Ocean Park · Santa Monica
The financing behind this listing might matter more than the price.
Four units · Fully leased · Seller financing available
Every buyer looking at multifamily right now is running the same math, and running into the same wall: even a good property can pencil badly once you price in today's debt.
That is what makes 631 Pier Avenue different. It is not just a four-unit, fully leased Ocean Park property, blocks from Main Street. It is also the only active Pardee listing currently leading with seller financing as a meaningful part of the opportunity.
4Fully leased units
$2.995MAsking price
5.5%-6%Seller carry range
$201KAnnual gross rent
Why seller financing matters here
When a seller is willing to carry the loan themselves, on terms better than a bank would offer, that can change the way the opportunity looks. At 631 Pier Avenue, the seller may consider carrying a first trust deed at 5.5% to 6% interest-only, with no prepayment penalty for five years and 30%+ down for qualified buyers.
No bank timeline, no rate lock, no loan committee second-guessing the deal three weeks before close. Just a cleaner path to ownership for the right buyer, with a financing structure that can change the way the opportunity looks.
What you are actually buying
631 Pier Avenue is a four-unit property in Ocean Park, one of Santa Monica's most consistently desirable rental pockets. The building sits on a 5,496-square-foot lot and includes four detached garage spaces, private outdoor areas, and a unit mix that feels especially well suited to the neighborhood.
All four units are currently leased. The property has been improved over time, with interiors and outdoor spaces that feel current, lived-in, and easy to understand from a tenant-demand perspective.
| Address | 631 Pier Avenue, Santa Monica, CA 90405 |
|---|---|
| Neighborhood | Ocean Park |
| Building | Four units, built in 1961 |
| Size | Approx. 2,850 building sq. ft. on an approx. 5,496 sq. ft. lot |
| Parking | Four-car detached garage |
| Regulation | Santa Monica rent control |
The income side
The current scheduled gross rent is approximately $16,750 per month, or $201,000 per year. In simple terms, the property is already producing meaningful income on day one.
The financing snapshot
| Down payment example | 30%, or approximately $898,500 |
|---|---|
| Interest-only example | 5.5% interest-only structure |
| Estimated monthly debt service | Approximately $9,609 |
| Cap-rate note | High fives based on the seller's tax basis |
Full rent roll, lease details, expenses, cap-rate support, and the seller-financing worksheet are available to qualified buyers.
Condition
The interiors feel approachable and updated, with bright living spaces, clean kitchens and baths, private patios, and decks that are easy to understand as tenant-facing amenities. The property does not ask a buyer to imagine an abstract repositioning story. It already reads as the kind of Ocean Park rental property people want to live in.
Why we think it will not sit long
Most multifamily buyers are not short on interest right now. They are short on financing that makes sense.
That is the difference here. 631 Pier Avenue gives a buyer the location, the income, the tenant demand, and a financing conversation that is not simply whatever the capital markets happen to offer this week.
In a market where debt can flatten otherwise strong opportunities, seller financing can become the thing that makes a deal possible. That is why this listing stands out.
Blocks from Main Street. Minutes from the water.
Ocean Park is one of those neighborhoods where the rental story is not hard to tell. Main Street, Rose Avenue, the beach, coffee, restaurants, daily errands, and Santa Monica's westside lifestyle are all right there.
For tenants, that means convenience and quality of life. For an owner, it means durable demand in a location that has historically been difficult to replace.
View the 631 Pier Avenue listing
Listing Agents
Connect with the team behind 631 Pier Avenue
For the rent roll, expense detail, seller-financing worksheet, or offering memorandum, reach out to Josh Flynn or Keri Rose Clifton at Pardee Properties.
Seller-financing terms are subject to seller approval, buyer qualification, and negotiated final terms. Buyer to independently verify all property details, financial information, leases, expenses, zoning, rent-control status, and financing assumptions.
