| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 84th | Best |
| Demographics | 89th | Best |
| Amenities | 95th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3021 Santa Monica Blvd, Santa Monica, CA, 90404, US |
| Region / Metro | Santa Monica |
| Year of Construction | 2007 |
| Units | 47 |
| Transaction Date | 2004-02-10 |
| Transaction Price | $3,600,000 |
| Buyer | COMMUNITY CORP OF SANTA MONICA |
| Seller | TILLEY WILLIAM H |
3021 Santa Monica Blvd Multifamily Investment, Santa Monica CA
Renter demand is reinforced by a high neighborhood renter-occupied share and deep amenity access, according to WDSuite’s CRE market data. This positioning supports stable leasing for a 2007 vintage asset in a high-cost ownership market.
Situated in Santa Monica’s Urban Core, the property benefits from amenity density that is top quartile nationally across restaurants, cafes, groceries, and pharmacies. These neighborhood metrics reflect the surrounding area, not the property’s operations, and tend to support tenant retention through daily convenience and lifestyle access.
The area shows a high share of renter-occupied housing units (about seven in ten), indicating depth in the tenant base and durable multifamily demand. Neighborhood occupancy trends sit around the national midpoint, suggesting steady—though competitive—leasing conditions relative to other Los Angeles-Long Beach-Glendale neighborhoods.
Construction in the neighborhood skews older than this asset’s 2007 vintage (average nearby stock from the early 1980s). Being newer than much of the competitive set can bolster positioning, while still warranting selective modernization over the hold period for systems and finishes as part of value preservation or light value-add.
Within a 3-mile radius, household counts have edged up in recent years and are projected to expand further, alongside higher-income profiles and continued rent growth. Elevated for-sale home values in the area typically sustain reliance on multifamily, supporting pricing power and lease-up velocity when paired with amenity access and commute options. Based on CRE market data from WDSuite, neighborhood NOI per unit performance ranks among the strongest locally, aligning with the high-income renter pool.
Safety indicators for the surrounding neighborhood track near the middle of U.S. neighborhoods overall, with variation by offense type. Compared with the 1,441 neighborhoods in the Los Angeles-Long Beach-Glendale metro, overall crime levels are roughly around the metro median, meaning investors should underwrite typical urban-core precautions rather than outlier risks.
Property-related offenses trend weaker than national benchmarks (lower national percentile), while recent year-over-year data shows notable improvement. Violent-offense measures also sit below national averages but have declined materially over the last year. For underwriting, this points to balanced assumptions: standard security, lighting, and access controls can help support resident experience and retention, while acknowledging that recent trendlines are improving rather than deteriorating.
Proximity to major corporate offices underpins a strong professional renter base and commute convenience. Nearby employers include Activision Blizzard, Occidental Petroleum, Abbott Laboratories, AECOM, and Activision Blizzard Studios.
- Activision Blizzard — interactive entertainment (1.6 miles) — HQ
- Occidental Petroleum — energy (2.2 miles) — HQ
- Abbott Laboratories — healthcare products (2.6 miles) — HQ
- AECOM — engineering & infrastructure (3.4 miles) — HQ
- Activision Blizzard Studios — media production (4.6 miles)
3021 Santa Monica Blvd is a 47-unit, 2007-vintage asset positioned in a high-income, renter-heavy Santa Monica micro-market. Neighborhood amenity density is among the strongest nationally, while ownership costs remain elevated—factors that typically support depth of demand for quality multifamily. According to CRE market data from WDSuite, neighborhood NOI-per-unit performance benchmarks among the top performers locally, and renter concentration indicates a sizable tenant pool. Occupancy in the surrounding neighborhood tracks near the national midpoint, signaling steady but competitive leasing dynamics.
The asset’s vintage is newer than much of the nearby housing stock, offering relative competitiveness versus older properties while leaving room for targeted upgrades over the hold to sustain rents and reduce long-term capital friction. Within a 3-mile radius, forecasts point to increases in households and incomes, which can translate into a larger renter pool and support for sustained rent levels, assuming disciplined operations and resident experience management.
- Renter-heavy neighborhood with strong amenity access supports demand depth and retention.
- 2007 vintage competes well versus older stock; targeted upgrades can enhance positioning.
- High ownership costs in the area reinforce reliance on multifamily, aiding pricing power.
- Nearby corporate employment base underpins leasing from professional households.
- Risks: mid-pack neighborhood occupancy and urban-core safety perceptions require prudent operations and underwriting.