant retention and lease duration. At the same time, neighborhood-level NOI per unit sits in a top national bracket, underscoring revenue potential in well-operated assets. These dynamics, combined with amenity access, present a solid backdrop for commercial real estate analysis focused on renter demand and operational execution.
Safety conditions in the surrounding neighborhood track below national norms, with rankings placing the area below the metro average among 1,441 Los Angeles-Long Beach-Glendale neighborhoods and in lower national percentiles for both property and violent offenses. For investors, this calls for routine risk management measures—good lighting, security protocols, and resident engagement—to support leasing and retention.
Contextually, safety can vary by block and over time. Monitoring local trendlines and coordinating with property management on preventative measures is prudent, especially during turnover or repositioning.
The employment base nearby is anchored by gaming and software, healthcare, energy, and engineering headquarters within short commutes—factors that help support workforce renter demand and retention for well-located multifamily. The employers below represent the closest concentration likely to influence leasing and renewal activity.
- Activision Blizzard — gaming & interactive entertainment (1.3 miles) — HQ
- Abbott Laboratories — healthcare & medical devices (1.8 miles) — HQ
- Occidental Petroleum — energy corporate offices (3.0 miles) — HQ
- AECOM — engineering & infrastructure services (4.1 miles) — HQ
- Microsoft Offices The Reserves — software offices (4.4 miles)
Built in 2009, the 65-unit property offers a newer vintage relative to a neighborhood average year built of 1964—positioning it competitively against older local stock. That age profile can reduce near-term capital exposure versus pre-1980 assets while still allowing targeted value-add through unit refreshes and systems modernization as the building reaches mid-life. The surrounding neighborhood shows strong renter concentration and a high-cost ownership market, which together support tenant demand and help sustain occupancy. According to CRE market data from WDSuite, neighborhood occupancy is around the national midpoint, suggesting that attentive leasing and renewals are important drivers of performance.
Within a 3-mile radius, high incomes, projected household growth, and smaller average household sizes point to a larger tenant base and ongoing demand for well-located apartments. Neighborhood rent-to-income indicators suggest manageable affordability pressure relative to many U.S. areas, which can aid lease retention. Investors should balance these strengths with prudent security and operations planning given below-average safety readings at the neighborhood level.
- 2009 vintage offers competitive positioning versus older local stock, with selective value-add and systems updates to capture rent premiums.
- High renter concentration and a high-cost ownership market support durable multifamily demand and lease retention.
- Neighborhood occupancy sits near national norms; active leasing and renewal strategies can stabilize cash flow.
- 3-mile demographics point to a growing renter pool and income depth, supporting pricing power for well-executed renovations.
- Risk: Safety metrics trail metro and national benchmarks, warranting enhanced property-level security and resident engagement.