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
Year Built 1922
Lot Size 7,482 Sqft
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
Laundry Dryer,Washer
Building
New Construction No
Others
Virtual Tour https://cbre.box.com/s/kq1f5wfgbxqw342632h2k5424cd34jgj