522-532 Idaho Ave 6 Unit Apartment Building $2,600,000 ($433,333/Unit) 5.27% Cap Rate Santa Monica, CA 90403

CBRE is pleased to exclusively present 522–532 Idaho Avenue, a boutique six-unit multifamily investment opportunity in Santa Monica’s coveted Wilshire-Montana neighborhood. Located one block south of Montana Avenue and six blocks from Palisades Park and the beach, the property offers premier walkability with low operational complexity—well suited for private buyers seeking an A+ location with stable income and meaningful upside.
Offered at $2,600,000, the property delivers a 5.27% CAP on September 2026 scheduled income and assuming self-management, or 4.90% CAP with third-party management in place. Scheduled income reflects a 13.16 GRM, while a pro-forma GRM of 11.47 highlights the ability to grow revenue over time as legacy tenancies turn.
The property will be delivered with three vacant units (50%), offering a clear path for immediate renovation, customization, and lease-up at market rents. This gives a buyer the ability to set the tone and finish level from day one, rather than working around existing tenants. In addition, the front yard will be delivered vacant and unutilized, creating an opportunity to upgrade the exterior—whether through new landscaping, private outdoor areas, or a more defined entry. Combined, these vacancies provide meaningful control over both the unit interiors and the overall presentation of the property, supporting a cohesive upgrade plan and future rent growth.
Built in 1922, the property consists of six one-bedroom, one-bathroom bungalow-style units totaling approximately 3,360 SF on a 7,480 SF corner lot. Zoned SMR2, the site benefits from legal non-conforming density. Two units (526 and 530) have been upgraded with modern kitchens and baths, new flooring, in-unit washer/dryers, and custom closets. Exterior improvements include new landscaping, fencing, irrigation, and fresh paint.
With walkable access to Montana Avenue, Downtown Santa Monica, and the coastline, along with convenient connectivity to PCH and the I-10, 522–532 Idaho Avenue represents a rare opportunity to acquire a well-located, easily managed asset with upside in one of Santa Monica’s most desirable neighborhoods.