| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 80th | Best |
| Demographics | 84th | Best |
| Amenities | 60th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1406 E Venice Blvd, Venice, CA, 90291, US |
| Region / Metro | Venice |
| Year of Construction | 1988 |
| Units | 31 |
| Transaction Date | 1995-07-17 |
| Transaction Price | $745,000 |
| Buyer | ADVANCED X FUND 23 |
| Seller | RIO PROPERTIES LLC |
1406 E Venice Blvd, Venice CA Multifamily Investment
In a high-cost ownership pocket of Venice, renter demand is reinforced by strong neighborhood incomes and a deep tenant base, according to WDSuite’s CRE market data. The area’s livability and employer access point to steady leasing fundamentals rather than speculative upside.
The property sits in an Urban Core neighborhood of the Los Angeles-Long Beach-Glendale metro that is competitive among Los Angeles neighborhoods (ranked 218 out of 1,441). Local livability is supported by dense everyday services: grocery access rates near the top nationally, childcare availability is similarly strong, and restaurants are plentiful. By contrast, pharmacies and cafes are comparatively sparse, an operating detail to consider for resident convenience.
Home values in the neighborhood are elevated relative to both metro and national norms, and value-to-income metrics are among the highest nationally. For multifamily investors, this high-cost ownership environment tends to sustain reliance on rentals, helping support pricing power and lease retention. At the same time, the neighborhood rent-to-income ratio trends lower than many coastal peers, implying less acute affordability pressure and a more manageable backdrop for renewals.
Occupancy for the neighborhood has moderated versus five years ago and sits around the middle of the national distribution. However, unit tenure favors rentals: within a 3-mile radius, approximately 65% of housing units are renter-occupied, indicating a sizable and active tenant base that supports multifamily absorption and ongoing demand.
Demographics aggregated within a 3-mile radius show households have grown even as average household size has edged lower, pointing to more, smaller households entering the market. Forward-looking projections indicate additional population growth and a notable increase in households, which should expand the renter pool and support occupancy stability for well-positioned assets.
Neighborhood safety compares favorably at the national level, landing in the upper tiers nationwide, while local metro comparisons are more mixed. Recent trend data is constructive: both violent and property offense estimates have declined sharply year over year, indicating improving conditions rather than deterioration.
For investors, the directional improvement reduces downside risk tied to perception and can aid leasing stability, but property-level measures and ongoing monitoring remain prudent given submarket variability within the Los Angeles area.
- Activision Blizzard — gaming & media (1.7 miles) — HQ
- Microsoft Offices The Reserves — technology offices (1.9 miles)
- Abbott Laboratories — healthcare products (2.1 miles) — HQ
- Symantec — cybersecurity offices (3.5 miles)
- Southwest Airlines Counter — airline operations (4.3 miles)
Built in 1988, this 31-unit asset is newer than much of the surrounding housing stock (neighborhood average skewing to the 1970s), offering relative competitiveness versus older inventory while leaving room for targeted modernization to lift finishes and systems. The neighborhood’s high-cost ownership market and strong income profile underpin durable renter reliance on multifamily, and, based on CRE market data from WDSuite, neighborhood-level NOI per unit trends are among the highest nationally—supporting a case for sustained pricing power.
Demand fundamentals are reinforced by a renter-occupied housing share near two-thirds within a 3-mile radius, household growth alongside smaller household sizes, and strong proximity to major employers. While neighborhood occupancy has softened from five years ago, the combination of deep tenant base, improving safety trends, and daily-need amenity density supports a path to stable operations for well-managed assets.
- 1988 vintage: competitive versus older stock, with value-add via selective modernization
- High-cost ownership market reinforces rental demand and lease retention
- Renter concentration (~two-thirds within 3 miles) supports depth of tenant base
- Strong employer access and daily-need amenities underpin livability and leasing
- Risk: neighborhood occupancy softened vs. five years ago—focus on renewal strategy and resident experience