| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 82nd | Best |
| Demographics | 92nd | Best |
| Amenities | 100th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 420 Santa Monica Blvd, Santa Monica, CA, 90401, US |
| Region / Metro | Santa Monica |
| Year of Construction | 2007 |
| Units | 62 |
| Transaction Date | 2016-11-21 |
| Transaction Price | $64,300,000 |
| Buyer | Verbena Road Holdings LTD |
| Seller | AEW Capital Management |
420 Santa Monica Blvd Santa Monica Multifamily Investment
Urban-core location with dense amenities and a deep renter base supports durable demand, according to WDSuite’s CRE market data. Newer construction for the submarket adds competitive positioning for tenant retention and leasing.
Situated in Santa Monica’s Urban Core, the property benefits from exceptional amenity density. Neighborhood metrics rank among the top performers in the Los Angeles-Long Beach-Glendale metro: amenities, restaurants, groceries, cafes, parks, and pharmacies are all in the highest national percentiles, translating to true walkable convenience and broad lifestyle appeal for renters. This positioning tends to support leasing velocity and renewal potential relative to metro peers.
The asset’s 2007 vintage is newer than the neighborhood’s average construction year of 1978. For investors, this typically means better competitive standing against older stock and potentially lower near-term capital needs, while still budgeting for modernization of systems as the building approaches its second decade-plus of operation.
Tenure patterns indicate a high share of renter-occupied housing units in the neighborhood (top national percentile), signaling a large, active tenant pool and depth for multifamily demand. Neighborhood occupancy has trended upward in recent years, though it sits below national leaders; operators should emphasize differentiated amenities and service to sustain occupancy stability.
Within a 3-mile radius, demographics show a high-income renter pool with rising household incomes and a projected increase in households over the next five years, even as average household size trends smaller. This combination points to a larger tenant base and sustained demand for well-located units. Elevated home values in the neighborhood (top national percentiles) reinforce reliance on multifamily rentals, supporting pricing power in prime locations while warranting attentive lease management given rent-to-income pressures.
Safety outcomes should be evaluated as part of underwriting. The neighborhood’s crime rank sits toward the higher end within the Los Angeles-Long Beach-Glendale metro (closer to the bottom among 1,441 metro neighborhoods), and national comparisons place the area in lower safety percentiles. Recent year-over-year estimates also indicate upward movement in both violent and property offenses. Investors typically account for this with security measures, building access controls, and resident engagement, and by emphasizing the location’s amenity advantages in marketing and retention strategies.
Proximity to major employers underpins renter demand and commute convenience, with a concentration of corporate offices in technology, entertainment, and energy: Abbott Laboratories, Activision Blizzard, Occidental Petroleum, Microsoft, and AECOM.
- Abbott Laboratories — healthcare & medical products (1.2 miles) — HQ
- Activision Blizzard — video games & entertainment (2.4 miles) — HQ
- Occidental Petroleum — energy (4.2 miles) — HQ
- Microsoft Offices The Reserves — technology offices (4.8 miles)
- AECOM — engineering & infrastructure (5.3 miles) — HQ
420 Santa Monica Blvd offers scale in a prime, amenity-rich Urban Core setting where renter concentration is high and homeownership costs are elevated, supporting depth of demand for professionally managed apartments. The 2007 construction is newer than the neighborhood average, providing relative competitiveness versus older buildings while still calling for selective modernization and capital planning over the hold. Based on CRE market data from WDSuite, neighborhood occupancy has improved over time but remains below national leaders, suggesting disciplined operations and tenant experience will be central to maintaining stability.
Within a 3-mile radius, rising incomes and a projected increase in households point to a growing tenant base, while smaller household sizes tend to favor multifamily living. Elevated home values in the immediate neighborhood reinforce rental demand, though rent-to-income pressure warrants attentive leasing and renewal management. Net, the location fundamentals, newer vintage, and demand drivers make this a durable, operations-focused investment with value-add potential through targeted upgrades.
- Amenity-dense Urban Core location with top-tier national rankings supports leasing velocity and renewals.
- 2007 vintage is competitive versus older neighborhood stock; plan for selective modernization and systems upgrades.
- High renter-occupied housing share indicates a deep tenant base and demand resilience for multifamily.
- 3-mile trends show rising incomes and more households, expanding the renter pool and supporting occupancy stability.
- Risks: below-leading neighborhood occupancy, safety headwinds, and rent-to-income pressure require disciplined operations.