24 - 58 11th Street - Commercial Development Opportunity, Hermosa Beach, CA

Sale Notes:
CB Richard Ellis is pleased to offer a rare, once in a lifetime Hermosa Beach Strand adjacent investment/development purchase opportunity.

This one of a kind site includes an assemblage of seven contiguous parcels totaling 19,790 square feet located approximately 100 feet from the world famous Hermosa Beach Strand in the heart of Hermosa Beach directly across from the Pier Avenue Plaza retail complex and a city owned 119 car surface parking lot. Owned for generations, this extraordinary destination location offers users, investors and developers the chance to own in one of the most sought after beach adjacent mixed use, commercial and retail zones in Southern California.

Development Potential:

The City of Hermosa Beach is motivated to cooperate and assist with the development of this site subject to city planning commission approval. The zoning is C2 – Restricted Commercial, which permits retail, office, hotel, or other commercial uses. The city will entertain discussions for the potential to include a mix of residential as well as the future development of a three level parking structure on the adjacent 11th Street city-owned Pier Plaza parking lot which
could provide up to approximately 300 public parking spaces directly across the street from the subject development site.

Sales Price: Submit


Investment Highlights:
• Rare Beach Cities redevelopment opportunity
located just steps from the Pacific Ocean next to the
Hermosa Beach Pier Avenue Plaza retail complex.

• Irreplaceable assemblage of seven contiguous
parcels totaling 19,790 square feet zoned C-2
Commercial with mixed use development potential to
accommodate a variety of commercial uses with a
possible mix of residential.

• Pro Development city will entertain discussions for
the future development of a three level parking
structure on the adjacent 11th Street city-owned Pier
Avenue Plaza parking lot.

• Current short term in-place leases provide $278,000
of annual income (less property taxes) for the
investor to carry the property during the entitlement
process with a positive net income.

• Retail demand from larger restaurant operators
remains strong with limited large contiguous blocks
of available space and residential properties along the
beach front continue to hold values in excess of $1,000
per square foot.

The site is located in the heart of Hermosa Beach in the lower Pier Avenue Plaza retail complex which features a wide variety of restaurants, bars, coffeehouses, boutiqueshops, and entertainment venues. Every weekend this walk street enclave turns into the place to see and be seen. The Plaza is world famous as home of the AVP Volleyball Hermosa Beach Open, The Comedy and Magic Club with
regular appearances by Jay Leno and Jerry Seinfeld, as well as the weekly Farmer’s Market and the annual Hermosa Fiesta Street Fair, St. Patrick’s Day Parade, Summer Sunset Concerts series and Christmas concerts.