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Regal Real Estate and Financial Services
123 28th Street, Manhattan Beach, CA 90266
- $4,995,000
- List Price
- $4,995,000
- Status
- ACTIVE
- MLS#
- SB26224071
- Year Built
- 1937
- Lot Size
- 2,704
- Acres
- 0.06
- Lot Location
- 6-10 Units/Acre, Corner Lot, No Landscaping, Near Public Transit
- Days on Market
- 2
- Property Type
- Multifamily
- Style
- Cape Cod, Craftsman, Custom, Traditional
- Property Sub Type
- Apartment
- Stories
- Three Or More Levels
Property Description
BUILT BY ONE FAMILY. HELD FOR GENERATIONS. READY FOR ITS NEXT CHAPTER. One 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 family ever since, this seven-unit building sits one block from The Strand in the Sand Section of Manhattan Beach. Now this income-producing landmark is offered for the first time, original blueprints included. Why it's rare: Seven units on a 2,704 SF coastal lot is density that's hard to replicate under today's zoning and parking standards. Once it sells, it may not become available again for decades. What you get: Approx. 4,860 SF with four 2-bedroom units, two 1-bedroom units and a studio on a FULL lot. Five PARKING spaces. Separate electric and gas meters. White-water panoramic ocean views. Corner location 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). Ideal for building a strong investment portfolio or completing a 1031 exchange. Transfer tax: Manhattan Beach is its own city, so the City of Los Angeles' Measure ULA "Mansion Tax" does not apply under current law. Other transfer taxes may apply. Coastal Zone: Located in the California Coastal Zone, where short-term rentals may be permitted. Buyer to confirm eligibility with the City. Want more sand? The home right next door at 121 28th St, built in 1926 and held by the same family for a century, is also offered separately for the first time. Together, they total approx. 5,400 SF of contiguous Sand Section land. Sold as-is. Buyer to verify all details, including zoning, permitted uses, rental eligibility, taxes and income projections. Income not guaranteed.
Additional Information
- Appliances
- Dishwasher, Freezer, Gas Oven, Refrigerator, Water Heater
- Pool Description
- None
- Fireplace Description
- Family Room, Living Room
- Heat
- Natural Gas, Wall Furnace
- Cooling Description
- None
- View
- Coastline, Ocean, Water
- Roof
- Composition, Shingle
- Garage Spaces Total
- 5
- Sewer
- Public Sewer
- Water
- Public
- Interior Features
- Ceiling Fan(s), High Ceilings, Pantry, Recessed Lighting, Storage, Unfurnished
- Attached Structure
- Detached
- Number Of Units Total
- 7
- Gross Scheduled Income
- $336,000
- Operating Expense
- 97630
Listing courtesy of Listing Agent: Ashley Anderson (ashleyanderson.ala@gmail.com) from Listing Office: eXp Realty of California Inc.
Mortgage Calculator
Based on information from California Regional Multiple Listing Service, Inc. as of . 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.