1838 Manhattan Ave, Hermosa Beach 90254

1838 Manhattan Ave, Hermosa Beach 90254

Hermosa Beach, CA

Property Description

1838 Manhattan Ave in Hermosa Beach is a sand-section duplex with a bonus unit in the rear. This ocean view property sits on a 34’ x 39’ street-to-alley lot and features two (2) 2-bed/1-bath units and one (1) studio.

The property was built in 1956 and consists of 1,910 SF of living space. The back studio was recently remodeled and features stainless steel appliances, hardwood floors, a walk-in shower, and a private fenced-in patio. The top 2-bed/1-bath boasts beautiful ocean views and a private balcony.

Given the great sand-section location in Hermosa Beach, ADU & development opportunity, and upside in market rents (45% increase in GSI), this property offers strong growth and cash flow potential!

Property Features

  • Sale Price: $2,630,000
  • Land Area: 2,903 SF
  • Year Built: 1956
  • Listing Date: 02/22/2021
  • Closing Date: 4/23/2021
  • Units: 3
  • Current GRM: 35.26
  • Current Cap Rate: 1.36%
  • Price Per Unit: $825,000
  • Market GRM: 30.15
  • Market Cap Rate: 1.82%
  • Current NOI: $37,470

Lyon Stahl Investment Real Estate

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