1826 12th Street

1826 12th Street

Manhattan Beach, CA 90266

$4,500,000
Last Sold Price
20
Beds
10
Baths
6,384 Sq. Ft.
$705 / Sq. Ft.
6,384
Sq. Ft.
$705
per Sq. Ft.

Sold 2/17/23

Sold 2/17/23

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Description

We are pleased pleased to present this 10 unit multifamily offering located at 1826-1828 12th St, Manhattan Beach, CA 90266. This is a very rare opportunity to acquire a 5+ unit apartment building in Manhattan Beach, in a city where only 3 such properties have sold in the last 3 years. This 10 unit offering is comprised of two mirror-image buildings on one parcel, and it sits on a large 0.19 acre double-lot. The total building size is 6,384 square feet which is split equally into (10) 2 bed / 1 bath...We are pleased pleased to present this 10 unit multifamily offering located at 1826-1828 12th St, Manhattan Beach, CA 90266. This is a very rare opportunity to acquire a 5+ unit apartment building in Manhattan Beach, in a city where only 3 such properties have sold in the last 3 years. This 10 unit offering is comprised of two mirror-image buildings on one parcel, and it sits on a large 0.19 acre double-lot. The total building size is 6,384 square feet which is split equally into (10) 2 bed / 1 bath units. The property offers 10 total parking spaces, one for each unit, as well as multiple storage spaces for the tenants to use. Also, the utility expense is kept low with drought-tolerant landscaping and separate meters for both gas and electric. Most of the units have been remodeled with new tile bathroom, new vinyl and energy efficient double pane windows, bedrooms equipped with sliding door built-in closest, kitchens equipped with brand new refrigerator, dishwasher, microwave, and stove, and new energy savings LG heating and air condition units. Each unit has 3 HVAC units - one in each bedroom and another in the living room. Also, there is a communal laundry room on the property for the tenants to use. Currently, the property is bringing in $24,183 in monthly rents ($2,418 per unit average), which is an estimated 20% below market potential for these 2 bed units. Furthermore, one of the units will be delivered vacant at the close of escrow, allowing the buyer to enjoy immediate upside and top of the market rents. Also, a savvy buyer would look into adding units to this property through the ADU ordinance which would add a lot more value to the property. The sellers have an assumable loan with Chase Bank which is better than you can get in today's loan market. The loan balance is approximately $2,650,000, and it comes with a 4.10% interest rate. This interest rate is fixed until January 2027, giving the buyer another 4 years until the interest rate adjusts. The buyer will be responsible to pay Chase Bank their 1.0% assumption fee (about $26,500). Manhattan Beach is home to high profile residences, several parks, boutiques, brunch cafes, pubs, and upscale eateries centered around the Downtown District. The true beach town is consistently ranked one of the most expensive zip codes in the US and best school districts in LA county. Manhattan Beach is one of the three Beach Cities that make up the South Bay. Situated conveniently close to LAX, Manhattan Beach is a popular attraction for a beach lover thanks to the ultra-smooth sand volleyball nets and picture perfect water that offers breathtaking views and just the right amount of waves to make it a hot spot for surfing. Downtown Manhattan Beach is the bustling center of the city, loaded with high-end boutiques, retailers, and many popular casual and fine-dining restaurants. The Manhattan Beach Pier is a 928-foot pier that houses the free Roundhouse Aquarium located at the end of Manhattan Beach Boulevard. The South Bay Bicycle Trail and a pedestrian only walkway run through the beach providing users with an intimate glimpse at some of L. A.' s most expensive beach side homes, parallel views of the Pacific Ocean, and a scenic view of the Palos Verdes Peninsula to the South.
  1. Listed by Filip Niculete • DRE #01905352 • Brokerage DRE #01240999 • Marcus & Millichap
  2. Listed by Glen Scher • DRE #01962976 • Brokerage DRE #01240999 • Marcus & Millichap

Property Details for 1826 12th Street

Zoning
MNRH
Parcel Number
4165024026
Total Units
10.0
Living Area
6384
Source Living Area
Vendor Enhanced
Area
Manhattan Beach Heights/Liberty Vlg (146)
Vacancy Rate
3%
Lot Size Area
8150

Location

Listing Courtesy of Marcus & Millichap, Filip Niculete, DRE #01905352; Marcus & Millichap, Glen Scher, DRE #01962976

Sold By Marcus & Millichap, Filip Niculete, DRE #01905352; Marcus & Millichap, Glen Scher, DRE #01962976

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LISTING UPDATED: 02/17/2023 04:57 PM

Property Details for 1826 12th Street

StatusSold
MLS #22-186597
Days on Market127
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1957
Lot Size0.19 AC / 8,150 SF
CountyLos Angeles County

Location

Listing Courtesy of Marcus & Millichap, Filip Niculete, DRE #01905352; Marcus & Millichap, Glen Scher, DRE #01962976

Sold By Marcus & Millichap, Filip Niculete, DRE #01905352; Marcus & Millichap, Glen Scher, DRE #01962976

Add your commute

Building Information for 1826 12th Street

Stories2Residences-Year Built1957Building Size-Lot Size0.19 AC / 8,150 SF

Payment Calculator

$27,300 per month

30 year fixed, 7.25% Interest

Principal and Interest

$24,558

Property Taxes

$2,742

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 1826 12th Street

Community / Development
Community / Development
  • Number Of Units: 10
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 2
  • Number Of Buildings: 2
  • Type Of Units: Market
Contract Info
Contract Info
  • Disclosures: None
  • Listing Type: Exclusive Agency
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $286,892
  • Net Operating Income: $196,753.00
  • Gross Income: $290,196
  • Cap Rate: 4.14%
  • Gross Rent Multiplier: $16.37
  • Total Annual Expense: 90139
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.1871
  • Lot Size Square Feet: 8150
Parking Details
Parking Details
  • Parking Garage: Covered Parking, Assigned
  • Total Parking: 10
  • Parking Features: Covered, Assigned
Interior Features
Interior Features
  • Cooling Type: Other
  • Heating Type: Other
  • Equipment: Other
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 08-04-2022
Unit Details
Unit 1 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $2,418.00
  • Unit Actual Rent: $24,183.00
  • Unit Projected Rent: $28,950.00
  • Like Units: 10
Unit Details
  • Unit Type Type: 2106
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $734,018.00
  • Assessed Improvement Percent: 27.54
  • Assessed Land Value: $1,931,641.00
  • Assessed Land Percent: 72.46
  • Assessed Total Value: $2,665,659.00

Property History for 1826 12th Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 1826 12th Street

Taxable ValueLand$2,009,678Additions$764,571Total$2,774,249
Tax Record2023$32,903 ($2,742 / month)
Home Facts
Total Finished SqFt6,384 SqFtAbove Grade Finished SqFt6,384 SqFtLot Size8,254 SqFtStyleMulti-Family Res (5+ Units)Year Built1957ZoningMNRHCountyLOS ANGELESAPN4165-024-026

Schools near 1826 12th Street

This home is within Manhattan Beach Unified School District.
Rating
School
Type
Grades
Distance
Meadows Avenue Elementary School
Public - K to 5
Manhattan Beach Middle School
Public - 6 to 8
Mira Costa High School
Public - 9 to 12
Manhattan Academy
Private - PK to 5
Rating
School
Distance
Meadows Avenue Elementary School
PublicK to 5

Manhattan Beach Middle School
Public6 to 8

Mira Costa High School
Public9 to 12

Manhattan Academy
PrivatePK to 5

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Marcus & Millichap, Filip Niculete, DRE #01905352; Marcus & Millichap, Glen Scher, DRE #01962976

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.