Why Families Pay a Premium to Live North of Montana In Santa Monica’s Franklin Elementary School District (90403)

Map of Franklin Elementary School District and boundaries

Few neighborhoods in Santa Monica command as much attention from homebuyers as those within the Franklin Elementary School attendance zone. Located at 2400 Montana Avenue, Franklin Elementary consistently ranks among the top public schools in California.

Its boundaries stretch roughly north of Wilshire Boulevard to San Vicente Boulevard and from 14th Street to 26th Street, creating a residential pocket filled with leafy streets, timeless architecture, and coastal and premium convenience.

The Franklin Elementary attendance zone includes much of the highly sought-after North of Wilshire neighborhood. It covers the affluent single-family enclaves north of Montana Avenue and a mix of condos and rent-controlled apartments between Wilshire and Montana. Streets like 17th, 20th, and 23rd are lined with mature trees and feature a blend of Spanish Revival, California Bungalow, and Contemporary designs.

Residents enjoy walking access to Whole Foods, Trader Joe’s, the Brentwood Country Mart, and all the shops and cafés along Montana Avenue. Families often buy here specifically to secure a seat at Franklin Elementary, viewing it as a way to gain private-school-level education within the public system. Strict attendance boundaries ensure only local residents can enroll, fueling competition and steadily driving property values upward.

The School Effect: How Franklin Drives Real Estate Values

Franklin Elementary is more than a school—it’s a community anchor. Consistently ranked among the best public schools in California, it attracts parents who value education and neighborhood stability. Homes within the Franklin boundary rarely stay on the market long, and even modest homes sell at a premium. Buyers understand that living within the boundary protects long-term resale value, since future buyers will always pay more to be in this district.

Market Overview: Condos and Townhomes

Median List Price: $1,595,000
Average Price per Sq. Ft.: $1,030
Median Days on Market: 25
Active Listings: About 20
Market Action Index: 46 – Slight Seller’s Advantage

Condos and townhomes within the Franklin Elementary boundaries remain in high demand. Two- and three-bedroom units between 1,400 and 1,700 square feet attract professionals and young families seeking enrollment.

• Newer boutique buildings along 16th–19th Streets achieve around $1,300 per square foot.
• Classic 1970s–1980s buildings average between $950 and $1,050 per square foot.
• The “sweet spot” for buyers lies between $1.4 million and $1.8 million.

Rental market: Studios along Wilshire rent between $3,200 and $3,700 per month, and larger two-bedroom units range from $5,400 to $5,800 per month, about $6.80 to $7.20 per square foot. Investor interest remains strong due to consistent demand and low vacancy rates.

Market Overview: Single-Family Homes

Median List Price: $4,850,000
Average Price per Sq. Ft.: $1,940
Median Days on Market: 32
Active Listings: About 8
Market Action Index: 44 – Balanced to Slight Seller’s Advantage

Single-family homes within the Franklin District north of Montana Avenue are among Santa Monica’s most valuable. Prices start around $4 million and exceed $6 million for new or fully remodeled homes. Land value alone ranges between $2.5 million and $3.5 million depending on lot size and location.

• Standard 7,500-square-foot lots average $1,900 to $2,000 per square foot.
• The “sweet spot” for buyers is updated 3,000–3,500-square-foot homes priced around $4.5–$5.5 million.
• Streets like 17th, 19th, and 21st command premiums for their larger lots and tree-lined appeal.

Even in slower markets, demand stays steady due to the school’s quality, consistent zoning, and limited turnover.

Why North of Montana Stands Apart

The North of Montana corridor defines Santa Monica prestige—wide lots, manicured gardens, and architectural character. The combination of proximity to the beach, strong schools, and established community keeps demand strong and values high. Well-priced homes near Franklin Elementary often sell within weeks.

Micro-Neighborhoods That Command a Premium

17th Street – close to Franklin Elementary and Montana Avenue; excellent walkability.
19th and 21st Streets – larger lots, mature trees, and a mix of classic and new builds.
23rd Street and Carlyle Avenue – quieter residential pockets offering privacy and charm.

Subtle differences between blocks can result in major pricing differences, which is why working with a local agent who understands these nuances is essential.

Lifestyle Beyond the Numbers

The Franklin district offers true walkability, parents walking kids to school, local cafés, and green parks all within a short stroll. The area blends education, community, and lifestyle in a way few neighborhoods can match. Homes here aren’t just investments; they represent long-term stability and quality of life.

Key Takeaways for Sellers

If your home is located within the Franklin Elementary School District—especially North of Montana-it’s important to be aware of Measure GS, Santa Monica’s high-value real estate transfer tax.

The tax applies to properties that sell for $8 million or more and adds 5.6% in transfer fees on top of normal closing costs. That means a seller at $8 million could owe about $448,000 in additional city taxes.

If your property is valued in the $7 million–$7.9 million range, you’re close to that threshold. Even a modest increase in value could push you above it. For some homeowners, that could mean losing nearly half a million dollars to taxes that didn’t exist a few years ago.

This may be an ideal time to evaluate your options, especially while inventory remains tight and well-priced homes continue to draw multiple offers quickly.

Key Takeaways for Buyers

Median Single-Family Home Price: About $4.85 million ($1,940 per square foot)
Median Condo Price: About $1.6 million ($1,030 per square foot)
Most Active Price Ranges: $4.5–$5.5 million (SFR) and $1.4–$1.8 million (condos)
Inventory remains tight, creating upward pressure on prices.

Considering a Sale North of Montana?

Homes within the Franklin Elementary School District continue to sell for strong prices, and with limited inventory, well-positioned listings often go under contract quickly. If your property is approaching the $8 million mark, be mindful of Measure GS, which imposes a 5.6% transfer tax on sales above that threshold.

Santa Monica’s Measure GS now applies a 5.6% transfer tax to sales above $8 million, an amount that can easily add thousands of dollars to closing costs. With limited inventory and steady buyer demand for homes near Franklin Elementary, north of Montana are selling, this may be an ideal moment to review your property’s market position and explore selling while you’re still below the threshold. Now may be the right time to evaluate your options and protect your equity before that tax applies.

Looking to Buy in the Franklin Elementary School District?

Every street North of Montana has its own character, pricing nuances, and micro-market trends. Whether you’re searching for your first home, a larger residence, or an investment property within the Franklin Elementary boundaries, I can help you identify opportunities on and off market. Contact Us.