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& 228 Idaho Ave., Santa Monica, CA 90403 228 Idaho Ave 20 Unit Apartment Building $7,795,000 ($389,750/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 | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$605,232
|
$40.33
|
| Other Income |
$26,400
|
$1.76
|
| Vacancy Loss |
$18,949
|
$1.26
|
| Effective Gross Income |
$612,683
|
$40.83
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$217,743
|
$14.51
|
| Net Operating Income |
$394,940
|
$26.32
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $605,232 |
| Annual Per SF | $40.33 |
| Other Income | |
|---|---|
| Annual | $26,400 |
| Annual Per SF | $1.76 |
| Vacancy Loss | |
|---|---|
| Annual | $18,949 |
| Annual Per SF | $1.26 |
| Effective Gross Income | |
|---|---|
| Annual | $612,683 |
| Annual Per SF | $40.83 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $217,743 |
| Annual Per SF | $14.51 |
| Net Operating Income | |
|---|---|
| Annual | $394,940 |
| Annual Per SF | $26.32 |
Property Facts
| Price | $7,795,000 | Apartment Style | Low-Rise |
| Price Per Unit | $389,750 | 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 | $7,795,000 |
| Price Per Unit | $389,750 |
| 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 | - | - |
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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 | $4,471,525 |
| Land Assessment | $5,520,403 | Total Assessment | $9,991,928 |
Property Taxes
Parcel Number
4292-023-001
Land Assessment
$5,520,403
Improvements Assessment
$4,471,525
Total Assessment
$9,991,928
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& 228 Idaho Ave., Santa Monica, CA 90403 | 228 Idaho Ave