638 Grant St

638 Grant Street is a well-maintained garden-style multifamily property built in 1957 and located in the highly desirable Ocean Park neighborhood of Santa Monica, one of Southern California’s most sought-after coastal rental markets. Situated on a 5,897-square-foot lot and encompassing approximately 3,740 square feet, the eight-unit asset offers a compelling turnkey value-add opportunity supported by strong rental demand, exceptional walkability, and close proximity to the beach, Main Street amenities, and major employment centers. The property features a balanced unit mix consisting of four one-bedroom, one-bath apartments averaging approximately 570 square feet and four studio units averaging roughly 375 square feet, appealing to a wide range of tenants including professionals, couples, and remote workers seeking a vibrant coastal lifestyle. Current rents are estimated to be 15–20% below market levels, providing meaningful upside through natural turnover and modest interior improvements such as updated finishes, appliances, and cosmetic enhancements. Based on projected stabilized operations, the property is expected to generate approximately $227,400 in annual gross income, supporting a projected 5.68% capitalization rate at a valuation of $2.657 million. Zoned SMOP2* (Ocean Park Medium Density), the property is well-suited for its current multifamily use while offering potential opportunities for limited future densification, subject to local review and approvals. The building is in solid physical condition with no significant deferred maintenance or major capital expenditures reported, allowing investors to focus primarily on operational efficiencies and revenue growth initiatives. Although on-site parking is limited and supplemented by street parking, this characteristic is common within the Ocean Park submarket and is offset by excellent access to biking, walking, and public transportation options. Subject to Santa Monica’s rent control regulations, the property includes a mix of month-to-month and fixed-term leases, creating opportunities for phased rent increases over time. Overall, 638 Grant Street represents a high-quality multifamily investment in a supply-constrained coastal market, offering attractive rent-growth potential, strong occupancy fundamentals, and long-term appreciation prospects in one of Los Angeles County’s most resilient neighborhoods.