MarketPier

1836 THE STRAND - Hermosa Beach, CA 90254

$10,999,000
Listing Description

The entire asset has been gutted and redone front the studs out with permits, as necessary. 195; 8218; 194; 160; The recent $650,000 capital expenditure includes NEW: roofs, plumbing, windows, decking, railings, waterproofing (in the walls), as well as all new subpanels and ALL wiring throughout! 195; 8218; 194; 160; The interior fit-and-finish is beach-chic, with nothing left to be desired. 195; 8218; 194; 160; All units boast hardwood, marble, subway tile, recessed lighting etc. 195; 8218; 194; 160; 195; 8218; 194; 160;The building's location on its parcel, is also superior to virtually everything on The Strand. 195; 8218; 194; 160; Setback requirements, at its date of construction were virtually non-existent - the front balconies almost hang right over the bike path and sand! 195; 8218; 194; 160;The view is actually greater than 180 degrees! 195; 8218; 194; 160; Making a perfect view, better. Lastly, the offering affords an investor the opportunity to assume excellent, BELOW-MARKET, in-place financing. 195; 8218; 194; 160;The current loan has a principal balance of $4,900,000 at a rock-bottom monthly payment of 4.25% Interest-Only - until August 2020.

Listing Information
MLS Number
19422854
APN/Parcel ID
4183008006
Type
Multifamily
Sub Type
Multifamily
Building Size
3,908 sqft
Lot Size
2,403 sqft
Price / SQFT
$2,814
No Units
5
Price / Unit
$2,199,800
Gross Income
$417,600
Expenses
$15,712
Total Expenses
$133,709
Net Income
$193,809
Rent Multiplier
33.65
Listing Date
1/11/2019
Days Active
4
Last Updated
1/16/2019
Listing Provided By
Brice Head
Marcus & Millichap
BRE# 01330706

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