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$ 2,700,000
Est. payment /mo
Open Sat 1PM-2:30PM
522 - 532 Idaho AVE Santa Monica, CA 90403
6 Beds
6 Baths
3,360 SqFt
Open House
Sat Jun 06, 1:00pm - 2:30pm
UPDATED:
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 in Santa Monica's coveted Wilshire-Montana neighborhood. Located one block south of Montana Avenue and six blocks from Palisades Park and the beach, the property offers premier walkability with low operational complexity, well suited for private buyers seeking an A+ location with stable income and meaningful upside. Offered at $2,700,000, the property delivers a 4.97% CAP on scheduled income assuming self-management, or 4.62% CAP with third-party management in place. Scheduled income reflects a 13.78 GRM, while a pro-forma GRM of 11.89 highlights the ability to grow revenue over time as legacy tenancies turn. The property will be delivered with three vacant units (50%), offering a clear path for immediate renovation, customization, and lease-up at market rents. This gives a buyer the ability to set the tone and finish level from day one, rather than working around existing tenants. In addition, the front yard will be delivered vacant and unutilized, creating an opportunity to upgrade the exterior whether through new landscaping, private outdoor areas, or a more defined entry. Combined, these vacancies provide meaningful control over both the unit interiors and the overall presentation of the property, supporting a cohesive upgrade plan and future rent growth. Built in 1922, the property consists of six one-bedroom, one-bathroom bungalow-style units totaling approximately 3,360 SF on a 7,480 SF corner lot. Zoned SMR2, the site benefits from legal nonconforming density. Two units (526 and 530) have been upgraded with modern kitchens and baths, new flooring, in-unit washer/dryers, and custom closets. Exterior improvements include new landscaping, fencing, irrigation, and fresh paint. With walkable access to Montana Avenue, Downtown Santa Monica, and the coastline, along with convenient connectivity to PCH and the I-10, 522-532 Idaho Avenue represents a rare opportunity to acquire a well-located, easily managed asset with upside in one of Santa Monica's most desirable neighborhoods.
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/hbrakqofdhng00qj6k4gt95qpllr2f98
Listed by James Keady CB Richard Ellis, Inc. #01943024
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