Property Detail

Description

BUILT BY ONE FAMILY. HELD FOR GENERATIONS. READY FOR ITS NEXT CHAPTER. 1 BLOCK FROM THE SAND! Opportunities like this don't come in waves. This one took nearly 90 years to wash ashore! Built in 1937 and held by one legacy family ever since, these seven multifamily units sit one block from The Strand in the Sand Section of Manhattan Beach. Now, this income-producing landmark is listed for the FIRST TIME, original blueprints included! Why it's rare: you can't easily replicate this build!. Seven multifamily units on a full 2,704 SF coastal lot is density that's hard to come by under today's zoning and parking standards, so once this sells, it may not come available again for decades. What you get: Approx. 4,860 SF with four 2-bedroom units, two 1-bedroom units and a studio. 5 carport spaces. Separate electric and gas meters. White-water ocean views from select units. Prime corner at 28th St and Manhattan Ave, near The Strand, the Pier and Downtown Manhattan Beach. What it could earn: Approx. $336,000 in projected annual gross rent at full market rents and occupancy, before expenses (broker estimate). Live in one and lease the rest, build a coastal portfolio or put your 1031 exchange to work. What you won't pay: Measure ULA. In the City of LA, it adds a 4% to 5.5% transfer tax on sales above $5.4M. Manhattan Beach is its own city, so ULA does not apply here under current law. Other transfer taxes may apply. Coastal Zone: Located in the California Coastal Zone. Buyer to confirm short-term rental eligibility with the City. Want more sand? The adjoining 1926 cottage at 121 28th St, held by the same family for a century, is offered separately. Together, approx. 5,400 SF of contiguous Sand Section land. Sold as-is. Buyer to verify all details, zoning, permitted uses, rental eligibility, taxes and income projections. Income not guaranteed. 7 Multifamily Residential Commercial Units. NO MEASURE ULA.