Apartment building insurance in Santa Monica (90403)
Santa Monica (90403) has been trading. 5 apartment buildings here changed hands in the last six months, out of 844 with five or more units, and every one of those buyers had to place coverage on an escrow deadline using a policy they inherited and usually had not read.
What this means for a building in Santa Monica (90403)
- Age. The median apartment building here was built in 1958, and 96% are pre-1978. That is the ordinance and law and soft-story conversation. Why it matters.
- Size. The average building is 12.1 units and about 10,126 square feet, which puts replacement cost near $3,290,950 at $325 per square foot.
- Rent regulation. Santa Monica rent stabilization covers buildings built before 1979, which slows a rebuild and argues for 18 to 24 months of loss of rents.
- Market. 5 buildings sold here in the last six months. Each of those buyers inherited a policy that was probably wrong on at least one of the four gaps.
- Price. Older buildings across LA County are paying $1,500 to $2,500 per unit per year. What drives it.
What I would check first on a building in Santa Monica (90403)
If you sent me an address here, I would start with the update history on roof, plumbing, electrical and panel, with dates and permits, because underwriters price documents rather than intentions. Then the ordinance and law limits, since 96% of the buildings here would have to be rebuilt to today's code. After that, the loss of rents months, because a rent-regulated rebuild pays back slowly and twelve months runs out first. Every one of those is public record, and checking them costs you nothing.
Nearby areas
The same public records for the areas next door.
- Santa Monica (90404) 687 buildings
- Santa Monica (90401) 181 buildings
- Santa Monica (90405) 591 buildings