| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 81st | Best |
| Demographics | 78th | Best |
| Amenities | 82nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 506 Pico Blvd, Santa Monica, CA, 90405, US |
| Region / Metro | Santa Monica |
| Year of Construction | 2012 |
| Units | 32 |
| Transaction Date | 2008-12-22 |
| Transaction Price | $4,500,000 |
| Buyer | COMMUNITY CORPORATION OF SANTA MONICA |
| Seller | BIONDI MARYANNE |
506 Pico Blvd Santa Monica Multifamily Investment
Built in 2012, this 32‑unit asset is positioned against an older local stock and benefits from a high neighborhood renter-occupied share, according to WDSuite’s CRE market data.
Santa Monica’s Urban Core setting supports renter demand with dense amenities and strong incomes. Cafes, restaurants, groceries, and parks rank near the top of national distributions, helping drive walkability and daily convenience. Neighborhood performance sits competitive among Los Angeles-Long Beach-Glendale neighborhoods (ranked 96 out of 1,441, above the metro median), according to WDSuite’s market benchmarks.
Amenity depth is a clear strength: restaurant and cafe density are in the 99th percentile nationally, and parks density is at the top of the national range. These features typically aid leasing velocity and retention for professionally managed multifamily. Average school ratings track below national norms, which may moderate appeal for some family renters, but the submarket’s lifestyle amenities and employment access often underpin steady urban renter interest.
The neighborhood shows a high share of renter-occupied housing units (about three-quarters), signaling a deep tenant base and sustained demand for apartments rather than ownership. Median contract rents benchmark high nationally and have grown over the past five years, reinforcing pricing power for well-positioned assets. By contrast, neighborhood occupancy is around the national midpoint and has softened modestly in recent years; investors should underwrite to property-specific operations rather than assume neighborhood averages.
Home values are elevated for the area, which indicates a high-cost ownership market and supports continued reliance on multifamily rentals. Within a 3‑mile radius, incomes are strong and the renter pool is expected to expand as forecasts call for an increase in households and smaller household sizes; both trends typically broaden the base of apartment demand. This asset’s 2012 vintage is newer than the neighborhood average (1960s stock), offering relative competitiveness versus older buildings while still warranting routine system upgrades over the hold.
Safety indicators for the neighborhood track below national averages. Within the Los Angeles metro context, the area ranks toward the higher-crime end (crime rank 1,357 out of 1,441 neighborhoods), placing it below the metro median. Nationally, scores align with the lower percentiles, so underwriting should incorporate appropriate security, lighting, and operational protocols typical of urban core assets.
Crime metrics reflect neighborhood-wide conditions and are not a site-level measure. Recent year-over-year changes point to increases in both property and violent offenses at the neighborhood level; investors may consider these dynamics when modeling insurance, loss-to-lease from incident-driven turnover, and potential CapEx for access control.
Proximity to major employers supports a steady, higher-income renter base and short commutes for knowledge and corporate workers, including Abbott Laboratories, Activision Blizzard, Occidental Petroleum, Microsoft offices, and AECOM.
- Abbott Laboratories — corporate offices (0.6 miles) — HQ
- Activision Blizzard — interactive entertainment HQ (2.0 miles) — HQ
- Occidental Petroleum — energy corporate offices (4.2 miles) — HQ
- Microsoft Offices The Reserves — technology offices (4.2 miles)
- AECOM — engineering & infrastructure (5.2 miles) — HQ
506 Pico Blvd offers a 2012-vintage, 32‑unit footprint in an Urban Core pocket where renter-occupied housing is prevalent and ownership is high-cost. Amenity density is a standout and supports leasing fundamentals, while median neighborhood rents sit near the top of the national distribution. Neighborhood occupancy trends are closer to the national midpoint and have eased, so performance should be evaluated on property operations rather than neighborhood averages. According to CRE market data from WDSuite, the asset’s newer vintage relative to the area’s older stock positions it competitively versus legacy buildings, with typical ongoing system updates expected over the hold.
Within a 3‑mile radius, strong incomes and a forecast increase in households alongside smaller household sizes point to a larger tenant base over the medium term. Elevated ownership costs should continue to reinforce rental demand, though affordability pressure (given the rent-to-income backdrop) and below-average school ratings warrant prudent leasing and retention strategies.
- 2012 construction offers competitive positioning versus older neighborhood stock with routine modernization needs only
- Dense amenities and strong employment access support renter demand and leasing velocity
- High-cost ownership market reinforces reliance on multifamily rentals and pricing power for well-run assets
- Demographic outlook within 3 miles suggests a larger renter pool via household growth and smaller household sizes
- Risks: safety metrics below national norms, affordability pressures, and neighborhood occupancy softening require disciplined operations