4,504 Sqft Lot
4,504 Sqft Lot
Key Details
Property Type Apartment
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID SB26163830
HOA Y/N No
Year Built 1962
Lot Size 4,504 Sqft
Property Sub-Type Apartment
Property Description
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.
Location
State CA
County Los Angeles
Area 149 - Hermosa Bch Valley
Interior
Fireplace No
Laundry None
Exterior
Parking Features Assigned
Carport Spaces 4
Pool None
Community Features Biking, Curbs, Sidewalks, Water Sports
Total Parking Spaces 8
Private Pool No
Building
Lot Description 6-10 Units/Acre
Story 3
Entry Level Three Or More
Sewer Public Sewer
Water Public
Level or Stories Three Or More
New Construction No
Others
Senior Community No
Tax ID 4183013010
Acceptable Financing Cash, Cash to New Loan, Conventional, 1031 Exchange
Listing Terms Cash, Cash to New Loan, Conventional, 1031 Exchange
Special Listing Condition Standard
Nearby Locations
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