CA > Santa Monica
Santa Monica, CA 90403,522 - 532 Idaho AVE
Santa Monica, CA 90403,522 - 532 Idaho AVE
Santa Monica, CA 90403,522 - 532 Idaho AVE
Santa Monica, CA 90403,522 - 532 Idaho AVE
Santa Monica, CA 90403,522 - 532 Idaho AVE
Santa Monica, CA 90403,522 - 532 Idaho AVE
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Kris Rainwaters

Kris Rainwaters

+1(602) 561-3114
$ 2,700,000
Est. payment | /mo

6 Beds

6 Baths

3,360 SqFt

Save Virtual Tour
$ 2,700,000
Est. payment | /mo
Save Virtual Tour

6 Beds

6 Baths

3,360 SqFt

OPEN HOUSE

Thu Aug 21, 5:00pm - 6:00pm

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

CRMLS – RECore
Listed by James Keady CB Richard Ellis, Inc.

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agent
Kris Rainwaters

REALTOR® | Lic# 02111780

+1(602) 561-3114

PO Box 106 Lake Arrowhead, CA 92352

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522 - 532 Idaho AVE