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In-PersonVirtual Tour
$2,700,000
Est. payment /mo
3,360 SqFt
Open House
Sat May 23, 1:00pm - 3:00pm
UPDATED:
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
HOA Y/N No
Year Built 1922
Lot Size 7,482 Sqft
Acres 0.1718
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 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
Zoning SMR2*
Interior
Heating Wall Furnace
Cooling None
Fireplace No
Appliance Dryer
Laundry Dryer, Washer
Building
New Construction No
Others
Tax ID 4292010001
Virtual Tour https://cbre.box.com/s/hbrakqofdhng00qj6k4gt95qpllr2f98
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Listed by James Keady • CB Richard Ellis, Inc.