Deal numbers

A cap rate estimate is not available for this property yet. Ask Alex for a pro forma using comparable rent data.

Property details

Type

Apartment

Bedrooms

6

Building size

4,604 sqft

Lot size

4,506 sqft

Year built

1962

Stories

3

Garage spaces

0

Pool

None

Status

Active

Days on market

76

MLS #

245266229

About this property

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 4.01% CAP Rate and 16.39 GRM after available rent increases, 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 4.68% Market CAP Rate and 15.27 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.

Location

1500 Manhattan Ave

Hermosa Beach, Los Angeles, CA, 90254