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522-532 Idaho Ave 6 Unit Apartment Building $3,768,984 CAD ($628,164 CAD/Unit) Santa Monica, CA 90403
INVESTMENT HIGHLIGHTS
- OPEN HOUSE: THURSDAY, AUGUST 21st, 5:00 PM.
- Major improvements made by current ownership.
- Just blocks from the beach, Palisades Park, and Montana Avenue.
- Two units delivered vacant at close.
- Top Rated Santa Monica Malibu Unified School District.
- Demonstrated Renovation Strategy: Follow current ownership’s demonstrated renovation strategy to unlock an estimated remaining 22% rental upside.
EXECUTIVE SUMMARY
Contact James Keady for the OM. PRIVATE PROPERTY. TOURS BY APPOINTMENT ONLY. DO NOT DISTURB TENANTS.
OPEN HOUSE: THURSDAY, AUGUST 21st, 5:00 PM.
CBRE is pleased to exclusively present 522–532 Idaho Avenue, 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 Palisades Park and Santa Monica Beach, 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, and with major renovations completed in 2025, 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.
OPEN HOUSE: THURSDAY, AUGUST 21st, 5:00 PM.
CBRE is pleased to exclusively present 522–532 Idaho Avenue, 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 Palisades Park and Santa Monica Beach, 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, and with major renovations completed in 2025, 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.
PROPERTY FACTS
| Price | $3,768,984 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $628,164 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Gross Rent Multiplier | 14.01 | Building Size | 3,360 SF |
| No. Units | 6 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1922/2025 |
| Property Subtype | Apartment | ||
| Zoning | SMR2* - Two-Family Dwellings | ||
| Price | $3,768,984 CAD |
| Price Per Unit | $628,164 CAD |
| Sale Type | Investment |
| Gross Rent Multiplier | 14.01 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.17 AC |
| Building Size | 3,360 SF |
| No. Stories | 1 |
| Year Built/Renovated | 1922/2025 |
| Zoning | SMR2* - Two-Family Dwellings |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Washer/Dryer Hookup
- Ceiling Fans
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Range
- Tub/Shower
- Porch
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 6 | - | - |
1 1
Walk Score®
Very Walkable (85)
Bike Score®
Biker's Paradise (95)
PROPERTY TAXES
| Parcel Number | 4292-010-001 | Improvements Assessment | $569,535 CAD |
| Land Assessment | $2,812,081 CAD | Total Assessment | $3,381,616 CAD |
PROPERTY TAXES
Parcel Number
4292-010-001
Land Assessment
$2,812,081 CAD
Improvements Assessment
$569,535 CAD
Total Assessment
$3,381,616 CAD
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522-532 Idaho Ave
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