638 Grant St 8 Unit Apartment Building $2,657,000 ($332,125/Unit) 4.23% Cap Rate Santa Monica, CA 90405

638 Grant Street is a well-maintained 1957 garden-style apartment building positioned in the desirable Ocean Park neighborhood of Santa Monica, a premier coastal submarket renowned for its walkability, beach proximity, and high barriers to entry. 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 618 square feet each) and four studio units (around 391 square feet), catering to singles, couples, and remote workers drawn to Santa Monica's vibrant community. Current rents lag market rates by roughly 36 percent on average, 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 $209,520, delivering a 5.39 percent cap rate.
MTM leases. 2 vacant.
In essence, 638 Grant Street provides a premium Santa Monica multi-family asset with walking distance to the beach and minutes from shops, cafés, and coastal attractions and significant percent achievable rent premium, a compact and efficient unit configuration, and strong submarket fundamentals for sustained yield and appreciation.