| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 80th | Good |
| Demographics | 94th | Best |
| Amenities | 98th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 304 Idaho Ave, Santa Monica, CA, 90403, US |
| Region / Metro | Santa Monica |
| Year of Construction | 1973 |
| Units | 32 |
| Transaction Date | 2019-06-04 |
| Transaction Price | $21,700,000 |
| Buyer | BLUE BENNETT LLC |
| Seller | SP THIRD STREET PROPERTIES LLC |
304 Idaho Ave Santa Monica Multifamily Investment
Positioned in Santa Monica’s Urban Core, the asset benefits from deep renter demand and high household incomes, according to WDSuite’s CRE market data, though neighborhood occupancy trends warrant attentive leasing management. Elevated ownership costs in the area support sustained reliance on multifamily rentals.
Santa Monica’s Urban Core around 304 Idaho Ave ranks among the top tier of the Los Angeles-Long Beach-Glendale metro, landing 5th out of 1,441 neighborhoods with an A+ neighborhood rating. Amenity access is a standout: pharmacies sit in the 100th percentile nationally, with restaurants, parks, childcare, and cafes also testing the upper percentiles. For investors, this density of daily-needs amenities and lifestyle options typically supports leasing velocity and resident retention.
Schools in the neighborhood are a notable advantage, with the average school rating ranked 1st out of 1,441 metro neighborhoods and at the top of national percentiles. That school quality, combined with a small average household size at the neighborhood level, often favors demand for larger floor plans and longer stays among households prioritizing education access.
The neighborhood shows a high concentration of renter-occupied housing (ranked in the upper tier of metro peers), signaling a deep tenant base for multifamily product. At the same time, the neighborhood occupancy rate ranks well below the metro median (1,318 out of 1,441), indicating softer near-term stability than many Los Angeles neighborhoods. Investors should underwrite to active leasing and renewal strategies while recognizing that strong amenities and incomes help support pricing power.
Within a 3-mile radius, demographics point to a high-income renter pool and gradual population growth ahead. Projections indicate an increase in households alongside smaller average household sizes, which generally expands the renter base and supports occupancy stability for well-located assets. Elevated home values (top national percentiles) create a high-cost ownership market, which tends to reinforce sustained demand for rental housing and can aid lease retention for quality properties.
Relative to the Los Angeles metro, the surrounding neighborhood ranks near the bottom on safety (1,354 out of 1,441), placing it below metro averages and in lower national percentiles for safety compared with neighborhoods nationwide. Recent year-over-year indicators show increases in both property and violent offense measures. For investors, this suggests underwriting to enhanced security, claims management, and resident communication, consistent with many dense Urban Core locations.
Contextualizing risk: safety performance varies block-to-block and over time, and operators in comparable urban submarkets often mitigate exposure via lighting, access control, and partnership with local resources. Monitoring trend direction and incorporating prudent operating practices can help support resident satisfaction and retention.
The location is proximate to a diverse corporate employment base that supports renter demand and commute convenience, including healthcare, gaming, energy, software, and engineering firms listed below.
- Abbott Laboratories — healthcare (1.8 miles) — HQ
- Activision Blizzard — gaming & entertainment (2.9 miles) — HQ
- Occidental Petroleum — energy (4.3 miles) — HQ
- Microsoft Offices The Reserves — software (5.5 miles)
- AECOM — engineering & infrastructure (5.6 miles) — HQ
304 Idaho Ave is a 1973, 32-unit multifamily asset in Santa Monica’s Urban Core with generously sized floor plans that align well with the area’s high-income renter base. The neighborhood ranks among the strongest in the metro for amenities and school quality, and elevated home values point to a high-cost ownership market that typically sustains reliance on rentals. According to CRE market data from WDSuite, neighborhood occupancy ranks below much of the metro, so execution will hinge on hands-on leasing, renewals, and differentiated product positioning.
Vintage implies potential value-add: 1970s construction often benefits from targeted system upgrades and interior modernization to compete against newer stock and justify premium rents in a top-demand coastal location. Proximity to major employers and nationally competitive amenity access support long-term fundamentals, while operators should plan for enhanced security and active marketing given Urban Core safety and occupancy readings.
- High-demand coastal location with top-tier metro ranking and strong schools supporting retention
- Large-unit layouts in a high-income renter market enable premium positioning with the right upgrades
- Elevated home values reinforce renter reliance on multifamily, aiding pricing power over time
- Value-add pathway: 1973 vintage allows targeted CapEx to modernize systems and interiors
- Risks: below-metro occupancy ranking and lower safety percentiles call for active leasing and security plans