Property Description

3901 Highland Ave is a trophy asset situated in the sand section of Manhattan Beach in El Porto. The property currently consists of 14 units with the potential to build 3 ADUs to maximize rental income. After renovations and conversions, the project is projected to stabilize at a 5.02% CAP Rate, making this a unique legacy project in an A+ location. The property currently boasts (4) 2-bed/2-bath units, (1) 2-Bed/1-Bath, (7) 1-Bed/1-Bath Units, and (2) Studio Units. Renovation plans would add (3) more studios and include extensive remodels for the current units, creating multiple luxurious “penthouse suites”, that would rent for over $8,000/Mo. With a total estimated cost of $3MM in rehab/renovations, the property could generate over $1M annually in gross rental income. This property is also zoned to permit short term rentals with the potential to generate $1.8M annual revenue. Estimated STR data obtained from AIRDNA – which is the #1 platform for short-term rental data. The current 9,466 SF building sits on a 6,621 SF lot west of Highland Ave. The property is strategically located in El Porto, one of the hottest rental markets in the country, providing easy access to the beach and nearby top-tier retail and restaurants. With its location and upside potential, 3901 Highland Ave is a rare opportunity to add a legacy property to your portfolio at a great price and collect income at a strong CAP Rate for years to come while enjoying long-term appreciation.