1220 Manhattan

07-08-2022
08-07-2022

1220 Manhattan Ave, Manhattan Beach, CA 90266

Generational investment opportunity one block north of the Pier in the Manhattan Beach sand section. The first time available in over 20 years, this irreplaceable walk-street apartment building consists of 6 large one bedroom, one bathroom units (approx. 800 SF each) along with 6 garages. With rents approximately 30% below market, this opportunity will not only provide an investor with upside in rents, but also a great hedge against inflation in this excellent rental market, which consistently enjoys low vacancy and turnover rates. This pride of ownership Property has been well maintained and includes a common area outdoor patio. Set on a highly desirable walk street lot in a prime section of Manhattan Beach, it is located only two blocks from The Strand and one block from Downtown dining and shopping. This is truly an extraordinarily unique asset in a highly attractive area offering an investor long term stable income, as well as the opportunity to add additional value via a thoughtful upgrade of the Property.

Unit Mix

Description No. of Units Sq ft. Avg. Monthly Rent
1 Bed 1 Bath 1 800 $ 2,975
1 Bed 1 Bath 1 800 $ 0
1 Bed 1 Bath 1 800 $ 2,895
1 Bed 1 Bath 1 800 $ 2,885
1 Bed 1 Bath 1 800 $ 2,650
1 Bed 1 Bath 1 800 $ 2,875

Key Property Information

Listing Status
Pending Sale
Listing Type
Call for offers
Multifamily type
Mid-Rise
Price
$ 4,999,000
No. of Units
6
Cap Rate
2.44%
GRM / GIM
24.65
Year Built
1955
Building Size
4,800 Sq ft
Lot Size
3323 sq ft
No. of Stories
3
APN
4179-024-001
Zoning Code
MNRH
No. of Parking Spots
6
Opportunity Zone
No
Buy Side Fee
2.5%
Price per unit
$ 833,167

Financial Details

Income/Expense Info
Actual
Financial Year
2022
Gross Income
$ 202,800
Effective Gross Income
$ 198,744
Operating Expenses
$ 76,950
Net Operating Income
$ 121,794
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