However, in this case - Santa Monica is of such high density and there is such a high turnover of housing there that it could be utilized as a gateway or leadgen - esp for UCLA, SMCC, tourists, business trips, etc....
Offer it to Santa Monica Real estates and see if there is any demand.
Another way, yes, to develop some traffic to it.
To me, although a popular destination, too specific, too limited. Maybe $200-300 as a redirect. Again, good relevant traffic will help...