| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 82nd | Best |
| Demographics | 91st | Best |
| Amenities | 94th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 815 Ashland Ave, Santa Monica, CA, 90405, US |
| Region / Metro | Santa Monica |
| Year of Construction | 1995 |
| Units | 45 |
| Transaction Date | 1994-07-28 |
| Transaction Price | $2,350,000 |
| Buyer | 815 ASHLAND LTD PARTNERSHIP |
| Seller | THE CITY OF SANTA MONICA |
815 Ashland Ave Santa Monica Multifamily Investment
Positioned in a high-demand Westside neighborhood where occupancy is in the mid-90s at the neighborhood level, this 45-unit asset benefits from deep renter demand and elevated ownership costs, according to WDSuite’s CRE market data. Metrics cited reflect neighborhood conditions rather than the specific property.
Santa Monica’s Urban Core setting delivers a dense amenity base that supports leasing and retention. The neighborhood scores in the top quartile among 1,441 metro neighborhoods and sits in the upper national percentiles for amenities, including strong concentrations of parks, cafes, groceries, and pharmacies. This mix signals daily convenience and lifestyle appeal that typically underpins steady renter interest.
At the neighborhood level, multifamily occupancy runs in the mid-90s, indicating stable demand. Median contract rents have grown over the past five years, and the area’s rent-to-income ratios trend manageable for the market, which can help with lease management and renewal strategies. Within a 3-mile radius, renter-occupied housing constitutes roughly two-thirds of units, suggesting a sizable tenant base and depth for multifamily leasing.
Vintage matters here: built in 1995, the property is newer than the neighborhood’s average 1960s-era stock. That positioning can enhance competitiveness versus older buildings while still warranting selective modernization of aging systems to protect long-run NOI.
Home values in the immediate area are among the highest nationally. In investor terms, this high-cost ownership market tends to reinforce reliance on rental housing, supporting pricing power and reducing direct competition from entry-level ownership options. These dynamics, based on CRE market data from WDSuite, align with a durable renter pool and above-metro income profiles that support multifamily operations.
Safety indicators for the neighborhood track below national averages, with crime metrics ranking weaker relative to many Los Angeles-Long Beach-Glendale neighborhoods (measured against 1,441 neighborhoods). Recent data also shows a modest year-over-year uptick in reported property and violent offenses. Investors typically account for this by emphasizing visible management, security practices, and tenant communications while underwriting to market-consistent insurance and operating assumptions.
Proximity to a diversified employment base across healthcare, technology, energy, and engineering supports a sizable renter pool and commute convenience for workforce and professional tenants. The following nearby employers anchor demand in the submarket:
- Abbott Laboratories — healthcare/medical devices (0.7 miles) — HQ
- Activision Blizzard — video games (1.5 miles) — HQ
- Microsoft Offices The Reserves — technology (3.4 miles)
- Occidental Petroleum — energy (4.1 miles) — HQ
- AECOM — engineering & infrastructure (4.9 miles) — HQ
815 Ashland Ave combines a 1995 vintage with a top-performing Santa Monica location, providing relative competitiveness versus older neighborhood stock and access to a deep, affluent renter base. Neighborhood occupancy trends in the mid-90s and high-cost homeownership conditions contribute to leasing stability and pricing power. Within a 3-mile radius, a large share of housing units are renter-occupied, and forward-looking demographic projections indicate more, smaller households—factors that typically expand the tenant base and support long-term absorption, based on CRE market data from WDSuite.
While neighborhood safety benchmarks trail national averages, the area’s amenity density, strong employer presence, and high household incomes at the neighborhood level offset risk by supporting retention and NOI. The 1995 construction date suggests manageable capital planning with potential value-add through targeted modernization to keep the asset competitive against institutional peers.
- 1995 vintage offers competitive positioning versus older local stock with targeted modernization upside
- Mid-90s neighborhood occupancy and deep renter concentration support leasing stability
- High-cost ownership market reinforces renter demand and pricing power
- Proximity to major employers across tech, healthcare, energy, and engineering supports demand depth
- Risk: safety metrics track below national averages; plan for robust management and market-consistent underwriting