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… Read More 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 community. Combined with its desirable unit mix and premier Sand Section location, the property is well-positioned to attract long-term tenants seeking a coastal lifestyle.
With immediate access to Hermosa Beach Pier, The Strand, award-winning restaurants, boutique retail, and some of Southern California's most desirable beaches, 1500 Manhattan Avenue represents an exceptional opportunity to acquire a high-quality multifamily investment in one of the region's most supply-constrained and consistently appreciating coastal markets. Read Less
Property listed by Lyon Stahl Investment Real Estate, Inc., Cameron Samimi 310-259-7556
Listing Snapshot
Days Online
2
Last Updated
Property Type
Apartment
Lot Size
0.1 Acres
Year Built
1962
MLS Number
SB26163830
Additional Details
Building
Built in 1962, 2 buildings, 3 stories, Levels: ThreeOrMore, Entry level: 1, Entry location: Front
Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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