1500 Manhattan Ave

1500 Manhattan Avenue presents a rare opportunity to acquire a sixunit multifamily property in the heart of Hermosa Beachs highly soughtafter Sand Section just moments from the beach The Strand and the vibrant dining shopping and entertainment along Pier Avenue Situated on a 4506 square foot lot the property consists of six welldesigned units including one 3Bedroom2Bath two 2Bedroom1Bath one 1Bedroom1Bath and two studio units totaling approximately 4604 square feet of rentable building areaOffered at a 341 Current CAP Rate and 1845 Current GRM the property provides investors with stable inplace income and additional upside through the continued turnover of belowmarket rents Upon stabilization the asset offers a projected 448 Market CAP Rate and 1580 Market GRM providing an attractive opportunity to increase cash flow while owning a premier coastal asset Additionally the property is located within the California Coastal Zone offering the potential for future shortterm rental use subject to buyer verification of all applicable regulations and permitting requirementsThe property also features eight onsite parking spaces including four carport spaces and four tandem spaces a valuable amenity in this highly walkable beach community Combined with its desirable unit mix and premier Sand Section location the property is wellpositioned to attract longterm tenants seeking a coastal lifestyleWith immediate access to Hermosa Beach Pier The Strand awardwinning restaurants boutique retail and some of Southern Californias most desirable beaches 1500 Manhattan Avenue represents an exceptional opportunity to acquire a highquality multifamily investment in one of the regions most supplyconstrained and consistently appreciating coastal markets