| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Fair |
| Demographics | 91st | Best |
| Amenities | 45th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 605 San Vicente Blvd, Santa Monica, CA, 90402, US |
| Region / Metro | Santa Monica |
| Year of Construction | 1973 |
| Units | 30 |
| Transaction Date | 2023-12-14 |
| Transaction Price | $7,500,000 |
| Buyer | RM REAL VICENTE LLC |
| Seller | HOWARD CARLA |
605 San Vicente Blvd Santa Monica Multifamily Investment
This 30-unit property benefits from Santa Monica's top-tier school ratings and high-income demographics, with neighborhood-level occupancy patterns reflecting broader market pressures according to WDSuite's CRE market data.
This Santa Monica neighborhood ranks in the top quartile nationally for demographics and educational quality, with schools averaging a perfect 5.0 rating. The area attracts high-income households, with median household income of $160,784 ranking in the 95th percentile nationally among neighborhoods. Within a 3-mile radius, demographic data shows 63.5% of housing units are renter-occupied, supporting consistent rental demand in this coastal market.
The 1973 construction year aligns with the neighborhood average of 1971, indicating potential value-add opportunities through targeted renovations and modernization. Neighborhood-level occupancy currently stands at 77.5%, reflecting broader market dynamics that investors should monitor for absorption timing and lease-up velocity. Contract rents averaging $2,406 have grown 29% over five years, though this growth occurred alongside occupancy pressures.
Demographics within the 3-mile radius show a mature, stable population of approximately 104,000 residents, with 41.3% in the prime 35-64 age cohort. Forecasted household growth of 33.5% over the next five years suggests expanding renter pool expansion, with median rent projections reaching $3,237. The neighborhood's amenity density includes strong park access ranking in the 98th percentile nationally, though grocery and pharmacy access rank lower, requiring consideration for tenant convenience.
Home values averaging $1.85 million create substantial ownership barriers, with a value-to-income ratio of 11.5 reinforcing rental demand among households priced out of ownership. This dynamic supports tenant retention in quality rental properties, though investors should monitor rent-to-income ratios currently at 17% for affordability pressure considerations.
Safety metrics show mixed trends that warrant investor attention. Property crime rates rank in the lower portion among Los Angeles metro neighborhoods, with an estimated rate of 1,779 incidents per 100,000 residents and a recent 15% year-over-year increase. Violent crime rates are comparatively lower at 270 per 100,000 residents, though this metric has increased 64% over the past year.
These crime statistics place the neighborhood below metro averages for safety, ranking in the 21st percentile nationally. Investors should factor these trends into tenant screening processes, security considerations, and insurance planning. The recent uptick in both property and violent crime rates suggests monitoring local law enforcement initiatives and community safety programs will be important for long-term tenant retention and property values.
The property benefits from proximity to major corporate headquarters and offices, providing workforce housing opportunities for employees in technology, pharmaceuticals, and energy sectors.
- Abbott Laboratories — pharmaceuticals (2.5 miles) — HQ
- Activision Blizzard — gaming & technology (3.3 miles) — HQ
- Occidental Petroleum — energy (4.2 miles) — HQ
- AECOM — engineering & consulting (5.6 miles) — HQ
- Microsoft Offices The Reserves — technology (6.1 miles)
This Santa Monica property offers exposure to one of Los Angeles County's most affluent rental markets, with neighborhood demographics ranking in the 95th percentile nationally and household incomes supporting premium rents. The 1973 vintage presents value-add potential through strategic renovations, while proximity to major corporate headquarters including Abbott Laboratories and Activision Blizzard provides stable employment demand. Multifamily property research indicates strong long-term fundamentals despite current occupancy pressures at 77.5% neighborhood-wide.
Demographic projections within the 3-mile radius show 33.5% household growth over five years, expanding the potential tenant base while forecast rent growth to $3,237 suggests continued pricing power. High ownership costs with home values averaging $1.85 million reinforce rental demand, though investors should monitor affordability metrics and recent crime trends that may impact tenant retention and property positioning.
- Top-tier demographics with 95th percentile household incomes supporting premium rental rates
- Value-add renovation potential in 1973 vintage property with neighborhood average construction year
- Proximity to major corporate employers including pharmaceutical and technology headquarters
- High ownership barriers reinforce rental demand with $1.85M median home values
- Risk consideration: Monitor 77.5% neighborhood occupancy and recent crime trend increases