22
See all 22 photos
$2,700,000
Est. payment /mo
6 Beds
6 Baths
3,360 SqFt
Open 8/21 5PM-6PM
522 - 532 Idaho AVE Santa Monica, CA 90403
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OPEN HOUSE
Thu Aug 21, 5:00pm - 6:00pm
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Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 3,360 sqft
Price per Sqft $803
MLS Listing ID 25575611
Bedrooms 6
HOA Y/N No
Year Built 1922
Lot Size 7,483 Sqft
Property Description
PRIVATE PROPERTY. TOURS BY APPOINTMENT ONLY. DO NOT DISTURB TENANTS. 522- 532 Idaho Avenue is a boutique six-unit multifamily investment opportunity located in the heart of Santa Monica's coveted Wilshire-Montana neighborhood. Just one block south of Montana Avenue and six blocks from Ocean Boulevard and Palisades Park, this property offers a rare combination of location, charm, and long-term upside in one of Southern California's most desirable coastal submarkets. Built in 1922, the property features six 1-bedroom, 1-bathroom bungalow-style units across three separate structures, totaling approximately 3,360 SF of rentable space on a 7,480 SF corner lot. Zoned SMR2, the site benefits from legal non-conforming density and will be delivered with two vacant units, allowing for immediate value-add execution. Current rents are below market, with an estimated 22% rental upside. Offered at $2,700,000, the asset reflects a 4.50% cap rate on current income and a 5.80% cap rate on pro forma rents. The projected market GRM is 11.89, compared to the current 14.01, highlighting the opportunity for income growth through renovations and lease-up. Recent upgrades include modernized kitchens and bathrooms, new flooring, in-unit washer/dryers, and custom closets. Exterior improvements include new landscaping, fencing, irrigation, and paint, enhancing curb appeal and tenant experience. Located within walking distance to Montana Avenue, Downtown Santa Monica, Santa Monica Beach and Pier, and major employers, with easy access to PCH and I-10, this property benefits from proximity to natural attractions and lifestyle amenities that consistently drive tenant demand in 90403.
Location
State CA
County Los Angeles
Area C14 - Santa Monica
Zoning SMR2*
Interior
Heating Wall Furnace
Cooling None
Fireplace No
Appliance Dishwasher, Disposal, Refrigerator, Dryer, Washer
Exterior
Parking Features None
Building
Story 1
Entry Level One
Architectural Style Bungalow
Level or Stories One
New Construction No
Schools
School District Santa Monica-Malibu Unified
Others
Senior Community No
Tax ID 4292010001
Special Listing Condition Standard
Virtual Tour https://cbre.box.com/s/kq1f5wfgbxqw342632h2k5424cd34jgj
Listed by James Keady CB Richard Ellis, Inc.