638 Grant St
- ˜15-20% Rent Upside Aggressive pro forma rents ($2,600 1-beds / $2,100 studios) backed by Ocean Park comps; 6 of 8 units month-to-month.
- Santa Monica Ocean Park Location Walk to Main Street, beach, tech corridors; ultra-low vacancy submarket with chronic undersupply.
- 1957 Garden-Style Layout Single-story, 3,740 SF on 5,897 SF lot; separately metered electric/gas, master water reduces owner expense.
- One Vacant Unit Immediate lease-up at pro forma ($2,600/mo) provides instant cash flow lift.
- Limited On-Site Parking 1–2 spaces per tenant via driveway/street; typical for area, offset by bike/transit access.
- No Major Capex Noted Clean physical inspection; focus on cosmetic turns to capture full upside.
Property Description
Featuring eight units within approximately 3,740 square feet on a 5,897-square-foot lot, the property presents a low-density, turnkey value-add play with robust upside through rent optimization and minimal enhancements. Its location in a sought-after area with strong lifestyle appeal supports premium occupancy and investor confidence over the long term. The building offers a functional mix of four one-bedroom, one-bath units (approximately 570 square feet each) and four studio units (around 375 square feet), catering to singles, couples, and remote workers drawn to Santa Monica's vibrant community. Current rents lag market rates by roughly 15-20 percent, allowing for substantial growth via unit turnovers and updates including refreshed interiors, appliances, and finishes—executable with low disruption. Pro forma projections indicate annualized gross income of $227,400, delivering a 5.68 percent cap rate at a $2,657,000 valuation. While current use is optimal with no immediate ADU conversion noted, the site's SMOP2* zoning (Santa Monica Ocean Park Medium Density) accommodates multi-family operations and potential minor densification pending local review. Physical condition is neutral with no significant deferred maintenance evident, though limited on-site parking (supplemented by street spaces) may influence tenant selection in this car-light market. Recent records show no major capital expenditures, emphasizing operational efficiency and cosmetic value creation. Subject to Santa Monica's rent control regulations, the property features a blend of month-to-month and fixed-term leases, enabling phased rent increases. Positioned outside major hazard zones, it benefits from coastal stability. In essence, 638 Grant Street provides a premium Santa Monica multi-family asset with significant percent achievable rent premium, a compact and efficient unit configuration, and strong submarket fundamentals for sustained yield and appreciation.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $2,657,000 |
| No. of Units: | 8 |
| Year Built: | 1957 |
| Lot Size: | 0.14 Acres |
| Opportunity Zone: | No |
| Price per unit: | $332,125 |
| Property Website | Click Here |
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