| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 84th | Best |
| Demographics | 89th | Best |
| Amenities | 95th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2615 Santa Monica Blvd, Santa Monica, CA, 90404, US |
| Region / Metro | Santa Monica |
| Year of Construction | 2006 |
| Units | 43 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2615 Santa Monica Blvd Santa Monica Multifamily Investment
This 43-unit property built in 2006 sits in a top-tier neighborhood ranked 10th among 1,441 metro neighborhoods, with 71% renter occupancy supporting stable multifamily property research fundamentals according to CRE market data from WDSuite.
The property occupies an A+ rated neighborhood in Santa Monica's urban core, ranking in the top quartile nationally across multiple investor-relevant metrics. With a 95th national percentile for amenities and 97th percentile for grocery store density, the area offers strong tenant retention fundamentals. The neighborhood's 71% renter-occupied housing units create a substantial rental market, while median household income of $123,544 supports rent collection stability.
Demographics within a 3-mile radius show 217,528 residents with 68% renter occupancy across 104,589 housing units. The area attracts educated professionals, with 43% of adults holding bachelor's degrees (98th national percentile). Forecasted growth projects a 7.9% population increase and 38% household growth through 2028, expanding the tenant base for multifamily properties.
Current neighborhood occupancy sits at 91%, though down slightly over five years, requiring attention to lease management and tenant retention strategies. Median contract rents of $2,425 have grown 29.8% over five years, indicating pricing power, while the property's 2006 construction year positions it as newer than the neighborhood average of 1981, potentially reducing near-term capital expenditure needs.
The rent-to-income ratio of 0.24 suggests affordability pressure that may impact lease renewals and require careful rent management. However, high home values with a median of $1.05 million reinforce rental demand by keeping homeownership out of reach for many households, supporting occupancy stability for well-managed properties.
Safety metrics present mixed signals requiring investor attention. While violent crime rates rank in the 23rd national percentile, indicating higher than average concerns, recent trends show improvement with violent offenses declining 35.9% year-over-year. Property crime rates also decreased substantially by 54.8% annually, suggesting positive momentum in neighborhood security conditions.
The neighborhood ranks 785th among 1,441 metro neighborhoods for overall crime, placing it near the regional median. Investors should factor security considerations into property management strategies and tenant screening, while monitoring whether recent crime reduction trends continue to support long-term rental demand and tenant retention.
The property benefits from proximity to major corporate headquarters and offices that support professional workforce housing demand, including entertainment, healthcare, and energy sector employers within reasonable commuting distance.
- Activision Blizzard — gaming and entertainment (1.6 miles) — HQ
- Abbott Laboratories — healthcare and pharmaceuticals (2.3 miles) — HQ
- Occidental Petroleum — energy and oil services (2.5 miles) — HQ
- AECOM — engineering and infrastructure (3.7 miles) — HQ
- Microsoft Offices The Reserves — technology (4.9 miles)
This Santa Monica property presents a compelling combination of location fundamentals and demographic tailwinds. The neighborhood's A+ rating and top-10 ranking among 1,441 metro neighborhoods reflects exceptional amenity access and educated workforce proximity. According to commercial real estate analysis from WDSuite, the area's 71% renter occupancy and projected 38% household growth through 2028 support sustained rental demand, while the property's 2006 construction reduces immediate capital expenditure compared to the neighborhood's 1981 average vintage.
Income growth of 34% over five years and rent increases of 29.8% demonstrate pricing power, though the 0.24 rent-to-income ratio requires careful lease management to maintain occupancy. High home values exceeding $1 million keep many households in the rental market, reinforcing demand stability for well-positioned multifamily properties near major employment centers including Activision Blizzard and Abbott Laboratories headquarters.
- Top-tier neighborhood ranking (10th of 1,441) with exceptional amenity density
- Strong demographic growth projecting 38% household increase through 2028
- Proximity to major corporate headquarters supporting workforce housing demand
- 2006 construction vintage reduces near-term capital expenditure needs
- Risk consideration: Rent-to-income pressures require active lease management strategies