| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Good |
| Demographics | 81st | Best |
| Amenities | 63rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2345 Virginia Ave, Santa Monica, CA, 90404, US |
| Region / Metro | Santa Monica |
| Year of Construction | 2012 |
| Units | 41 |
| Transaction Date | 1997-06-20 |
| Transaction Price | $100,000 |
| Buyer | JACOBS ROSEMARY KESSLER |
| Seller | KESSLER JILL M |
2345 Virginia Ave Santa Monica Multifamily Investment
Renter concentration in the surrounding neighborhood is high, supporting a deep tenant base even as occupancy trends ebb and flow, according to WDSuite’s CRE market data. Elevated ownership costs in Santa Monica further sustain leasing demand for professionally managed apartments.
Situated in Santa Monica’s Urban Core, the property benefits from strong neighborhood fundamentals relative to the Los Angeles metro. The area carries an A- neighborhood rating and is competitive among 1,441 metro neighborhoods (ranked 221), signaling durable renter demand drivers for stabilized multifamily.
Daily needs are well-covered: grocery access and restaurants test in the upper range nationally, while parks are available nearby. By contrast, pharmacy and cafe density are limited in the immediate neighborhood. For families, average school ratings trend above many U.S. neighborhoods, which can aid retention for larger units.
The neighborhood’s housing stock skews older on average (1960s), making a 2012 asset comparatively newer and more competitive versus legacy buildings; investors should still plan for mid-life system updates and selective repositioning to sustain rent premiums. Neighborhood renter-occupied share is high, indicating depth in the tenant pool and underpinning leasing velocity for multifamily product.
Within a 3-mile radius, demographics show a broad, high-income renter base and a modest recent shift toward smaller households. WDSuite’s data indicates population and household counts are expected to expand over the next five years, which points to a larger tenant base and supports occupancy stability. Median contract rents in the neighborhood trend high nationally, while a rent-to-income ratio near 0.29 suggests affordability pressure to monitor in lease management. Overall, these dynamics are above metro median for livability and demand, with income growth helping to support pricing power.
This is an urban core location with safety metrics that trail the Los Angeles metro average. The neighborhood’s crime rank sits toward the lower end among 1,441 metro neighborhoods (i.e., indicating higher incident levels), and its national percentile is below many U.S. neighborhoods. Recent year-over-year trends point to increases in both property and violent offenses, so prudent security measures, lighting, and access control are relevant underwriting considerations.
Investors often offset urban-core safety risk through professional management, resident engagement, and partnership with local public-safety resources. Comparing block-level conditions over multiple years is recommended to validate trend direction rather than relying on a single-period snapshot.
Proximity to major employers supports workforce housing demand and commute convenience for residents. Key nearby anchors include Activision Blizzard, Abbott Laboratories, Occidental Petroleum, AECOM, and Microsoft Offices The Reserves.
- Activision Blizzard — interactive entertainment (0.9 miles) — HQ
- Abbott Laboratories — healthcare products (1.9 miles) — HQ
- Occidental Petroleum — energy (2.8 miles) — HQ
- AECOM — engineering & infrastructure services (3.7 miles) — HQ
- Microsoft Offices The Reserves — technology offices (4.1 miles)
Built in 2012 with 41 units, the asset is materially newer than much of the surrounding stock, offering competitive positioning against older buildings while approaching mid-life capital planning. High neighborhood renter concentration and elevated ownership costs in Santa Monica support depth of demand and leasing resilience; at the same time, a rent-to-income ratio near 0.29 argues for attentive renewal strategies to manage affordability pressure.
According to WDSuite’s commercial real estate analysis, neighborhood demand drivers are reinforced by strong amenities, solid schools, and proximity to major employers, while forecasts within a 3-mile radius point to population and household growth that can expand the renter pool. Notably, safety metrics are weaker than metro norms, so underwriting should incorporate security measures and potential insurance or operating cost impacts.
- 2012 vintage offers competitive positioning versus older local stock with targeted value-add potential
- High renter-occupied share and elevated ownership costs reinforce multifamily demand depth
- Amenity access, school quality, and major nearby employers support retention and lease-up
- Demographic outlook within 3 miles indicates a larger tenant base over the next five years
- Risks: Urban-core safety metrics below metro average and affordability pressure near renewals