| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Good |
| Demographics | 81st | Best |
| Amenities | 63rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2602 Broadway, Santa Monica, CA, 90404, US |
| Region / Metro | Santa Monica |
| Year of Construction | 2012 |
| Units | 24 |
| Transaction Date | 2002-02-19 |
| Transaction Price | $700,000 |
| Buyer | LENNON JAMES F |
| Seller | SEARS ROBERT |
2602 Broadway Santa Monica Multifamily Investment
2012 construction in a high-cost ownership market supports durable renter demand relative to older local stock, according to WDSuite’s CRE market data. Newer vintage and location fundamentals point to stable operations with room for selective value-add.
Set within Santa Monica’s Urban Core, the neighborhood rates in the top quartile among 1,441 metro neighborhoods for overall performance, per WDSuite. Grocery access is strong and dining density is high, while pharmacy options are limited within the immediate footprint. Average school ratings are solid (around 4 out of 5), which can aid long-term renter retention.
Amenity access is competitive among Los Angeles-Long Beach-Glendale neighborhoods, with restaurants performing in the higher national percentiles, though café density is sparse locally. For investors, this mix suggests day-to-day convenience for residents without relying on destination commuting.
The neighborhood’s occupied housing share is around the national midpoint, while renter concentration is high at the neighborhood level and within the 3-mile radius, indicating a deep tenant base and ongoing multifamily demand. Elevated home values in the area reinforce reliance on rental housing, supporting lease-up and renewal potential.
Vintage context matters: nearby housing skews older (average year built mid-1960s), positioning a 2012 asset as comparatively competitive. That relative youth can reduce near-term capital needs and help command attention versus legacy product, while still allowing targeted upgrades to drive NOI.
Safety metrics trend below both metro and national benchmarks, with the neighborhood ranking weaker among the 1,441 Los Angeles-Long Beach-Glendale neighborhoods and sitting in lower national percentiles. Recent year-over-year changes indicate elevated levels for both property and violent offenses, underscoring the need for proactive security measures and thoughtful lease management.
For underwriting, frame safety as a manageable operating consideration rather than a thesis driver: emphasize lighting, access control, and resident engagement, and compare loss runs with submarket peers to calibrate insurance and operating reserves.
Nearby corporate offices provide a strong white-collar employment base and convenient commutes for renters, led by Activision Blizzard, Abbott Laboratories, Occidental Petroleum, AECOM, and Microsoft’s local offices.
- Activision Blizzard — corporate offices (1.4 miles) — HQ
- Abbott Laboratories — corporate offices (2.2 miles) — HQ
- Occidental Petroleum — corporate offices (2.5 miles) — HQ
- AECOM — corporate offices (3.7 miles) — HQ
- Microsoft Offices The Reserves — corporate offices (4.7 miles)
This 2012-vintage, 24-unit asset stands out versus the area’s largely mid-20th-century housing stock, offering competitive positioning and potentially lower near-term capex. Within a 3-mile radius, the renter pool is deep and households are projected to expand, which supports occupancy stability and pricing power in a high-cost ownership market. Based on commercial real estate analysis from WDSuite, neighborhood occupancy trends sit near the national midpoint, suggesting steady operations with emphasis on leasing discipline.
Elevated home values and strong incomes in the surrounding area reinforce renter reliance on multifamily housing, while ongoing restaurant and grocery accessibility enhances day-to-day livability for residents. The key underwriting watch items are safety metrics that trail regional norms and the need to stay competitive versus newer deliveries through targeted interior and system-level updates as the asset seasons.
- 2012 construction offers relative competitive advantage versus older neighborhood stock and may temper near-term capital needs.
- Deep renter base within 3 miles and high-cost ownership context support demand, renewals, and lease-up stability.
- Amenity-rich location with strong dining and grocery access enhances resident convenience and retention.
- Steady neighborhood occupancy around national norms, per WDSuite, favors disciplined revenue management.
- Risks: below-average safety indicators and competition from newer deliveries require security focus and selective upgrades.