3216 Manhattan Ave - Manhattan Beach, CA

4 UNITS IN MANHATTAN BEACH, CA

3216 MANHATTAN AVE, MANHATTAN BEACH, CA 90266

4 UNITS IN MANHATTAN BEACH, CA

TABLE OF CONTENTS SECTION 01

Property Overview

02 Financial Analysis 03 Comparables 04 Location Overview CONTACT INFORMATION

Anna Sporrong Associate (424) 306-0983

JOHN KATNIK

Senior Associate (424) 317-9569

ELLIOT HASSAN Senior Director (424) 325-2643

MIKE HANASSAB Senior Director (424) 325-2642

02

3216 MANHATTAN AVE, MANHATTAN BEACH, CA 90266

SECTION 1

PROPERTY OVERVIEW Street Address City State Zip Code APN Rentable Square Feet Lot Size Year Built

03

3216 Manhattan Ave Manhattan Beach CA 90266 4175-021-009 4,144 SF 3,497 SF 1973

Number of Units

4

Parking

9 Covered Spaces

Number of Buildings

1

Zoning

MNRH

Number of Stories

3

Unit Mix

Water

Master-Metered

Electric

Individually Metered

Gas

Individually Metered

Construction

Wood-Frame Stucco

Roof

(3) 2 Bed / 2 Bath (1) 3 Bed / 2 Bath

Flat

CONTACT ANNA SPORRONG

SECTION 1

PROPERTY OVERVIEW Prime Manhattan Beach Location | Hottest City in Los Angeles County Located on Manhattan Ave, this location is one of most desired in all of Los Angeles County.

Private Roof Deck for 3 Bedroom Unit The 3 bedroom unit has a massive private roof deck with tremendous views from Palos Verdes to Malibu. This unit has endless possibilities and could be a perfect owner-user or short term rental unit.

Zero Supply Market Currently there are no 4 units available in the entire city of Manhattan Beach.

Overparked Fourplex The building features 9 garage parking spaces on-site. Single Car Garages rent for minimum of $200 in this area of Manhattan Beach.

2 Bedroom Units Have Private Balconies The 2 bedroom units get to enjoy private balconies with ocean views.

Renovated Pride of Ownership Asset with True Rental Upside Current ownership has done quality renovation to the exterior with new paint and windows. One unit has been fully renovated and the remaining are very clean but allow a new owner to come in and execute on their renovation strategy.

04

CONTACT ANNA SPORRONG

SECTION 1

property OVERVIEW

05

3216 MANHATTAN AVE, MANHATTAN BEACH, CA 90266

SECTION 1

property OVERVIEW

06

3216 MANHATTAN AVE, MANHATTAN BEACH, CA 90266

SECTION 1

property OVERVIEW

07

3216 MANHATTAN AVE, MANHATTAN BEACH, CA 90266

SECTION 1

property OVERVIEW

08

3216 MANHATTAN AVE, MANHATTAN BEACH, CA 90266

SECTION 2

FINANCIAL ANALYSIS

$6,600,000 Price Price per Unit Price per Square Foot

09

$6,600,000 $1,650,000 $1,592.66

CURRENT

PRO FORMA

Cap Rate

2.63%

4.28%

GRM

24.89

17.60

$173,380

$282,344

Net Operating Income

CONTACT ANNA SPORRONG

SECTION 2

FINANCIAL ANALYSIS ANNUAL

INCOME

CURRENT

PRO FORMA

Base Rental Income

$265,140

Laundry Income

ANNUAL

EXPENSE

CURRENT

PRO FORMA

$375,000

Taxes

$73,821

$73,821

$500

$500

Insurance

$1,865

$1,865

Garage Income

$0

$2,400

Utilities

$4,320

$4,320

Gross Potential Income

$265,640

$377,900

Repairs & Maintenance

$2,000

$2,000

Vacancy Allowance

$7,954

Reserves

$800

$800

Effective Gross Income

$257,686

Trash

$1,500

$1,500

Operating Expenses

$84,306

Operating Expenses

$84,306

$84,306

Net Operating Income

$173,380

10

(3%)

$11,250

(3%)

$366,650 (33%)

$84,306

(23%)

$282,344

CONTACT ANNA SPORRONG

SECTION 2

FINANCIAL ANALYSIS UNIT #

UNIT TYPE

SQ. FOOTAGE

RENT

RENT PER SF

RENT

PRO FORMA

PRO FORMA

01*^

2 Bed / 2 Baths

900 SF

$5,495

$6.11

$6,000

$6.67

02*^

2 Bed / 2 Baths

900 SF

$4,900

$5.44

$6,750

$7.50

03*

2 Bed / 2 Baths

900 SF

$5,000

$5.56

$6,500

$7.22

04’

3 Bed / 2 Baths

1,444 SF

$6,700

$4.64

$12,000

$8.31

4,144 SF

$22,095

TOTAL *Balcony ^ Washer / Dyer In-Unit

11

RENT PER SF

$31,250

‘Private Deck

3216 MANHATTAN AVE, MANHATTAN BEACH, CA 90266

SECTION 3

SALES COMPARABLES #

ADDRESS

SALE PRICE

# OF UNITS

CAP RATE

GRM

PRICE / UNIT

01

3309 Bayview Dr , Manhattan Beach , CA 90266

$2,700,000

2

2.83%

24.70

$1,350,000

$1,562.50

02

907 5th St , Hermosa Beach , CA 90254

$3,050,000

3

3.13%

22.20

$1,016,667

$550.34

03

1602 Loma Dr , Hermosa Beach , CA 90254

$3,075,000

3

2.45%

28.40

$1,025,000

$1,455.97

04

408 Manhattan Ave , Manhattan Beach , CA 90266

$3,650,000

3

1.65%

58.40

$1,216,667

$1,648.60

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PRICE / SF

3216 MANHATTAN AVE, MANHATTAN BEACH, CA 90266

SECTION 3

SALES COMPARABLES

01

Subject

3216 Manhattan Ave Manhattan Beach, CA 90266

Close of Escrow

-

02

3309 Bayview Dr

907 5th St

Manhattan Beach , CA 90266

Hermosa Beach , CA 90254

Close of Escrow

2/4/2021

Close of Escrow

3/9/2020

List Price

$6,600,000

Sale Price

$2,700,000

Sale Price

$3,050,000

CAP Rate

2.63%

CAP Rate

2.83%

CAP Rate

3.13%

GRM

24.89

GRM

24.70

GRM

Number of Units Year Built

4 1973

Number of Units Year Built

2 1971

Number of Units Year Built

22.20 3 1986

Rentable Square Feet

4,144 SF

Rentable Square Feet

1,728 SF

Rentable Square Feet

5,542 SF

Price per Square Foot

$1592.66

Price per Square Foot

$1,562.50

Price per Square Foot

$550.34

Price per Unit Unit Mix

13

$1,650,000 (3) 2 Bed / 2 Bath (1) 3 Bed / 2 Bath

Price per Unit Unit Mix

$1,350,000 (1) 2 Bed / 2 Bath (2) 1 Bed / 1 Bath

Price per Unit Unit Mix

$1,016,667 (1) 3 Bed / 3 Bath (2) 3 Bed / 2 Bath

3216 MANHATTAN AVE, MANHATTAN BEACH, CA 90266

SECTION 3

SALES COMPARABLES

03

04

1602 Loma Dr

408 Manhattan Ave

Hermosa Beach , CA 90254

Manhattan Beach , CA 90266

Close of Escrow

8/24/2020

Close of Escrow

10/7/2020

Sale Price

$3,075,000

Sale Price

$3,650,000

CAP Rate

2.45%

CAP Rate

1.65%

GRM

28.40

GRM

58.40

Number of Units Year Built

3 1924

Number of Units Year Built

3 1907

Rentable Square Feet

2,112 SF

Rentable Square Feet

2,214 SF

Price per Square Foot

$1,455.97

Price per Square Foot

$1,648.60

Price per Unit

$1,216,667

Price per Unit Unit Mix

14

$1,025,000 (3) 1 Bed / 1 Bath

Unit Mix

(1) 2 Bed / 2 Bath (2) 1 Bed / 1 Bath

3216 MANHATTAN AVE, MANHATTAN BEACH, CA 90266

SECTION 4

LOCATION OVERVIEW The South Bay The South Bay is a region of the Los Angeles metropolitan area which contains fifteen cities plus portions of the City of Los Angeles. The area is bounded by the Pacific Ocean on the south and west and generally by the City of Los Angeles on the north and east. Its name comes from its location on the south end of the Santa Monica Bay. Major areas of the South Bay include: the beach cities of Manhattan Beach, Hermosa Beach, and Redondo Beach, a popular destination for swimmers, surfers, bodyboarders, and other beachgoers; the Palos Verdes Peninsula, home to the affluent communities of Palos Verdes Estates, Rancho Palos Verdes, Rolling Hills, and Rolling Hills Estates; the Los Angeles harbor neighborhoods of San Pedro and Wilmington; and the inland cities of Inglewood, Hawthorne, Gardena, Lawndale, Lomita, and Carson.

The South Bay is heavily reliant on the aerospace and automotive industries, and is home to numerous industry headquarters. It has two major transportation hubs on its borders — Los Angeles International Airport and the Ports of Los Angeles and Long Beach and the Pacific Ocean is at its back door. These factors, and its diverse cities, make it economically, geographically and socially unique.

The South Bay

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3216 MANHATTAN AVE, MANHATTAN BEACH, CA 90266

SECTION 4

LOCATION OVERVIEW Manhattan Beach, CA Manhattan Beach is a city in southwestern Los Angeles County, California, United States, on the Pacific coast south of El Segundo, and north of Hermosa Beach. As of 2019, the population was estimated to be 35,183. Manhattan Beach is one of the three Beach Cities, along with Hermosa Beach and Redondo Beach, that make up the South Bay region of Los Angeles County. Situated conveniently close to LAX in L.A.’s South Bay region, Manhattan Beach’s biggest draw is, of course, the beach. The sand and surf here are the real deal, and the scene can sometimes look straight out of an updated version of Baywatch.

The ultra-smooth sand is perpetually dotted with volleyball nets and is home to the annual Manhattan Beach Open, the pro beach volleyball summer tournament. And, of course, it’s a hot spot for surfing.

The Manhattan Beach Pier, where Manhattan Beach Boulevard meets the Pacific, offers a relaxing stroll with breathtaking views of L.A.’s most expensive beachside homes and the scenic Palos Verdes Peninsula to the south. Further inland, Downtown Manhattan Beach is the bustling centre of the city, loaded with high-end boutiques, retailers, hotels, bars, and many popular casual and fine-dining restaurants. The Strand House offers unparalleled ocean views along with its top rated farm-to-table and specialty cocktail menus. those who want a more laid-back vibe, Manhattan

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Manhattan beach, CA

3216 MANHATTAN AVE, MANHATTAN BEACH, CA 90266

SECTION 4

LOCATION OVERVIEW

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3216 MANHATTAN AVE, MANHATTAN BEACH, CA 90266

SECTION 4

LOCATION OVERVIEW

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3216 MANHATTAN AVE, MANHATTAN BEACH, CA 90266

SECTION 4

LOCATION OVERVIEW 1. Downtown Manhattan Beach 20 Min Walk 1 Mile From Subject Property

2. Manhattan Beach Montessori School 12 Min Walk 0.6 Miles From Subject Property

3. Grandview Elementary School 14 Min Walk 0.6 Miles From Subject Property

4. Sand Dune Park 11 Min Walk 0.4 Miles From Subject Property

5. Rosecrans Beach 07 Min Walk 0.3 Miles From Subject Property

6. Bruce’s Beach 06 Min Walk 0.3 Miles From Subject Property

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Walk Score: 75 3216 Manhattan Ave, Manhattan Beach, CA 90266

3216 MANHATTAN AVE, MANHATTAN BEACH, CA 90266

SECTION 4

LOCATION OVERVIEW 1. Manhattan Beach Pier 07 Min Drive 1.2 Miles From Subject Property

2. LAX 13 Min Drive 4.4 Miles From Subject Property

3. The Strand 06 Min Drive 1.2 Miles From Subject Property

4. Downtown Manhattan Beach 05 Min Drive 1 Mile From Subject Property

5. Hermosa Beach Pier 14 Min Drive 2.9 Miles From Subject Property

6. Manhattan Village 10 Min Drive 2.4 Miles From Subject Property

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3216 MANHATTAN AVE, MANHATTAN BEACH, CA 90266

SECTION 4

LOCATION OVERVIEW

01

02

03

Manhattan Beach Pier

LAX

The Strand

The Manhattan Beach Pier is a pier located on the coast of the Pacific Ocean. The pier is 928 feet long and is an octagonal Mediterranean-style building sitting at the end of the pier.

Los Angeles International Airport, commonly referred to as LAX, is the primary international airport serving Los Angeles and its surrounding metropolitan area. In 2019, LAX handled 88,068,013 passengers.

Living on The Strand neighborhood in Manhattan Beach is like having front row seats to your favorite show. The strand is a couple miles long open to the public for bike riding, walking and more.

04

05

06

Hermosa Beach Pier

The Point

Manhattan Village

Like the Manhattan Beach Pier, the Hermosa Beach Pier extend sinto the pacific Ocean. Small tiled pavilions were erected at intervals along the sides to afford shade for fishing and picnic parties.

The point is a shopping call in El Segundo, California. It is a Hip, modern outdoor mall with upscale boutiques, restaurants, cafes, salons & a SoulCycle studio.

The Manhattan Village embrases the local indoor & outdoor lifestyle, showcasing the sophisticated casual charm of Manhattan Beach. It consits of curated open air dining & retail centers for everyone to enjoy.

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3216 MANHATTAN AVE, MANHATTAN BEACH, CA 90266

SECTION 4

LOCATION OVERVIEW POPULATION

1-Mile

3-Mile

5-Mile

2025 Projection

13,409

84,600

350,736

2020 Estimate

13,472

84,858

351,790

2010 Census

13,515

84,365

349,642

Growth ‘20 - ‘25

-0.47%

-0.30%

-0.30%

Growth ‘10 - ‘20

-0.32%

0.58%

0.61%

1-Mile

3-Mile

5-Mile

2025 Projection

5,829

35,285

128,891

2020 Estimate

5,859

35,405

129,267

2010 Census

5,889

35,277

128,490

Growth ‘20 - ‘25

-0.51%

-0.34%

-0.29%

Growth ‘10 - ‘20

-0.51%

0.36%

0.60%

Average Income

$183,817

$163,376

$120,359

Median Income

$158,250

$133,466

$88,679

HOUSEHOLDS

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3216 MANHATTAN AVE, MANHATTAN BEACH, CA 90266

JAMES CAPITAL ADVISORS, INC.

DISCLAIMER

The information contained in this Marketing Brochure has been obtained from sources believed to be reliable, but the accuracy or completeness of the information contained therein cannot be guaranteed.

James Capital Advisors, Inc. (“Broker”) has not, and will not, verify any of this information, nor has Broker conducted, nor will it conduct, any investigation regarding these matters. Broker makes no representations, guarantees, or warranties of any nature about the accuracy or completeness of any information provided. The information provided in this brochure is in no way a substitute for a thorough due diligence investigation by Buyer. Broker has made no investigation of, and has made no representations, guarantees, or warranties of any nature, with regard to income and expenses for this property nor the future financial performance of the property. In addition, Broker has made no investigation of, and has made no representations, guarantees, or warranties as to the size and square footage of the property, the presence of any contaminating substances at the property, the physical condition of the property or compliance with any State, Local or Federal regulations. In addition, Broker has made no investigation of, and has made no representations, guarantees, or warranties of any nature, with regard to the financial condition or future financial condition of any tenants, nor any future plans or intentions of tenants with regard to the continued occupancy of the property. All parties are aware that Broker has no affirmative obligation to conduct a due diligence examination of the property for any Buyer. Any and all projections or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. Therefore, Broker assumes no legal responsibility for accuracy or completeness of this information, and expressly disclaims all representations, guarantees, or warranties related thereto.

The value of the property to any Buyer depends on numerous factors that must be evaluated by Buyer and Buyer’s legal, tax, construction, and financial advisors. Buyer and Buyer’s advisors should conduct a thorough, independent investigation of the property to determine its suitability for Buyer’s intended usage. This investment, as with all real estate investments, carries a substantial risk. As such, Buyer and Buyer’s legal and financial advisors are strongly advised to request and review all legal and financial documentations related to the property and tenants.

A tenant’s past performance is not a guarantee of future performance. The lease rate stated for some properties may be based on a tenant’s projected sales with little or no record of actual performance or comparable rents for the area in question. Returns are in no way guaranteed. Tenants may fail to pay the rent or property taxes or any other tenant obligations under the terms of the lease or may default under the terms of such lease. Regardless of tenant’s history of performance, and/or any lease guarantors and/or guarantees, Buyer is responsible for conducting Buyer’s own investigation of all matters related to any and all tenants and lease agreements. Broker is not, in any way, responsible for the performance of any tenant or for any breach or default by any tenant of any terms of any lease agreement related to the property.

Further, Buyer is responsible for conducting Buyer’s own independent investigation of all matters related to the value of the property, including, but not limited to, the value of any long-term leases. Buyer must carefully evaluate the possibility of tenants vacating the property or breaching their leases and the likelihood and financial impact of being required to find a replacement tenant if the current tenant should default and/or abandon the property. Buyer must also evaluate Buyer’s legal ability to make alternate use of the property in the event of a tenant abandonment of the property.

CONFIDENTIALITY This Marketing Brochure and the information contained within, is propriety and strictly confidential. It is intended to be used only by the party receiving it from Broker. It should not be made available to any other person or entity without the express written consent of Broker.

RELEASE This Marketing Brochure has been prepared to provide basic, unverified information for prospective purchasers. By accepting this Marketing Brochure, the recipient agrees to release and hold harmless Broker from any claim, demand, liability or loss arising out, or relating in any way, to the information contained in this Marketing Brochure and from Buyer’s investigation of the property. In no event shall James Capital Advisors, Inc. or Broker be liable to any party for any direct, indirect, special, incidental, or consequential damages of any kind whatsoever arising out of the use of this Marketing Brochure or any information contained herein.

NON-ENDORSEMENT Broker is not affiliated with, endorsed by or sponsored in any way by any tenant or lessee identified in this Marketing Brochure. The presence of any entity’s logo or name is not intended in any way to indicate affiliation, sponsorship or endorsement by said entity of Broker.

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www.jamescapitaladvisors.com

@jamescapitaladvisors

JAMES CAPITAL ADVISORS, INC.

CONTACT INFORMATION LISTING AGENTS

ANNA SPORRONG Associate

John Katnik

Senior Associate

Elliot Hassan

Senior Director

Mike Hanassab

Senior Director

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(424) 306-0983 anna.sporrong@jamescapitaladvisors.com CA RE Lic: 02107076

(424) 317-9569 john.katnik@jamescapitaladvisors.com CA RE Lic. 02002695

(424) 325-2643 elliot.hassan@jamescapitaladvisors.com CA RE Lic. 01481211

(424) 325-2642 mike.hanassab@jamescapitaladvisors.com CA RE Lic. 01484891

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