522 Idaho Ave Active Save Request In-Person Tour Request Virtual Tour
Santa Monica,CA 90403
Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 3,360 sqft
Price per Sqft $803
MLS Listing ID 25575611
Style Bungalow
Bedrooms 6
Year Built 1922
Lot Size 7,482 Sqft
Acres 0.1718
Property Sub-Type Multi-Family
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 Palisades Park and Santa Monica Beach, 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, and with major renovations completed in 2025, 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 Santa Monica
Zoning SMR2*
Rooms
Other Rooms None
Kitchen Remodeled
Interior
Interior Features Built-Ins, Common Walls
Heating Wall
Cooling None
Equipment Built-Ins, Garbage Disposal, Washer, Refrigerator, Freezer, Dishwasher, Dryer
Laundry In Unit
Exterior
Parking Features None
Roof Type Flat
Building
Story 1
Architectural Style Bungalow
Level or Stories One
Schools
School District Santa Monica-Malibu Unified School District
Others
Special Listing Condition Standard
Virtual Tour https://cbre.box.com/s/kq1f5wfgbxqw342632h2k5424cd34jgj