Ocean Park Fourplex | Owner-User or Investor 238 Bicknell Ave 4 Unit Apartment Building $2,872,128 CAD ($718,032 CAD/Unit) 2.84% Cap Rate Santa Monica, CA 90405

Lucrum Group presents The Bicknell Residences, a value-add multifamily investment opportunity located in the Ocean Park neighborhood of Santa Monica, offering significant upside potential for an investor seeking to reposition and stabilize a well-located coastal asset.
This property is being sold pursuant to a court-supervised partition process and is subject to court confirmation. The property is a duplex per public-record; four units onsite. Buyer to verify legal status and permits.
Originally constructed in 1920 and classified as a duplex per public record, the property currently operates as a four-unit multifamily asset. The improvements retain elements of classic Santa Monica character, including original wood siding and traditional architectural features, providing a strong foundation for thoughtful renovation and repositioning.
The Asset
The property consists of approximately ±2,369 square feet of improvements situated on a ±6,006 square foot lot and features a unique unit mix:
+ 1 Two-Bedroom + One Bath with office
+ 1 One-Bedroom + One Bath
+ 1 One-Bedroom + One Bath with utility room
+ 1 One-Bedroom + One Bath with den
Two of the units have undergone light renovations, while the remaining units present an opportunity for interior upgrades and repositioning to market rents. The lower units benefit from both front and rear access, enhancing privacy and functional flexibility.
Operational upside remains largely untapped, with a meaningful gap between current performance and market potential. Two of the units are currently underperforming relative to market levels, creating a clear path to increased income through turnover, renovation, and improved management.
The property presents a compelling opportunity to acquire a coastal asset with a meaningful gap between current income and stabilized performance.
Two units are currently occupied by ownership and may be delivered vacant or continue occupancy at market rent, subject to final confirmation. This presents flexibility for both owner-user buyers and investors seeking to accelerate repositioning.
Additional income potential exists through the activation of ancillary revenue streams. The property includes four detached private garages currently utilized by ownership, providing an opportunity to generate income through parking or storage. A shared laundry area is in place and may be converted to a revenue-generating system.
The property is master metered for water and separately metered for gas and electricity. Each unit is equipped with its own hot water heater.
The lot also includes an underutilized rear patio area adjacent to the garage structure, which may offer potential for future ADU development, subject to buyer verification.
Opportunities of this scale are increasingly limited within Ocean Park, where strong tenant demand, coastal proximity, and constrained supply continue to support long-term appreciation and income growth.
*Duplex per public record; four units on site. Buyer to verify legal status and permits.
The Bicknell Residences is located in the Ocean Park neighborhood of Santa Monica, one of the Westside’s most desirable coastal communities. The property is situated just moments from the beach and the vibrant Main Street corridor, offering convenient access to dining, boutique retail, and everyday neighborhood amenities.
Ocean Park is known for its walkability, coastal lifestyle, and strong tenant demand, attracting a highly educated and well-compensated renter base. The neighborhood blends laid-back beach culture with a refined residential environment, supporting long-term rental durability and premium positioning within the market.
Residents benefit from proximity to major lifestyle and entertainment destinations, including the Santa Monica Pier, Downtown Santa Monica, the Third Street Promenade, and Abbot Kinney Boulevard in Venice.
Connectivity is supported by immediate access to Lincoln Boulevard, Pico Boulevard, Santa Monica Boulevard, and the I-10 freeway, providing efficient access to major employment hubs including Century City, Beverly Hills, Westwood, Culver City, and Downtown Los Angeles.
The property is also positioned within the broader Silicon Beach corridor, with access to major employers such as Snap Inc., Amazon, Google, Hulu, and YouTube, further reinforcing demand from high-income renters.
Ocean Park remains a supply-constrained submarket with limited multifamily inventory and high barriers to entry, supporting long-term appreciation and consistent investor demand.


Location highlights

+ Prime Ocean Park location moments from the beach and the vibrant Main Street corridor

+ Highly walkable neighborhood with access to dining, retail, and lifestyle amenities

+ Strong renter demographics supported by high-income tenant base

+ Proximity to major employment hubs across the Westside

+ Access to Santa Monica Pier, Third Street Promenade, and Abbot Kinney Boulevard

+ Excellent connectivity via Lincoln Boulevard, Pico Boulevard, Santa Monica Boulevard, and the I-10 freeway

+ Supply-constrained coastal submarket with limited multifamily inventory

+ Long-term demand drivers supported by coastal location and lifestyle appeal