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1025 Manhattan Avenue

Hermosa Beach, CA 90254
  • $1,800,000
  • STATUS: Closed
  • ON SITE: 57 Days
  • ID#: SB24033008
Sold - 04/11/2024
$1,800,000
SOLD - 04/11/2024
  • 0
    BEDS
  • 0.09
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1912
County:

School Ratings & Info

Listing Agent(s): Benjamin Bevill of BerkshireHathaway HomeServices (310-318-9386)


Description

***Back on the market, buyer could not perform*** Introducing an exceptional investment opportunity in the highly sought-after Hermosa Beach Sand section! Located just steps from the Strand, this remarkable income property boasts panoramic ocean views stretching from Palos Verdes to Malibu, best enjoyed from the expansive 400 square foot rooftop deck featuring artificial turf, a fireplace, a sitting area, and a sunbathing spot, or enjoy the amazing view from the living room of the rear unit. This triplex comprises a spacious 2-bed, 2-bath unit and (two) 1-bed, 1-bath units, all currently occupied by longstanding tenants with a proven track record of consistent rent payments, ensuring immediate income generation. With tenants on flexible month-to-month leases, transitioning to new ownership is seamless, offering investors and developers a fantastic value-add opportunity. This property offers (two) 2-car garages, individual laundry in each unit, private decks, an enclosed backyard/patio space, and lightly updated kitchens. Situated just off Hermosa Beachs renowned Pier Avenue, residents can indulge in a plethora of dining, shopping, and beachfront delights. Whether youre an investor, vacation property specialist, land developer, or a savvy buyer with dreams of crafting your own home, this property offers endless possibilities!

Sold by Mark Leddy of Compass.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-04-19T18:28:35.703. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Robin McCann | EXIT Alliance Realty. Licensed in the State of California, USA.
www.socalrealtyexpert.com/homes/147813932
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1025 Manhattan Avenue Hermosa Beach, CA 90254

  • Price: $2,750,000
  • Status: Closed
  • On Site: 57 Days
  • ID#: SB24033008
0
Beds
0
Baths
0
½ Baths
0.09
Acres
1912
Built
Neighborhood:
148 - Hermosa Bch Sand
County:
Los Angeles
Area:
148 - Hermosa Bch Sand
Property Description
***Back on the market, buyer could not perform*** Introducing an exceptional investment opportunity in the highly sought-after Hermosa Beach Sand section! Located just steps from the Strand, this remarkable income property boasts panoramic ocean views stretching from Palos Verdes to Malibu, best enjoyed from the expansive 400 square foot rooftop deck featuring artificial turf, a fireplace, a sitting area, and a sunbathing spot, or enjoy the amazing view from the living room of the rear unit. This triplex comprises a spacious 2-bed, 2-bath unit and (two) 1-bed, 1-bath units, all currently occupied by longstanding tenants with a proven track record of consistent rent payments, ensuring immediate income generation. With tenants on flexible month-to-month leases, transitioning to new ownership is seamless, offering investors and developers a fantastic value-add opportunity. This property offers (two) 2-car garages, individual laundry in each unit, private decks, an enclosed backyard/patio space, and lightly updated kitchens. Situated just off Hermosa Beachs renowned Pier Avenue, residents can indulge in a plethora of dining, shopping, and beachfront delights. Whether youre an investor, vacation property specialist, land developer, or a savvy buyer with dreams of crafting your own home, this property offers endless possibilities!
Exterior Features

Entry Level 1 Entry Location Manhattan Ave or Palm Ave Lot Features 2-5 Units/Acre Number Of Separate Electric Meters 1 Parking Features Door-MultiGarage Parking Total 4 Pool Features None Pool Private YN No Property Attached YN Yes View CatalinaOceanWater View YN Yes

Interior Features

Common Walls 1 Common Wall

Property Features

Additional Parcels YN No Buyer Financing Cash Common Interest None Community Features BikingDog ParkFishingParkSidewalksWater Sports Contingency This property is subject to inspection only. Total rents for all units is $7060.00 a month. Major opportunity to bring rents to current market value. Value-add opportunity. Buyer is encouraged to independently verify the accuracy of any information through inspection(s)due diligenceand professionals. Seller and Agent do not guarantee the accuracy of any information concerning the sizeconditionfinancialsor features of said property. Buyer to conduct their own due diligence and investigation Electric Expense 270 Fuel Expense 0 Garage YN Yes Gross Income 83020 Gross Scheduled Income 83020 Insurance Expense 0 Land Lease YN No Laundry Features Washer HookupElectric Dryer HookupGas Dryer Hookup Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash to Existing LoanConventional1031 Exchange Net Operating Income 34309.79 New Construction YN No Number Of Separate Gas Meters 1 Number Of Separate Water Meters 1 Operating Expense 48710.2 Property Sub Type Triplex Rent Control YN No Senior Community YN No Sewer Unknown Special Listing Conditions Standard Trash Expense 680.46 Water Sewer Expense 0 Water Source Public Zoning HBRPYY



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-04-19T18:28:35.703. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Robin McCann | EXIT Alliance Realty. Licensed in the State of California, USA.
 
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Robin McCann | EXIT Alliance Realty
43521 Rige Park Drive, Suite 201
Temecula CA, 92590
Listing Agent(s): Benjamin Bevill of BerkshireHathaway HomeServices (310-318-9386)