Trophy 4-Unit Building for Sale in Manhattan Beach | $5,500,000
Lyon | Stahl is pleased to present 3214-3216 Manhattan Ave, a highly sought-after 4-unit building located a block from the beach. The building boasts a large living area consisting of 4,191 square feet (BOMA). There is an additional 401.9 square feet of residential common area space (building storage, laundry room, and stairs), as well as 1,624 square feet of enclosed garage space and 949 square feet of balconies and decks (BOMA). The unit mix consists of (1) 3-bed/2-bath unit and (3) 2-bed/ 2-bath units. The building features 9 garages, 1,000 square feet of private balcony space, and big ocean views from the second and third floor! There is an Immediate development opportunity to build (2) $5M townhomes with a maximum floor area of 5,945.64 square feet (buyer to verify).
Listed at $5,500,000, this building was built in 1973, has a cap rate of 3.15% and an NOI of $173,094.
● 4-unit apartment building located 1 block from The Strand
● Currently generates almost $20,000 in monthly rental income
● Residential living area of 4,191 SF | 402 SF of residential common area
● Excellent unit mix consisting of (1) 3-bed/2-bath and (3) 2-bed/2-bath units
● Recently repainted exterior | (3) Tandem Garages & (3) 1-Car Garages (1,624 SF total)
● 949 SF of private balconies and decks
● Potential to build two (2) townhomes on the lot
● Close proximity to restaurants and retailers
Manhattan Beach is an affluent suburb in southwest LA, neighboring El Segundo and Hermosa Beach. Manhattan Beach is the second most educated city in LA County and the fifth most educated city in California, according to US Census data.
Known for its clean, wide beaches, Manhattan Beach attracts over 3.8 million visitors annually. Various paths for walking and biking include The Strand, Greenbelt, and a concrete bikeway along the beach that extends from Palos Verdes north to Santa Monica. Restrooms and showers are provided adjacent to the Strand paths to wash up after beach volleyball, body boarding, surfing, or swimming.
The Manhattan Beach Unified School District was ranked sixth best in the United States by Forbes and has test scores ranked third best in California, according to California Department of Education statistics. Mira Costa High School in Manhattan Beach is ranked in the top 1% of high schools nationally.
Forbes has named Manhattan Beach one of America’s most expensive areas. The Manhattan Beach real estate market outprices the Los Angeles-Long Beach-Anaheim Metro average per square foot by almost three times. The median price of homes currently listed in Manhattan Beach is $2,599,000 and values have gone up 10.2% over the past year.
Among its many public parks, Polliwog Park is the largest and most frequented and has as mall lake, open-air concert amphitheater for community events, playground equipment, picnic tables, and a fenced dog exercise area. Marine Avenue Park and Live Oak Park have several lighted ball fields, basketball courts, tennis courts, and an indoor racquetball facility.
Manhattan Beach is commonly featured in pop culture such as in The Beach Boys’ song “Surfin’ U.S.A.” and TV shows like Weeds, Hannah Montana and The O.C.
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