| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Good |
| Demographics | 81st | Best |
| Amenities | 63rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2401 Virginia Ave, Santa Monica, CA, 90404, US |
| Region / Metro | Santa Monica |
| Year of Construction | 2013 |
| Units | 33 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2401 Virginia Ave Santa Monica 2013 Multifamily Investment
Renter demand is reinforced by a high-cost ownership market and a sizable renter-occupied housing base in the surrounding neighborhood, according to WDSuite’s CRE market data. The 2013 vintage positions the asset competitively versus older local stock while still warranting targeted modernization over time.
Situated in Santa Monica’s Urban Core, the property benefits from neighborhood fundamentals that are competitive among Los Angeles-Long Beach-Glendale, CA neighborhoods. The area scores A- overall with strong income characteristics and a renter-occupied concentration that supports depth of tenant demand; note that these tenure metrics apply to the neighborhood, not the property.
Daily-life amenities are a clear strength: grocery access and restaurants rank in the higher national percentiles, while parks and schools are similarly favorable with an average school rating around 4 out of 5. Cafe and pharmacy density is thinner than peers, but overall convenience remains solid for residents. Median contract rents in the area have advanced over the last five years, indicating steady pricing power for stabilized assets.
The neighborhood’s average construction year is 1964, whereas this asset was built in 2013. The newer vintage can lower near-term capital expenditure relative to older comparables and may aid leasing versus legacy buildings, though investors should still plan for periodic system upgrades and selective repositioning to meet current renter expectations.
Within a 3-mile radius, demographic data show a large professional population, smaller average household sizes, and a renter pool that remains substantial. While recent years show modest population softness, projections through the next five years point to population growth and a notable increase in households, which can expand the tenant base and support occupancy stability for well-located multifamily, based on CRE market data from WDSuite.
Neighborhood occupancy (not the property’s) is near the national middle and has eased over the past five years. Against a backdrop of elevated home values in the top national percentiles, this high-cost ownership market tends to sustain reliance on multifamily housing, aiding leasing velocity and retention where units are well-managed.
Safety indicators for the neighborhood track below national averages, placing the area weaker on a comparative basis within the metro. Recent year estimates also signal an uptick in both property and violent offenses. These figures apply to the surrounding neighborhood rather than the property itself and should be weighed against strong employment access and amenity convenience when assessing leasing and retention risk.
Proximity to major employers underpins renter demand by shortening commutes and supporting lease retention. Key nearby employers include Activision Blizzard, Abbott Laboratories, Occidental Petroleum, AECOM, and Microsoft offices.
- Activision Blizzard — interactive entertainment HQ (0.9 miles) — HQ
- Abbott Laboratories — healthcare & devices HQ (1.9 miles) — HQ
- Occidental Petroleum — energy HQ (2.7 miles) — HQ
- AECOM — engineering & infrastructure HQ (3.7 miles) — HQ
- Microsoft Offices The Reserves — technology offices (4.1 miles)
2401 Virginia Ave offers a 2013-vintage, mid-size multifamily asset in an Urban Core location where elevated home values and a high share of renter-occupied housing reinforce depth of demand. Neighborhood occupancy is around the national middle with some softening in recent years, but proximity to major employers and strong income profiles help support leasing fundamentals.
Within a 3-mile radius, projections indicate population growth and a sizable increase in households over the next five years, pointing to a larger tenant base and potential support for rent levels. According to CRE market data from WDSuite, the asset’s newer construction relative to the 1960s-heavy local stock enhances competitive positioning while leaving room for targeted value-add to keep finishes and systems current.
- 2013 construction competes well versus older neighborhood stock, with scope for selective upgrades.
- High-cost ownership market supports sustained renter reliance and pricing power for well-managed units.
- Employer proximity (tech, energy, engineering) underpins demand and lease retention.
- 3-mile projections show population and household growth, expanding the renter pool.
- Risks: neighborhood safety trends below national averages and recent occupancy softening warrant active management and tenant retention focus.