1246 Chelsea Ave, Santa Monica, CA 90404

4-Plex in Prime Santa Monica | 10-Day Fully Non-Contingent Escrow

Sold: $1,800,000

Property Highlights

Four units built in 1926
Fully non-contingent offer from Day 1 with a 10-day closing period
Purchased by local investor working in the tech & machine learning industry
Renovated front house with 3-bed / 2-bath, perfect for owner-user
Triplex in back with two 1-bed / 1-bath upstairs and small studio unit on lower level next to garages
Three one-car garages in back along alley; one garage to be available at close for front house or vacant studio
Charming, private backyard between the main house and back triplex structure
Units have hardwood floors throughout
Ideal owner occupier opportunity
Prime Santa Monica location steps from St. John’s Medical Center, shopping, and more

The Deal Story

The Glaser Group is pleased to announce the successful closing of 1246 Chelsea Ave, a charming 4-plex located in prime Santa Monica, CA.

After a couple of months on the market and countless tours, our team identified a local investor working in the tech & machine learning industry that was looking to place equity into the Santa Monica rental market. We negotiated a fully non-contingent offer from Day 1 with a 10-day closing period. The buyer secured bridge financing, which was brokered by Shadi Kamran.

The property closed at $1.8M, reflecting a price $701/SF and $450K/Unit. Financially, the deal delivered a 5.53% cap rate and a GRM of 13.52, an extremely aggressive price for today’s market.

Built in 1926, this unique property features a beautifully renovated 3-bedroom, 2-bath front house, perfectly suited for an owner-user seeking a coveted Santa Monica address. Behind the main residence, a triplex comprises two 1-bedroom, 1-bath units upstairs and a small studio adjacent to three one-car garages along the alley.

With hardwood floors throughout and a private backyard nestled between the main house and triplex, this asset blends classic character with functional living spaces a true gem in a highly sought-after location. Situated just steps from St. John’s Medical Center, premier shopping, and local amenities, the property presented an ideal owner-occupier opportunity in one of Santa Monica’s most desirable neighborhoods.

The Glaser Group expertly guided this transaction to a smooth closing, securing excellent terms for both buyer and seller in a competitive market.

If you're interested in exploring a similar sale or purchase, please shoot us an email or call us at 310-230-5157. We’re here to help you achieve your multifamily real estate goals.