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

7

Building size

4,860 sqft

Lot size

2,704 sqft

Year built

1937

Stories

3

Garage spaces

5

Style

Craftsman,Traditional,Cape Cod,Custom Built

Heating

Natural Gas,Wall Furnace

Cooling

None

Pool

None

View

Coastline,Ocean,White Water,Water

Status

Active

Days on market

0

MLS #

248681224

About this property

BUILT BY ONE FAMILY. HELD FOR GENERATIONS. READY FOR ITS NEXT CHAPTER. One block from the sand! Opportunities like this don't come in waves. This one took nearly 90 years to wash ashore. Built in 1937 and held by one family ever since, this seven-unit building sits one block from The Strand in the Sand Section of Manhattan Beach. Now this income-producing landmark is offered for the first time, original blueprints included. Why it's rare: Seven units on a 2,704 SF coastal lot is density that's hard to replicate under today's zoning and parking standards. Once it sells, it may not become available again for decades. What you get: Approx. 4,860 SF with four 2-bedroom units, two 1-bedroom units and a studio on a FULL lot. Five PARKING spaces. Separate electric and gas meters. White-water panoramic ocean views. Corner location at 28th St and Manhattan Ave, near The Strand, the Pier and Downtown Manhattan Beach. What it could earn: Approx. $336,000 in projected annual gross rent at full market rents and occupancy, before expenses (broker estimate). Ideal for building a strong investment portfolio or completing a 1031 exchange. Transfer tax: Manhattan Beach is its own city, so the City of Los Angeles' Measure ULA "Mansion Tax" does not apply under current law. Other transfer taxes may apply. Coastal Zone: Located in the California Coastal Zone, where short-term rentals may be permitted. Buyer to confirm eligibility with the City. Want more sand? The home right next door at 121 28th St, built in 1926 and held by the same family for a century, is also offered separately for the first time. Together, they total approx. 5,400 SF of contiguous Sand Section land. Sold as-is. Buyer to verify all details, including zoning, permitted uses, rental eligibility, taxes and income projections. Income not guaranteed.

Location

123 28th Street

Manhattan Beach, Los Angeles, CA, 90266