Triple Corner Retail and Office
For Sale
$3,850,000
947 Manhattan Beach Blvd, Manhattan Beach, CA 90266
Two one-story buildings with garden courtyard and rear parking support current retail and office use or future redevelopment.
Property Size8,753 SF
Price / SF$439.85
Days on Market184
Property Features for 947 Manhattan Beach Blvd
General Information
Standard status
Active
Size
8,753 SF
Total Parking Spaces
13
Property subtype
Lots/Land
Zoning
commercially zoned
Building Details
Stories
1
Tenancy
Multi
Listing Agency:
Beach City Brokers
(310) 991-0929
Listed By:
Jonathan Coleman · License #00808758
(310) 991-0929
Source:
Exitrealty
Added: Feb 7
Changed: Aug 8
Last Checked: Aug 9 at 7:41AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Beach City Brokers
Investment Insights
Based on property information with market context.
This triple-corner development site includes two one-story buildings arranged on either side of a central garden courtyard. The property currently consists of five units totaling a mix of retail and office space, with long-term tenants in place. A 13-car parking lot is located at the rear, with two additional fronting lots along Manhattan Beach Blvd that include the buildings and garden area, plus a third lot off Pine Ave that serves as the larger rear parking area. The site configuration is commercially zoned.
The property is located at 943 & 947 Manhattan Beach Blvd and 1137 Pine Ave in Manhattan Beach, California. It sits within a City of Manhattan Beach overlay district that permits residential development, providing flexibility for redevelopment subject to buyer verification and city approvals. The current site arrangement includes Manhattan Beach Blvd corner frontage as well as Pine Ave access via the rear parking lot.
For buyers and operators, the site offers a practical combination of existing income-producing retail and office units and a development-oriented land profile under the city’s overlay framework. Potential redevelopment alternatives described with the seller include mixed-use projects or continued commercial use, including a concept for residential development on the rear Pine Avenue lot and higher-density condominium outcomes if parcels are merged, all subject to City of Manhattan Beach approval.
The property is located at 943 & 947 Manhattan Beach Blvd and 1137 Pine Ave in Manhattan Beach, California. It sits within a City of Manhattan Beach overlay district that permits residential development, providing flexibility for redevelopment subject to buyer verification and city approvals. The current site arrangement includes Manhattan Beach Blvd corner frontage as well as Pine Ave access via the rear parking lot.
For buyers and operators, the site offers a practical combination of existing income-producing retail and office units and a development-oriented land profile under the city’s overlay framework. Potential redevelopment alternatives described with the seller include mixed-use projects or continued commercial use, including a concept for residential development on the rear Pine Avenue lot and higher-density condominium outcomes if parcels are merged, all subject to City of Manhattan Beach approval.
Key Highlights
- Triple corner development site totaling 8,753 SF with ~79 ft frontage and ~107 ft depth
- Two one‑story buildings with a central garden courtyard plus a 13‑car parking lot at the rear
- Commercially zoned property in a City of Manhattan Beach overlay district that permits residential development
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$193,657
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.03%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,873,140
$3.9M
Cap Rate 7%
$2,766,529
$2.8M
Cap Rate 9%
$2,151,744
$2.2M
Market Conditions
NOI Build-Up for 8,753 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$296.2K $33.84/SF
− Vacancy
−$19.5K −$2.23/SF
EGI
$276.7K $31.61/SF
− OpEx
−$83.0K −$9.48/SF
NOI
$193.7K $22.12/SF
Area
Los Angeles County, CA
Vacancy
6.60%
Lease Rate
$33.84 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,873,140
Cap Rate 7%
$2,766,529
Cap Rate 9%
$2,151,744
Alternative Uses
Best Use
Retail
$2.77M
$2.42M – $3.23M
NOI $193,657 @ 7.0% cap · market cap 5.03%
Second Best
Office B
$2.73M
$2.39M – $3.19M
NOI $191,334 @ 7.0% cap · market cap 4.97%
Theoretical Best
Office A
$4.69M
$4.10M – $5.47M
NOI $328,043 @ 7.0% cap · market cap 8.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,091
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 90266, CA
35,506
Population
14,945
Households
2.4
Avg Household Size
43
Median Age
79%
College-Educated
99%
High-School Grad
4.0 sq mi
ZIP Area
8,877
Density / Sq Mi
$193,904
Median Household Income
$114,154
Median Earnings
$3,492
Median Rent
$2,000,001
Median Home Value
Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Storefront property - Two one-story buildings with garden courtyard and rear parking support current retail and office use or future redevelopment.
Where is this storefront property located?
The property is located at 947 Manhattan Beach Blvd Manhattan Beach, CA.
What is the asking price?
The asking price for this property is $3,850,000.
What are key features of this property?
This property features: Triple corner development site totaling 8,753 SF with ~79 ft frontage and ~107 ft depth; Two one‑story buildings with a central garden courtyard plus a 13‑car parking lot at the rear; Commercially zoned property in a City of Manhattan Beach overlay district that permits residential development
