20-Unit Apartment
For Sale
Contact for pricing
222-228 Idaho, Santa Monica, CA 90403
Multifamily community with studio, one-bedroom, and two-bedroom residences near Palisades Park.
Property Size15,640 SF
Lot Size0.34 Acres
Price / SF$498.40
Days on Market13
Property Features for 222-228 Idaho
General Information
Standard status
Active
Size
15,640 SF
Lot size
0.34 Acres
Property subtype
Multifamily
Zoning
Assessor
Additional Details
Highway Access
Yes
Multifamily Units
20
Building Details
Year Built
1954
Buildings
2
Units
20
Listing Agency:
Lee & Associates - LA North - Sherman Oaks
Listed By:
Warren Berzack · License #CA 01329015
(818) 986-9800
Source:
Crexi
Added: Aug 24
Changed: Sep 4
Last Checked: Sep 4 at 12:02PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Lee & Associates - LA North - Sherman Oaks
Investment Insights
Based on property information with market context.
This 20-unit apartment property at 222-228 Idaho includes a mix of studio, one-bedroom, and two-bedroom residences. The 15,640-square-foot building occupies a 15,006-square-foot lot and dates to 1954. The property is offered in as-is condition, providing an existing multifamily configuration for buyers evaluating renovation or repositioning work.
Located in Santa Monica, the property sits two blocks from Palisades Park and offers access to nearby freeways. Its unit mix and established apartment format support continued residential use, while the site and building sizes provide a clear basis for assessing the property’s physical layout and improvement needs.
Located in Santa Monica, the property sits two blocks from Palisades Park and offers access to nearby freeways. Its unit mix and established apartment format support continued residential use, while the site and building sizes provide a clear basis for assessing the property’s physical layout and improvement needs.
Key Highlights
- 20‑unit apartment property at 222‑228 Idaho in Santa Monica, CA 90403
- 15,640‑square‑foot building on a 15,006‑square‑foot lot
- Unit mix includes studios, one‑bedroom, and two‑bedroom apartments
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$251,660
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.23%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,033,200
$5.0M
Cap Rate 7%
$3,595,143
$3.6M
Cap Rate 9%
$2,796,222
$2.8M
Market Conditions
NOI Build-Up for 15,640 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$497.4K $31.80/SF
− Vacancy
−$39.8K −$2.54/SF
EGI
$457.6K $29.26/SF
− OpEx
−$205.9K −$13.17/SF
NOI
$251.7K $16.09/SF
Area
Los Angeles County, CA
Vacancy
8.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,033,200
Cap Rate 7%
$3,595,143
Cap Rate 9%
$2,796,222
Alternative Uses
Best Use
Apartment 5plus
$3.60M
$3.15M – $4.19M
NOI $251,660 @ 7.0% cap · market cap 3.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.37M
$7.33M – $9.77M
NOI $586,152 @ 7.0% cap · market cap 7.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
20
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,859
Businesses Nearby
Explore this area
Business Placement
Demographics for 90403, CA
25,278
Population
14,853
Households
1.7
Avg Household Size
42
Median Age
72%
College-Educated
96%
High-School Grad
1.4 sq mi
ZIP Area
18,056
Density / Sq Mi
$121,512
Median Household Income
$82,557
Median Earnings
$2,443
Median Rent
$1,553,500
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily community with studio, one-bedroom, and two-bedroom residences near Palisades Park.
Where is this apartment building located?
The property is located at 222-228 Idaho Santa Monica, CA.
What is the asking price?
The asking price for this property is $7,795,000.
What are key features of this property?
This property features: 20‑unit apartment property at 222‑228 Idaho in Santa Monica, CA 90403; 15,640‑square‑foot building on a 15,006‑square‑foot lot; Unit mix includes studios, one‑bedroom, and two‑bedroom apartments
