Active

3901 Highland Avenue

Manhattan Beach CA, 90266

$11,750,000


$1,241.28 per sqft

Active

9,466 sqft

Multi-family

Built in 1961

Listed by Woody Stahl with Lyon Stahl Investment Real Est 310-425-9838

3901 Highland Ave is a trophy asset situated in the sand section of Manhattan Beach in El Porto. The property currently consists of 14 units with the potential to build 3 ADUs to maximize rental income. After renovations and conversions, the project is projected to stabilize at a 5.02% CAP Rate, making this a unique legacy project in an A+ location.
The property currently boasts (4) 2-bed/2-bath units, (1) 2-Bed/1-Bath, (7) 1-Bed/1-Bath Units, and (2) Studio Units. Renovation plans would add (3) more studios and include extensive remodels for the current units, creating multiple luxurious "penthouse suites", that would rent for over $8,000/Mo. With a total estimated cost of $3MM in rehab/renovations, the property could generate over $1M annually in gross rental income. This property is also zoned to permit short term rentals with the potential to generate $1.8M annual revenue. Estimated STR data obtained from AIRDNA - which is the #1 platform for short-term rental data.
The current 9,466 SF building sits on a 6,621 SF lot west of Highland Ave. The property is strategically located in El Porto, one of the hottest rental markets in the country, providing easy access to the beach and nearby top-tier retail and restaurants. With its location and upside potential, 3901 Highland Ave is a rare opportunity to add a legacy property to your portfolio at a great price and collect income at a strong CAP Rate for years to come while enjoying long-term appreciation.

PW24057517

MLS ID

March 22, 2024

Listed

March 28, 2024

Updated

Map

3901 Highland Avenue
Manhattan Beach CA, 90266

Interior Features

Total Stories

3


Laundry Description

None


Fireplace

Yes


Fireplace Description

None


Cooling

No


Cooling Description

None


Heating

No

Exterior/Building Features

Lot Size

0.15 Acres


Lot Features

11-15 Units/Acre


Sewer

Public Sewer

Other Property Details

Area Name

142 - Manhattan Bch Sand


Days on Market

3


Garage

Yes


Garage Spaces

13


Parking

Assigned


Parking Total

15


View

Yes


View Description

Ocean


County

Los Angeles


Water Source

Public


Pool

No


Pool Features

None


Zoning

MNCNE


Buyer Agency Compensation

2.25%

Listing Contact: 310-425-9838 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 3/28/2024. 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, the 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. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 3/28/2024 at 3:33 PM UTC

 

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