20 22nd Street, Hermosa Beach, California 90254, Hermosa Beach, 90254 - 7 bed, 6 bath
ACTIVE$5,999,000
20 22nd Street, Hermosa Beach, California 90254
7Beds
6Baths
3,646Sqft
3,296Lot
Year Built
1959
Close
-
List price
$6M
Original List price
$6.97M
Price/Sqft
$1,645
HOA
-
Days on market
-
Sold On
-
MLS number
SB25008552
Home ConditionGood
Features
Good View: Ocean
Patio
ViewOcean
About this home
Possibly Over-Priced:The estimated price is 5% below the list price. We found 2 Cons,3 Pros. Rank: price - $6.00M(80th), sqft - 3646(85th), beds - 7(95th), baths - 6(88th).
JUST REDUCED by $976,0000 this Class A 5-unit apartment building sits one off Hermosa Beach Strand. With $357,348 in pro forma annual gross income and $258,921 in pro forma net income (4.3% cap rate). This is high-end trophy asset has 7 parking spots and consists of: (1) 2-Bed/2-Bath unit with an OCEAN VIEW, (1) 2-Bed/1-Bath unit that has an amazing patio and OCEAN VIEW as well as (3) 1-Bed/1-Bath units. This high-end luxury building offers a turnkey investment opportunity in one of the most exclusive neighborhoods within the South Bay.
Nearby schools
9/10
Opal Robinson Elementary School
Public,•K-5•0.6mi
10/10
Hermosa View Elementary School
Public,•K-3•0.7mi
8/10
Hermosa Valley Elementary School
Public,•4-8•0.5mi
9/10
Manhattan Beach Middle School
Public,•6-8•1.8mi
9/10
Mira Costa High School
Public,•9-12•0.9mi
Price History
Date
Event
Price
03/12/14
Sold
$228,000
11/01/13
Sold
$1,650,000
Condition Rating
Good
The property was built in 1959, but the listing describes it as a "Class A 5-unit apartment building" and a "high-end luxury building" offering a "turnkey investment opportunity." The images show modern kitchens and bathrooms with updated appliances and fixtures. While the building is older, the units appear to have been extensively renovated, suggesting a 'good' condition.
Pros & Cons
Pros
Prime Location: Located just one off Hermosa Beach Strand, offering unparalleled access to the beach and ocean activities.
Income Potential: The property boasts a strong pro forma annual gross income of $357,348 and a net income of $258,921, representing a 4.3% cap rate.
Ocean Views: Two of the units offer stunning ocean views, enhancing their desirability and rental value.
Cons
Year Built: Built in 1959, the building may require updates to meet modern standards and preferences.
Parking Spots: Only 7 parking spots for 5 units might be insufficient for tenants and could limit the property's appeal.