| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 80th | Best |
| Demographics | 84th | Best |
| Amenities | 60th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1506 Venice Blvd, Venice, CA, 90291, US |
| Region / Metro | Venice |
| Year of Construction | 1988 |
| Units | 47 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1506 Venice Blvd Venice Multifamily Investment
This 47-unit property built in 1988 sits in a Venice neighborhood ranking top 15% among 1,441 Los Angeles metro neighborhoods, with neighborhood-level occupancy at 89.3% and strong renter demand supported by 65% rental tenure according to CRE market data from WDSuite.
The Venice neighborhood demonstrates strong fundamentals for multifamily investors, ranking 218th of 1,441 neighborhoods in the Los Angeles metro area with an A- rating. The area maintains above-metro performance in key investment metrics, including a 99th national percentile for net operating income per unit at $23,398 average. Neighborhood-level occupancy sits at 89.3%, while the high rental share of 56% reflects sustained demand for rental housing in this coastal submarket.
Demographics within a 3-mile radius show a stable tenant base with 213,536 residents and projected population growth of 6.9% through 2028. Household formation is expected to increase 37.1% over the next five years, expanding the renter pool significantly. The area attracts educated professionals, with 41% holding bachelor's degrees (97th national percentile) and median household income of $118,872. Rent-to-income ratios remain manageable despite the premium location.
The property's 1988 construction year aligns closely with the neighborhood average of 1970, positioning it as newer than typical area stock and reducing near-term capital expenditure risk. High home values with a median of $1.6 million (99th national percentile) create affordability barriers to ownership, supporting rental demand retention. The neighborhood offers strong amenity density with high grocery store access (97th national percentile) and childcare facilities (96th national percentile), enhancing tenant appeal and lease renewal potential.
The Venice neighborhood demonstrates competitive safety metrics among Los Angeles metro areas, ranking 328th of 1,441 neighborhoods with a 77th national percentile for overall crime performance. Recent trends show significant improvement, with property crime rates declining 79.6% year-over-year and violent crime dropping 85.9%, both ranking in the top quartile nationally for crime reduction.
Current property offense rates of 190.2 per 100,000 residents place the area above metro median (57th national percentile), while violent crime remains relatively controlled at 23.4 incidents per 100,000 residents (56th national percentile). These improving safety trends support tenant retention and property values in this urban core location.
The Venice area benefits from proximity to major corporate employers and headquarters that drive workforce housing demand, with several Fortune 500 companies and technology offices within commuting distance.
- Activision Blizzard — gaming & entertainment (1.6 miles) — HQ
- Microsoft Offices The Reserves — technology (1.9 miles)
- Abbott Laboratories — healthcare & pharmaceuticals (2.2 miles) — HQ
- Symantec — cybersecurity (3.4 miles)
- Occidental Petroleum — energy (4.4 miles) — HQ
This Venice multifamily property offers compelling fundamentals in a top-tier Los Angeles submarket with strong occupancy metrics and demographic tailwinds. The neighborhood's 89.3% occupancy rate and 99th percentile NOI performance of $23,398 per unit demonstrate operational strength, while projected household growth of 37.1% through 2028 supports sustained rental demand. The 1988 vintage positions the asset competitively within neighborhood norms without immediate capital intensity.
High barriers to homeownership, with median home values at $1.6 million, maintain rental market stability and tenant retention. According to multifamily property research from WDSuite, the area's educated workforce (41% with bachelor's degrees) and proximity to major employers including Activision Blizzard and Microsoft provide income stability supporting rent growth potential.
- Strong occupancy fundamentals with 89.3% neighborhood rate and top-percentile NOI performance
- Projected 37.1% household growth through 2028 expanding renter pool significantly
- High homeownership barriers support rental demand with $1.6M median home values
- Proximity to major tech and corporate employers within 2-4 miles driving workforce housing demand
- Risk: Urban core location with ongoing safety monitoring required despite recent crime improvements