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& 228 Idaho Ave., Santa Monica, CA 90403 228 Idaho Ave 20 Unit Apartment Building $10,797,089 CAD ($539,854 CAD/Unit) 5.07% Cap Rate Santa Monica, CA 90403
Investment Highlights
- Reposition and Renovation Opportunity
- 2 Blocks from Palisades Park and the 3rd Street Promenade (80 Walking Score)
- Prime Santa Monica Location (1 Block South of Montana)
Executive Summary
The Idaho & 3rd Apartments are a well maintained 20-unit apartment community located in the primest of prime locations in Santa Monica, California. Set amid lush surroundings on a 15,006 square foot lot, the 15,640 square foot property offers studios, one- and two-bedroom apartment homes. Built in 1954, the property offers, a phenomenal rental location and superb freeway access.
Highlights:
* Renovation & Reposition Opportunity
* Prime Prime Prime Location
* Two Blocks From Palisades Park
* 10%+ Upside in Rents on Current Condition
Highlights:
* Renovation & Reposition Opportunity
* Prime Prime Prime Location
* Two Blocks From Palisades Park
* 10%+ Upside in Rents on Current Condition
Financial Summary (Pro Forma - 2026) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$838,325
|
$55.87
|
| Other Income |
$36,567
|
$2.44
|
| Vacancy Loss |
$26,247
|
$1.75
|
| Effective Gross Income |
$848,646
|
$56.55
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$301,602
|
$20.10
|
| Net Operating Income |
$547,043
|
$36.45
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $838,325 |
| Annual Per SF | $55.87 |
| Other Income (CAD) | |
|---|---|
| Annual | $36,567 |
| Annual Per SF | $2.44 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $26,247 |
| Annual Per SF | $1.75 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $848,646 |
| Annual Per SF | $56.55 |
| Taxes (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses (CAD) | |
|---|---|
| Annual | $301,602 |
| Annual Per SF | $20.10 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $547,043 |
| Annual Per SF | $36.45 |
Property Facts
| Price | $10,797,089 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $539,854 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.34 AC |
| Cap Rate | 5.07% | Building Size | 15,006 SF |
| Gross Rent Multiplier | 12.34 | No. Stories | 2 |
| No. Units | 20 | Year Built | 1954 |
| Property Type | Multifamily | Parking Ratio | 1.6/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | SMR4YY | ||
| Price | $10,797,089 CAD |
| Price Per Unit | $539,854 CAD |
| Sale Type | Investment |
| Cap Rate | 5.07% |
| Gross Rent Multiplier | 12.34 |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.34 AC |
| Building Size | 15,006 SF |
| No. Stories | 2 |
| Year Built | 1954 |
| Parking Ratio | 1.6/1,000 SF |
| Zoning | SMR4YY |
Amenities
Site Amenities
- Courtyard
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 2 | - | - |
| 1+1 | 16 | - | - |
| 2+2 | 2 | - | - |
1 1
Moderately walkable
70/100
Very drivable
80/100
Some public transit
50/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 4292-023-001 | Improvements Assessment | $6,186,802 CAD |
| Land Assessment | $7,638,030 CAD | Total Assessment | $13,824,832 CAD |
Property Taxes
Parcel Number
4292-023-001
Land Assessment
$7,638,030 CAD
Improvements Assessment
$6,186,802 CAD
Total Assessment
$13,824,832 CAD
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& 228 Idaho Ave., Santa Monica, CA 90403 | 228 Idaho Ave
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