Property listed by Strand Hill Properties, Shawn Dugan [email protected]
$6,000,000
Introducing a rare opportunity to own a legacy six-unit income property in the heart of North Hermosa Beach, one of Southern California's most coveted coastal neighborhoods. The location is hard to beat: just three doors from The Strand and steps from iconic local favorites like Martha’s, The Bottle Inn, and… Read More The Green Store, with both the Manhattan Beach and Hermosa Beach Piers within easy reach. Offering an unbeatable combination of premier location, breathtaking ocean views, and exceptional investment potential, this irreplaceable property is a standout in every way. With a favorable unit mix of (2) 3-bedroom, 2-bath units and (4) 1-bedroom, 1-bath units, this substantial 5,765 sq. ft. building sits on an oversized 4,025 sq. ft. lot spanning from Hermosa Avenue to a high point on Palm Drive. The lower four units are all 1-bedrooms, while the upper two 3-bedroom units crown the property, offering awe-inspiring, panoramic views of the Santa Monica Bay from Malibu to Palos Verdes and Catalina Island. Perched on the first rise of the hill from the sand, this building towers over its neighbors, standing as an irreplaceable legal nonconforming structure with unmatched ocean, sand, and whitewater views. A spacious ocean view community deck and 9-car garage parking are standout features, while private storage and an on-site laundry room add convenience for tenants. Located in a high-demand rental market, the property offers substantial upside for investors, with pro forma net income of $295,072 (4.9% cap rate). A 4,400 sq.ft. home on Hermosa Avenue recently sold for $11M, further underscoring the high demand for this location and the uniqueness of this opportunity. Reach out now to submit your offer on this Hermosa Beach multifamily gem. Read Less
Listing Snapshot
Days Online
1
Last Updated
Property Type
Apartment
Lot Size
0.09 Acres
Year Built
1972
MLS Number
SB25013043
30 Days Snapshot Of 90254
$2,882k
0%
(avg) sold price
0
-100%
homes sold
99
0%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
Built in 1972, Building area total: 5,765, 1 building, Common walls: NoCommonWalls
Community
Sidewalks
Expenses
Electric expense: $504, Insurance expense: $8,004, Maintenance expense: $3,000, New taxes expense: $75,000, Operating expense: $99,100, Trash expense: $2,400, Water sewer expense: $3,600
Garage
9 spaces
Income
Gross income: $248,100, Net operating income: $149,000
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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