3921 Highland Ave Manhattan Beach, CA 90266

Property Details for 3921 Highland Ave

Year built

1935

Property size

3,221 SF

Property type

Apartment buildings

Description

This exceptional Manhattan Beach investment property, located at 3921 Highland Ave in the desirable El Porto neighborhood, presents a rare opportunity to acquire a double lot totaling 3,576 square feet. The property includes a three-story, 3,221 square foot building featuring six units, including four residential apartments and a ground-floor retail space currently operating as a fully leased laundromat. A beautifully remodeled penthouse studio boasts breathtaking panoramic ocean views extending from Palos Verdes to Malibu. The property is zoned for AirBNB use, capitalizing on Manhattan Beach's unique allowance for short-term rentals in its coastal zone. This presents significant potential for increased revenue generation. The building was constructed in 1935 and offers ten parking spaces. With six units, the asking price is $5,450,000, resulting in a price per unit of $908,333.33 and a price per square foot of $1,692.02. The property boasts a strong NOI of $217,846 and a 4.00% cap rate. The inclusion of the adjacent lot at 3917 Highland Ave adds substantial value and potential for future development or expansion. This is a truly unique opportunity to own a legacy property in a prime coastal location with significant upside potential. The property is located in Los Angeles County, California, zip code 90266. The permitted zoning is MNCNE.