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229 13th Street - Ocean View Cafe, Manhattan Beach, CA

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229 13th Street - Ocean View Cafe

Manhattan Beach, CA 90266-4708 - Beach Cities/Palos Verdes Submarket

Property Type:Retail Sub Type:Storefront Retail/Residential Status:Existing Year Built:1939
Building Size:1,318 SF Land Area:.05 AC (1,999 SF)
For Sale Price:$2,780,000 Price/SF:$2,109.26
Cap Rate:2.50 %
Parking:2 Surface spaces are available; Ratio of 2.28/1,000 SF

Property Description: Storefront Retail/Residential

Sale Notes:
The property' s current tenants are Ocean View Cafe, which enjoys outdoor patio seating and has great food and service. The rear of the property sits a remodeled duplex consisting of two 1 bedroom/1 bath units and 3 car parking. The cafe' s rent is $4,000.00/month (tenant pays own utilities), and the combined rent for the duplex is $4,350.00 (Gross) for an annual income of $100,200.00. Landlord pays real estate taxes, insurance and common area maintenance expenses.

All tenants are on month to month leases.

Currently, the Commercial Downtown district is under a moratorium for any use changes, which is due to expire August, 2016, unless the City elects to change the expiration date.

This lot is rare being zoned Downtown Commercial which may allow for a wide variety of future development uses.

Please contact the City of Manhattan Beach for information regarding zoning, the moratorium, or any other development/use questions.

NW Real Estate Brokers
Mike Rossi
(310) 849-9601

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