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Listed by Cameron Samimi, DRE #02035763 • Lyon Stahl Investment Real Estate, Inc.
$ 4,400,000
Est. payment | /mo
4,506 Sqft Lot
$ 4,400,000
Est. payment | /mo
4,506 Sqft Lot
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRSB26163830
Year Built 1962
Lot Size 4,506 Sqft
Source California Regional MLS
Property Description
1500 Manhattan Avenue presents a rare opportunity to acquire a six-unit multifamily property in the heart of Hermosa Beach's highly sought-after Sand Section, just moments from the beach, The Strand, and the vibrant dining, shopping, and entertainment along Pier Avenue. Situated on a 4,506 square foot lot, the property consists of six well-designed units, including one (3-Bedroom/2-Bath), two (2-Bedroom/1-Bath), one (1-Bedroom/1-Bath), and two studio units, totaling approximately 4,604 square feet of rentable building area. Offered at a 3.41% Current CAP Rate and 18.45 Current GRM, the property provides investors with stable in-place income and additional upside through the continued turnover of below-market rents. Upon stabilization, the asset offers a projected 4.48% Market CAP Rate and 15.80 Market GRM, providing an attractive opportunity to increase cash flow while owning a premier coastal asset. Additionally, the property is located within the California Coastal Zone, offering the potential for future short-term rental use, subject to buyer verification of all applicable regulations and permitting requirements. The property also features eight on-site parking spaces, including four carport spaces and four tandem spaces, a valuable amenity in this highly walkable beach
Location
State CA
County Los Angeles
Area 149 - Hermosa Bch Valley
Interior
Laundry None
Exterior
Parking Features Assigned Spaces
Garage Spaces 8.0
Pool None
Building
Story Three or More Stories
Water District - Public
Others
Tax ID 4183013010
Special Listing Condition Not Applicable
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