638 Grant St Santa Monica, CA 90405
Santa Monica multifamily property with significant rent upside potential.
Property size:
3,740 SFProperty Features for 638 Grant St
General Information
- Size
- 3,740 SF
Building Details
- Year built
- 1957
Source:
Lee-associates
Listing Agent: Elliott Gallahan
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
Ocean Park Multifamily Investment
Located in the desirable Ocean Park neighborhood of Santa Monica, this well-maintained 1957 garden-style apartment building features eight units within approximately 3,740 square feet on a 5,897-square-foot lot. The property offers a mix of four one-bedroom, one-bath units (approximately 570 square feet each) and four studio units (around 375 square feet). The location is known for its walkability and proximity to the beach. The property presents a value-add opportunity through rent optimization. Current rents are below market rates by roughly 15-20 percent, allowing for potential growth via unit turnovers and updates. The site's zoning accommodates multi-family operations. The physical condition is neutral with no significant deferred maintenance evident. The property features a blend of month-to-month and fixed-term leases, enabling phased rent increases. The units have separately metered electric and gas, and master water. There is limited on-site parking, supplemented by street spaces. The property is positioned outside major hazard zones and benefits from coastal stability.
Location Intelligence
Current Use by Public Records
Jumping Gym
Gymnastics Center
Location Insight
- Map
- Local Demand
- City
- Santa Monica
- County
- Los Angeles
- State
- California
- Longitude
- -118.4826945
- Latitude
- 34.0098478
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Santa Monica multifamily property with significant rent upside potential.
Where is this apartment building located?
The property is located at 638 Grant St Santa Monica, CA.
What is the asking price?
The asking price for this property is $2,657,000.
What are key features of this property?
This property features: - Significant Rent Upside: Current rents are 15-20% below market rates.; - Prime Santa Monica Ocean Park Location: Situated in a highly desirable, walkable coastal neighborhood.; - Value-Add Opportunity: Minimal enhancements can drive significant rent increases.