Hermosa Beach had a very hot year for income property. The surging housing market of the Beach Cities combined with the limited availability of buildings for sale, made for a competitive pricing environment. Multiple offers were the standard and “all cash” deals the trump card.
Hermosa unit sales statistics for 2013:
- Available buildings: 5 Properties are for sale from $859,000 to $2,200,000.
- Pending sales: 3 Buildings are in escrow priced from $799,000 to $2,699,000.
- Hermosa sales: 20 Buildings sold in 2013 from $660,000 to $3,022,500. The average price was $1,396,000. The average year built was 1951. Only one of the 20 transfers in 2013 was a distressed sale.
Hermosa Beach income property building types (2013 Sales):
- Duplex – 95%
- Triplex – 5%
- Fourplex – None
- 5-8 Units – None
- 8+ Units – None
Total unit value sold in Hermosa Beach in 2013: $26,900,000
Average gross rent multiplier for Hermosa Beach 2013: 24.1
Hermosa Beach unit cap rate for 2013 at 75% net income: 3.1%
For more information on available Hermosa Beach units for sale, please give me a call or drop us an email.
– Josh Toering (310) 525-9440
Hermosa Beach income property for sale:
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