| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 81st | Best |
| Demographics | 78th | Best |
| Amenities | 82nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 220 Bay St, Santa Monica, CA, 90405, US |
| Region / Metro | Santa Monica |
| Year of Construction | 1973 |
| Units | 26 |
| Transaction Date | 1998-12-01 |
| Transaction Price | $3,000,000 |
| Buyer | ROSAM APARTMENT INVESTORS LP |
| Seller | FAMILY TRUST MCCLELLAN MALCOLM D CO TR MCCLEL |
220 Bay St Santa Monica Multifamily Investment
Situated in an Urban Core pocket with deep renter demand and a high-cost ownership landscape, this location supports durable leasing fundamentals according to WDSuite’s CRE market data (neighborhood metrics, not property-level, for occupancy and tenure). The combination of strong amenities and a large renter-occupied base underpins pricing power and tenant retention potential.
This Santa Monica address sits within a high-amenity Urban Core neighborhood that is competitive among Los Angeles-Long Beach-Glendale neighborhoods (96th of 1,441 by overall rating) and ranks in the top quartile nationally for restaurants, cafés, and parks. Extensive dining density and abundant park access (top national percentiles) bolster lifestyle appeal that helps attract and retain renters. Pharmacy access is comparatively limited in the immediate area, which may factor into resident convenience planning.
Neighborhood rents and incomes skew toward the higher end of the metro and the nation, while elevated home values (top national percentile) indicate a high-cost ownership market that tends to reinforce reliance on multifamily rentals. The neighborhood’s renter-occupied share is 73.6% of housing units, signaling a deep tenant base and steady demand for professionally managed apartments. The neighborhood occupancy rate is 90.3% (neighborhood-level, not property), roughly mid-pack nationally, suggesting stable but competitive leasing conditions.
Built in 1973, the property is slightly newer than the neighborhood’s average construction vintage (1966). That positioning can aid competitiveness versus older stock, though investors should budget for selective modernization and system upgrades typical of 1970s product to capture value-add upside and support long-run operating efficiency.
Within a 3-mile radius, demographics point to a high-income renter pool and continued demand. While population was modestly lower in recent years, WDSuite data indicate a projected increase in both population and households over the next five years, with a smaller average household size. For multifamily investors, that combination often translates into a larger tenant base and potential support for occupancy stability and lease-up velocity, particularly for well-located, professionally managed units.
Safety indicators in this neighborhood trend weaker than national benchmarks, with crime measures landing in lower national percentiles and below the metro’s stronger submarkets. Among 1,441 Los Angeles-Long Beach-Glendale neighborhoods, this area compares less favorably on safety, and recent year-over-year estimates point to increases in both property and violent offenses. Investors should underwrite accordingly, emphasizing property-level security, lighting, access control, and community management, and compare submarket trends over multiple years rather than a single period.
Framing safety at the neighborhood scale (not the property), a cautious assumption set and proactive operations can help mitigate risk and support retention. Monitoring local initiatives and aligning with professional security protocols may further stabilize tenancy in an otherwise high-demand, amenity-rich location.
The location benefits from proximity to a diversified white-collar employment base that supports renter demand and short commute times, including healthcare, gaming, software, energy, and infrastructure firms listed below.
- Abbott Laboratories — healthcare & medical devices (0.5 miles) — HQ
- Activision Blizzard — gaming & entertainment (2.2 miles) — HQ
- Microsoft Offices The Reserves — software & cloud offices (4.2 miles)
- Occidental Petroleum — energy (4.4 miles) — HQ
- AECOM — engineering & infrastructure (5.4 miles) — HQ
220 Bay St offers investors a supply-constrained, lifestyle-driven Santa Monica setting with a large renter-occupied share and elevated ownership costs that reinforce reliance on multifamily housing. According to CRE market data from WDSuite, the neighborhood’s amenity depth ranks among the metro’s stronger options while occupancy at the neighborhood level sits near the national middle, indicating stable yet competitive leasing conditions. The 1973 vintage is slightly newer than the local average, creating a platform for targeted renovations to drive rent positioning against older stock.
Within a 3-mile radius, forecasts call for growth in population and households alongside smaller household sizes, expanding the renter pool and supporting long-run absorption and retention. High incomes relative to contract rents help manage affordability pressure, which can aid renewal rates and reduce turnover risk when paired with professional management and operational discipline.
- High-amenity Urban Core location with top-tier dining and park access supporting leasing velocity.
- Large neighborhood renter-occupied base and high-cost ownership market sustain multifamily demand.
- 1973 vintage provides value-add potential to outperform older nearby stock with targeted upgrades.
- 3-mile forecasts show population and household growth with smaller household sizes, broadening the tenant base.
- Risks: neighborhood safety trends below national benchmarks and mid-pack occupancy call for proactive security and disciplined leasing.