522-532 Idaho Ave - Apartments FOR SALE


Santa Monica, CA 90403- Wilshire Montana | 
$2,350,000 USD
310-550-2615
522-532 Idaho Ave, Santa Monica, CA for Sale
$2,350,000 USD
Apartments - FOR SALE
1/28
null | Request Cap Rate

522-532 Idaho Ave
Santa Monica, CA 90403
Wilshire Montana


HIGHLIGHTS

  • Six bungalow-style apartment units within Santa Monica’s Wilshire-Montana district.
  • Three units, or 50%, delivered vacant at closing, enabling immediate renovation or re-tenanting at market rents.
  • Located only six blocks from Palisades Park and the Santa Monica beachfront with excellent walkability to premium dining and retail on Montana Avenue.
  • Significant demonstrated rental upside of approximately 18% through an established renovation program.
  • Recent exterior enhancements include new landscaping, fencing, paint, irrigation, and Spanish tile accents.
  • Two fully upgraded units featuring in-unit washer/dryers, new cabinetry, quartz countertops, and modern finishes.

OVERVIEW

CBRE is pleased to present 522-532 Idaho Avenue, a six-unit multifamily property in Santa Monica's Wilshire-Montana neighborhood. It sits one block south of Montana Avenue and six blocks from Palisades Park and the beach. The location is highly walkable, and the building is simple to run, a good fit for private buyers who want an A+ location, steady income, and room to grow rents. Offered at $2,350,000, the property delivers a 5.94% CAP on September 2026 scheduled income, calculated on the $2,420,000 Year 1 total cost, which includes $70,000 of budgeted CapEx at Units 528 and 532 and assumes self-management. Scheduled income reflects an 11.93 GRM. A pro forma GRM of 10.38 shows how much rents can grow as legacy tenancies turn. Renovating Units 522 and 524 at turnover adds $70,000 of CapEx, for an all-in basis of $2,490,000 and a 7.07% pro forma CAP. Three of the six units (50%) will be delivered vacant, giving a buyer a clear path to renovate, customize, and lease at market rents right away. A buyer sets the finish level from day one instead of working around tenants. Ownership has already paid for new landscaping, fencing, and irrigation, and the front yard will be delivered unassigned, so a buyer can program it as a private patio, a shared amenity, or a more defined entry. Together, the vacancies give a buyer control over both the interiors and how the property presents. Built in 1922, the property has six one-bedroom, one-bathroom railroad-bungalow units totaling about 3,360 SF on a 7,480 SF corner lot. Zoning is SMR2, and the site carries legal non-conforming density. Units 526 and 530 have new kitchens and baths, new flooring, in-unit washer/dryers, and custom closets. Exterior work includes new landscaping, fencing, irrigation, and fresh paint. With Montana Avenue, Downtown Santa Monica, and the beach all walkable, and quick access to PCH and the I-10, 522-532 Idaho Avenue is a rare chance to buy a well-located, easy-to-manage asset with upside in one of Santa Monica's best neighborhoods.

FOR SALE DETAILS

PRICE

$2,350,000 USD

PRICE/SF

$699 USD /SF

# OF UNITS

6

PRICE/UNIT

$391,667

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1922

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.17 AC

LAND SF

7,479 SF

ZONING

SMR2*

APN/PARCEL ID

4292-010-001

ASK ABOUT THIS PROPERTY

James KeadyCBREMore Info
310-550-2615

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James KeadyCBREMore Info
310-550-2615

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.