Price Reduced Listing
1500 Manhattan Ave,Hermosa Beach, CA 90254
Hermosa Beach, CA 90254
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 3.57% Current CAP Rate and 17.82 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 4.68% 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.
Details
| MLS # | SB26163830 |
|---|---|
| Listing Type | For Sale |
| Style | Condominium |
| Sub-Type | Resale |
| Status | Active |
| Year | 1962 |
| Days On Site | 38 |
| Listing Provided By | Lyon Stahl Investment Real Estate, Inc. | Cameron Samimi |
Features
| SQ Feet | 4,604 |
|---|---|
| Car Port | Yes |
| Story(s) | 3 |
| Units | 6 |
| Building(s) | 2 |
| Acreage | 0.10 |
Exterior
| Lot Features | Six To Ten Units Acre |
|---|
Parking
| Parking Features | Assigned |
|---|---|
| Garage Yes / No | No |
Utilities
| Sewer | Public Sewer |
|---|
Location
| Community Features | Biking, Curbs, Sidewalks, Water Sports |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Hermosa Beach |
| Zip Code | 90254 |
| Area | 149 Hermosa Bch Valley |
| Listing VS Median (in 90254) | |
Price: $4,250,000 low | high Med: $4,250,000 sqft: 4,604 low | high Med: 4,604 $ / sqft: $923 low | high Med: $923 On site: 38 low | high Med: 38 | |
Market Activity 90254
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Hermosa Beach |
| Zip Code | 90254 |
| Area | 149 Hermosa Bch Valley |
| Listing VS Median (in 90254) | |
Price: $4,250,000 low | high Med: $4,250,000 sqft: 4,604 low | high Med: 4,604 $ / sqft: $923 low | high Med: $923 On site: 38 low | high Med: 38 | |
 | $4,500,00071 19th StreetHermosa Beach, CA 90254 |