| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 80th | Good |
| Demographics | 94th | Best |
| Amenities | 98th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 832 3rd St, Santa Monica, CA, 90403, US |
| Region / Metro | Santa Monica |
| Year of Construction | 1988 |
| Units | 23 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
832 3rd St Santa Monica Multifamily Investment
Positioned in an Urban Core pocket with deep renter demand and top-tier amenities, this 23-unit, 1988-vintage asset benefits from a high-cost ownership market that supports multifamily leasing, according to WDSuite’s CRE market data. Neighborhood occupancy figures reflect area conditions rather than this property and suggest disciplined lease management can sustain performance.
Santa Monica’s 832 3rd St sits in a high-amenity corridor: cafes, restaurants, groceries, parks, and pharmacies all rank in the upper national percentiles, reinforcing daily convenience and resident retention potential. School quality is a notable strength, with the neighborhood ranked 1st among 1,441 Los Angeles metro neighborhoods and positioned at the top percentile nationally, an anchor for long-term livability.
The local housing stock skews older on average (1970), while this property’s 1988 construction is newer than the neighborhood norm. That positioning can be competitively advantageous versus older inventory, though investors should plan for selective modernization of systems and interiors over a long hold.
Renter-occupied housing is prevalent at roughly 70% of units in the neighborhood, indicating a deep tenant base and multifamily demand resilience. Neighborhood-level occupancy is measured for the area, not the property, and sits below national leaders, suggesting that thoughtful leasing, renewals, and unit readiness are important for maintaining stability.
Within a 3-mile radius, demographics show a high-income renter pool and a projected increase in households alongside modest population growth by 2028. This pattern points to smaller average household sizes and a broader tenant base, supporting absorption and renewal prospects. Elevated home values in the neighborhood reinforce ongoing reliance on multifamily housing, which can bolster pricing power and lease retention in a high-cost ownership market based on commercial real estate analysis from WDSuite.
Safety metrics require prudent underwriting. The neighborhood ranks lower on safety compared with many Los Angeles metro peers, placing in the lower tiers among 1,441 neighborhoods and below national averages. Investors should weigh this context alongside the area’s strong amenity base, schools, and income profile, and consider property-level measures that support resident comfort and retention.
Year-over-year estimates indicate recent increases in both property and violent offenses at the neighborhood level. These figures are area-wide indicators and not specific to this property; monitoring trends and coordinating with security, lighting, and access controls can help mitigate leasing friction and turnover risk.
Proximity to major corporate offices supports a diversified, professional renter base and commute convenience, which can aid leasing velocity and renewals. Key nearby employers include Abbott Laboratories, Activision Blizzard, Occidental Petroleum, Microsoft, and AECOM.
- Abbott Laboratories — healthcare & life sciences (1.9 miles) — HQ
- Activision Blizzard — interactive entertainment (3.0 miles) — HQ
- Occidental Petroleum — energy (4.3 miles) — HQ
- Microsoft Offices The Reserves — technology offices (5.6 miles)
- AECOM — engineering & infrastructure (5.6 miles) — HQ
The investment case centers on location quality, renter depth, and relative vintage. Built in 1988, the property is newer than the neighborhood’s average stock, offering competitive positioning against older assets while leaving room for targeted upgrades to enhance rents and retention. Elevated neighborhood home values and high-income households reinforce reliance on multifamily housing, supporting pricing power over time.
According to CRE market data from WDSuite, the neighborhood exhibits top-tier amenities and school quality, a high share of renter-occupied units, and projected household growth within a 3-mile radius that can expand the tenant base. Area-level occupancy trends underscore the importance of active lease management, while safety indicators merit prudent operational planning to support resident satisfaction and reduce turnover.
- Newer 1988 vintage versus local average, with value-add modernization potential
- High-amenity Urban Core location and top-ranked schools bolster leasing appeal
- Elevated ownership costs and high incomes sustain multifamily demand and pricing power
- Projected household growth within 3 miles indicates a broader tenant base over time
- Risks: area-level safety metrics and below top-tier occupancy call for disciplined operations