1702 Hermosa Avenue,  Hermosa Beach CA, 90254 (Residential Income)

5,519 sqft
Status: Backup Offers
MLS#: 16149436
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Last Updated: 12/4/2016 10:39 PM
Description for 1702 Hermosa Avenue Hermosa Beach, CA 90254
Price reduced by over $150K. Tremendous rental upside and pro-forma cap rate at just under 4%. This is a rare opportunity to purchase (6) 1-bedroom/1-bathroom units and (4) 2-bedroom/1-bathroom units on Hermosa Avenue. This trophy asset is located north of the pier near Manhattan beach and is less than 600-ft from the Pacific Ocean. Half of these units have ocean views and over half the units have either an ocean view, balcony, or some sort of patio. Walking distance to Hermosa Beach Pier and all the attractions of Pier Avenue. There are 9 garage parking spots in the rear with alley access. Unit 10 has a 10X10 rooftop deck with panoramic views. Units are massively under rented and are poised to be repositioned. The property is directly across the street from the 17th Street walk-street which opens up 1702 Hermosa Avenue to beautiful ocean views.
Price
$5,695,000
Los Angeles
5,519 (approx)
16149436
Backup Offers
Description
Price reduced by over $150K. Tremendous rental upside and pro-forma cap rate at just under 4%. This is a rare opportunity to purchase (6) 1-bedroom/1-bathroom units and (4) 2-bedroom/1-bathroom units on Hermosa Avenue. This trophy asset is located north of the pier near Manhattan beach and is less than 600-ft from the Pacific Ocean. Half of these units have ocean views and over half the units have either an ocean view, balcony, or some sort of patio. Walking distance to Hermosa Beach Pier and all the attractions of Pier Avenue. There are 9 garage parking spots in the rear with alley access. Unit 10 has a 10X10 rooftop deck with panoramic views. Units are massively under rented and are poised to be repositioned. The property is directly across the street from the 17th Street walk-street which opens up 1702 Hermosa Avenue to beautiful ocean views.
Listing Information
Property Type: Cluster, Other
0.11 Acres 497,600 sq.ft. 5,519 (approx)
$1,031.89 1953
Yes- 9 spaces
10 Total
Neighborhood
Room Information
Exterior / Lot Features
9 Garage Spaces, 9 Parking Spaces, Garage
HBR3YY
Driving Directions
West of Ardmore Avenue, North of Pier Avenue
Financial Considerations
4183010011
,$80,620
Listing Price History

Hermosa Beach Real Estate

Hermosa Beach is located in California. Hermosa Beach, California 90254 has a population of 19,535.

The median household income in Hermosa Beach, California 90254 is $100,696. The median household income for the surrounding county is $56,241 compared to the national median of $53,046. The median age of people living in Hermosa Beach 90254 is 38.5 years.

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Courtesy: CBC Advisors Jonathan Nikfarjam
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Information is deemed reliable but is not guaranteed.

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