Manhattan Beach had a phenomenal year in 2013 for income property sales.
Beach cities summary: The surging housing market of the Beach Cities combined with the limited availability of buildings for sale, made for a competitive buying environment. Multiple offers were the standard and “all cash” deals the trump card.
Manhattan unit sales statistics for 2013:
- Available buildings: 1 Property is for sale at $3,150,000.
- Pending sales: 1 Building is in escrow priced at $999,000.
- Manhattan Beach sales: 23 Buildings sold in 2013 from $960,000 to $3,800,000. The average price was $1,915,000. The average year built was 1953. None of the MB unit transfers in 2013 was a distressed sale.
Manhattan Beach income property building types (2013 Sales):
- Duplex – 57%
- Triplex – 13%
- Fourplex – 9%
- 5-8 Units – 17%
- 8+ Units – 4%
Total unit value sold in Manhattan Beach in 2013: $44,047,000
Average gross rent multiplier for Hermosa Beach 2013: 22.4
Hermosa Beach unit cap rate for 2013 at 75% net income: 3.34%
– Josh Toering (310) 525-9440
Manhattan Beach income property for sale:
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