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Elvida Salazar

elvida.myagent@gmail.com +1(760) 801-9758

$2,700,000

Est. payment - /mo

6 Beds

6 Baths

3,360 SqFt

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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 Santa Monica's coveted Wilshire-Montana neighborhood. Situated just one block south of Montana Avenue and six blocks from Palisades Park and Santa Monica Beach, the property combines premier walkability with low operational complexity, making it ideal for private buyers seeking an A+ location, reliable yield, upside, and minimal management intensity. Offered at $2,700,000, the asset reflects a 4.83% CAP through easy to execute self-management. Even if off-site management is utilized, the property continues to offer an attractive 4.48% CAP with plenty of upside. Current rents are approximately 22% below market, supporting a projected 6% CAP on proforma rents if self-managed. The projected market GRM of 11.89, compared to the scheduled GRM of 14.01, further highlights the embedded income growth opportunity. Built in 1922, the property features six (6) one-bedroom, one-bathroom railroad-style bungalow units totaling approximately 3,360 SF on a 7,480 SF corner lot. Zoned SMR2, the site benefits from legal nonconforming density and will be delivered with two units vacant, allowing for immediate repositioning. Recent upgrades at two of the property's units include modernized kitchens and bathrooms, new flooring, in unit washer/dryers, and custom closets. Further property improvements include new landscaping, fencing, irrigation, and fresh paint, reducing near term capital needs. With walkable access to Montana Avenue, Downtown Santa Monica, Santa Monica Beach and Pier, and convenient connectivity to PCH and the I10, 522-532 Idaho Avenue represents a rare opportunity to acquire a higher yielding, low maintenance multifamily asset in one of Santa Monica's most desirable residential enclaves.

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

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Listed by James Keady CB Richard Ellis, Inc. #01943024

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Elvida Salazar

+1(760) 801-9758

Realtor® | Property Management Specialist | License ID: DRE# 01775858

Realtor® | Property Management Specialist License ID: DRE# 01775858

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522 - 532 Idaho AVE Santa Monica, CA 90403

Elvida Salazar

Key Details

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Others

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