442 Manitoba St Los Angeles, CA 90293

Property Details for 442 Manitoba St

Year built

1962

Property size

5,003 SF

Property type

Commercial real estate

APN

4117-028-031

Description

This exceptional two-unit apartment building, located at 442 Manitoba St, Los Angeles, CA 90293, presents a compelling investment opportunity. Boasting a prime location less than half a block from the beach in Playa Del Rey, this property offers immediate proximity to the ocean, downtown Playa Del Rey's vibrant shops and restaurants, and a soon-to-be-completed 31-acre park (Lulu's Place). Built in 1962 and extensively renovated in 2015, the property features a total of 5,003 square feet, with 3,120 square feet of net rentable space. The two units, each with a detached two-car garage, offer significant potential. The front unit, currently vacant, is ideally suited for owner-occupancy, showcasing high-end custom finishes and a desirable 3-bedroom, 3-bathroom layout. Both units benefit from 2015 upgrades including new water heaters, lighting fixtures, roofing, and central heating and air conditioning systems. Modern amenities such as stainless steel appliances and in-unit washers/dryers enhance the appeal. The detached garages present a unique opportunity for conversion into additional dwelling units (ADUs), generating further passive income. The property's strong financial performance is reflected in its current NOI of $74,650 and a pro-forma NOI of $76,360. The asking price is $2,129,000, with a price per square foot of $705.13 and a price per unit of $1,064,500. The property is zoned LAR2 and features five parking spaces. Its convenient location near major aerospace employers in El Segundo and Hawthorne, as well as the tech hubs of Silicon Beach, Culver City, and Marina Del Rey, further enhances its investment potential. This is a rare opportunity to acquire a meticulously maintained, high-performing property in a highly desirable coastal location.