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1826 12th Street

Manhattan Beach, CA 90266
  • $5,700,000
  • STATUS: Pending
  • ON SITE: 8 Days
  • ID#: 22186597
Pending
UPDATED: 72 min ago
$5,700,000
  • 20
    BEDS
  • 0.19
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 6,384
    SQFT
  • $893
    $/SQFT
Type:
Multi-Family
Built:
1957
County:

School Ratings & Info

Listing Agent(s): Filip Niculete of Marcus & Millichap (818-212-2700) and Glen Scher of Marcus & Millichap(818-212-2700)


Description

We are pleased to present this 10 unit multifamily offering located at 1826-1828 12th St, Manhattan Beach, CA 90266. This is a very rare opportunity to acquire a 5+ unit apartment building in Manhattan Beach, in a city where only 2 such properties have sold in the last 3 years. This 10 unit offering is comprised of two mirror-image buildings on one parcel, and it sits on a large 0.19 acre double-lot. The total building size is 6,384 square feet which is split equally into (10) 2 bed / 1 bath units. The property offers 10 total parking spaces, one for each unit, as well as multiple storage spaces for the tenants to use. Also, the utility expense is kept low with drought-tolerant landscaping and separate meters for both gas and electric.Select units have been remodeled with new tile bathroom, new vinyl and energy efficient double pane windows, bedrooms equipped with sliding door built-in closest, kitchens equipped with brand new refrigerator, dishwasher, microwave, and stove, and new energy savings LG heating and air condition units. Each unit has 3 HVAC units - one in each bedroom and another in the living room. Also, there is a communal laundry room on the property for the tenants to use. Currently, the property is bringing in $25,238 in monthly rents ($2,524 per unit average), which is an estimated 29% below market potential for these 2 bed units. Furthermore, two of the tenants recently moved out at the beginning of August which means there will be two vacant units delivered at the close of escrow, allowing the buyer to enjoy immediate upside and top of the market rents. Once all rents are up to market, a buyer can expect to bring in around $390,000 per year in rents, and with the low operating expenses, the buyer can assume about $273,000 in annual net income. The sellers have an assumable loan with Chase Bank which is better than you can get in today's loan market. The current principal balance is $2,675,000 (47% LTV), and it comes with a 4.10% interest rate. This interest rate is fixed until January 2027, giving the buyer another 4.5 years until the interest rate adjusts. Manhattan Beach is home to high profile residences, several parks, boutiques, brunch cafes, pubs, and upscale eateries centered around the Downtown District. The true beach town is consistently ranked one of the most expensive zip codes in the US and best school districts in LA county.Manhattan Beach is one of the three Beach Cities that make up the South Bay. Situated conveniently close to LAX, Manhattan Beach is a popular attraction for a beach lover thanks to the ultra-smooth sand volleyball nets and picture perfect water that offers breathtaking views and just the right amount of waves to make it a hot spot for surfing.Downtown Manhattan Beach is the bustling center of the city, loaded with high-end boutiques, retailers, and many popular casual and fine-dining restaurants. The Manhattan Beach Pier is a 928-foot pier that houses the free Roundhouse Aquarium located at the end of Manhattan Beach Boulevard. The South Bay Bicycle Trail and a pedestrian only walkway run through the beach providing users with an intimate glimpse at some of L.A.'s most expensive beach side homes, parallel views of the Pacific Ocean, and a scenic view of the Palos Verdes Peninsula to the South.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2022-08-13T19:38:25.997. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Powerhouse Real Estate. Licensed in the State of California, USA.
www.thepowerhouserealestate.com/homes/131691424
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1826 12th Street Manhattan Beach, CA 90266

  • Price: $5,700,000
  • Status: Pending
  • On Site: 8 Days
  • Updated: 72 min ago
  • ID#: 22186597
20
Beds
0
Baths
0
½ Baths
0.19
Acres
6,384
SQFT
$893
$/SQFT
1957
Built
Neighborhood:
146 - Manhattan Bch Heights/Lib Vlg
County:
Los Angeles
Area:
146 - Manhattan Bch Heights/Lib Vlg
Property Description
We are pleased to present this 10 unit multifamily offering located at 1826-1828 12th St, Manhattan Beach, CA 90266. This is a very rare opportunity to acquire a 5+ unit apartment building in Manhattan Beach, in a city where only 2 such properties have sold in the last 3 years. This 10 unit offering is comprised of two mirror-image buildings on one parcel, and it sits on a large 0.19 acre double-lot. The total building size is 6,384 square feet which is split equally into (10) 2 bed / 1 bath units. The property offers 10 total parking spaces, one for each unit, as well as multiple storage spaces for the tenants to use. Also, the utility expense is kept low with drought-tolerant landscaping and separate meters for both gas and electric.Select units have been remodeled with new tile bathroom, new vinyl and energy efficient double pane windows, bedrooms equipped with sliding door built-in closest, kitchens equipped with brand new refrigerator, dishwasher, microwave, and stove, and new energy savings LG heating and air condition units. Each unit has 3 HVAC units - one in each bedroom and another in the living room. Also, there is a communal laundry room on the property for the tenants to use. Currently, the property is bringing in $25,238 in monthly rents ($2,524 per unit average), which is an estimated 29% below market potential for these 2 bed units. Furthermore, two of the tenants recently moved out at the beginning of August which means there will be two vacant units delivered at the close of escrow, allowing the buyer to enjoy immediate upside and top of the market rents. Once all rents are up to market, a buyer can expect to bring in around $390,000 per year in rents, and with the low operating expenses, the buyer can assume about $273,000 in annual net income. The sellers have an assumable loan with Chase Bank which is better than you can get in today's loan market. The current principal balance is $2,675,000 (47% LTV), and it comes with a 4.10% interest rate. This interest rate is fixed until January 2027, giving the buyer another 4.5 years until the interest rate adjusts. Manhattan Beach is home to high profile residences, several parks, boutiques, brunch cafes, pubs, and upscale eateries centered around the Downtown District. The true beach town is consistently ranked one of the most expensive zip codes in the US and best school districts in LA county.Manhattan Beach is one of the three Beach Cities that make up the South Bay. Situated conveniently close to LAX, Manhattan Beach is a popular attraction for a beach lover thanks to the ultra-smooth sand volleyball nets and picture perfect water that offers breathtaking views and just the right amount of waves to make it a hot spot for surfing.Downtown Manhattan Beach is the bustling center of the city, loaded with high-end boutiques, retailers, and many popular casual and fine-dining restaurants. The Manhattan Beach Pier is a 928-foot pier that houses the free Roundhouse Aquarium located at the end of Manhattan Beach Boulevard. The South Bay Bicycle Trail and a pedestrian only walkway run through the beach providing users with an intimate glimpse at some of L.A.'s most expensive beach side homes, parallel views of the Pacific Ocean, and a scenic view of the Palos Verdes Peninsula to the South.
Exterior Features

Parking Features Covered Parking Total 0

Property Features

Association YN No Cap Rate 3.37 Gross Income 302856 Listing Agreement Seller Reserved Listing Service Full Service Net Operating Income 191909 New Construction YN No Senior Community YN No Special Listing Conditions Standard Zoning Mnrh



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-08-13T19:38:25.997. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Powerhouse Real Estate. Licensed in the State of California, USA.
 
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Powerhouse Real Estate
2447 Pacific Coast Highway, 2nd Floor
Hermosa Beach CA, 90254
Listing Agent(s): Filip Niculete of Marcus & Millichap (818-212-2700) and Glen Scher of Marcus & Millichap(818-212-2700)