522 Idaho Avenue Active Save Request In-Person Tour Request Virtual Tour
Santa Monica,CA 90403
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 3,360 sqft
Price per Sqft $803
MLS Listing ID CL25575611
HOA Y/N No
Year Built 1922
Lot Size 7,482 Sqft
Acres 0.17
Property Sub-Type Other
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
Location
State CA
County Los Angeles
Zoning SMR2
Interior
Heating Wall Furnace
Cooling None
Fireplace No
Appliance Dryer
Laundry Dryer,Washer
Building
New Construction No
Others
Tax ID 4292010001
Virtual Tour https://cbre.box.com/s/kq1f5wfgbxqw342632h2k5424cd34jgj