| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 81st | Best |
| Demographics | 78th | Best |
| Amenities | 82nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 230 Pacific St, Santa Monica, CA, 90405, US |
| Region / Metro | Santa Monica |
| Year of Construction | 1972 |
| Units | 26 |
| Transaction Date | 1993-12-28 |
| Transaction Price | $1,740,000 |
| Buyer | JURENKA JOHN |
| Seller | SILVERSTONE GERTRUDE |
230 Pacific St Santa Monica Multifamily Investment
This 26-unit property benefits from neighborhood-level occupancy at 90.3% and strong rental demand fundamentals, according to CRE market data from WDSuite.
This Santa Monica neighborhood ranks in the top quartile among 1,441 metro neighborhoods for net operating income per unit, averaging $20,140 annually. The area maintains a 73.6% rental share among housing units, ranking in the 98th percentile nationally, indicating strong structural rental demand. Current neighborhood-level occupancy stands at 90.3%, though this metric has declined 2.3 percentage points over five years, warranting attention to lease management and retention strategies.
The demographic profile within a 3-mile radius shows 68% of households are renters, with median household income of $123,195 and projected growth to $150,114 by 2028. This 22% income growth trajectory supports rental pricing power, while the area's high home values (median $1.63 million) reinforce rental demand by keeping ownership costs elevated relative to renting. Population forecasts indicate 6.5% growth through 2028, expanding the potential tenant base.
Built in 1972, this property aligns with the neighborhood's average construction year of 1966, suggesting potential value-add opportunities through strategic capital improvements. The area offers strong amenity density with 62.5 restaurants per square mile and 8.01 parks per square mile, both ranking in the 99th and 100th percentiles nationally respectively, supporting tenant retention through lifestyle appeal.
Safety metrics present mixed signals that require careful monitoring. The neighborhood ranks 1,357th out of 1,441 metro neighborhoods for overall crime, placing it in the bottom quartile locally and the 17th percentile nationally. Property offense rates are estimated at 4,416 per 100,000 residents, significantly above national averages, while violent crime rates of 527 per 100,000 residents also exceed typical benchmarks.
Both property and violent crime rates have increased over the past year by 33.8% and 25.1% respectively, trends that warrant consideration in tenant screening, property management protocols, and insurance planning. Investors should factor these safety dynamics into operational budgets and tenant retention strategies, particularly given the competitive rental market in Santa Monica.
The property benefits from proximity to major corporate headquarters and offices that provide workforce housing demand, with several Fortune 500 companies within reasonable commuting distance.
- Abbott Laboratories — pharmaceutical & medical devices (0.3 miles) — HQ
- Activision Blizzard — gaming & entertainment (2.2 miles) — HQ
- Microsoft Offices The Reserves — technology (4.0 miles)
- Occidental Petroleum — energy (4.4 miles) — HQ
- AECOM — engineering & construction (5.4 miles) — HQ
This 26-unit Santa Monica property offers exposure to one of the nation's strongest rental markets, with neighborhood-level fundamentals ranking in the top quartile for NOI per unit among metro comparables. The 73.6% rental tenure share and elevated home values create structural barriers to homeownership that sustain multifamily demand. Built in 1972, the property presents value-add potential through strategic renovations while benefiting from proximity to major employers including Abbott Laboratories and Activision Blizzard headquarters.
Demographic projections within a 3-mile radius show household income growth of 22% through 2028 and 6.5% population expansion, supporting rental rate growth potential. However, recent increases in crime rates and a 2.3 percentage point decline in neighborhood occupancy over five years require active management attention and appropriate risk mitigation strategies.
- Top quartile NOI performance among 1,441 metro neighborhoods at $20,140 per unit
- Strong rental demand fundamentals with 73.6% rental tenure share
- Projected 22% household income growth through 2028 supports pricing power
- Value-add opportunity through strategic capital improvements to 1972 vintage property
- Risk factors include declining occupancy trends and elevated crime rates requiring active management