1222 Corona St - Apartments FOR SALE


Hermosa Beach, CA 90254
$2,795,000 USD
707-225-2402
1222 Corona St, Hermosa Beach, CA for Sale
$2,795,000 USD
Apartments - FOR SALE
1/21
null | 2.9% Cap Rate

1222 Corona St
Hermosa Beach, CA 90254


HIGHLIGHTS

  • Rare 7,691 SF Land Assemblage
  • Currently Operating 4-Unit Investment Property
  • Potential to Develop Two SFRs + Two ADUs
  • Below-Market Land Basis

OVERVIEW

FULLY OCCUPIED - SELLER WILL OFFER FLEXIBLE TERMS TO QUALIFIED BUYER - SELLER FINANCE AVAILABLE. The subject property represents a rare and highly desirable land assemblage totaling approximately 7,691 square feet in the heart of Hermosa Beach. Currently operating as a four-unit income-producing asset, the property offers investors immediate cash flow while presenting a compelling long-term redevelopment opportunity. The site benefits from a larger-than-average buildable envelope, which is uncommon for the immediate submarket and provides enhanced design flexibility for a future buyer. Based on preliminary analysis, there is a potential opportunity to develop two singlefamily residences along with two accessory dwelling units (ADUs), allowing for a unique and versatile end use. (Buyer to verify all zoning, development standards, and feasibility with the City of Hermosa Beach.) Compared to recent land sales in the surrounding area, the property offers a significant discount on a per-lot and per-square-foot basis, particularly when considering the scale of the assemblage and its potential for creative redevelopment. This positions the asset as an attractive acquisition for both end-users seeking a generational homesite and builders targeting premium coastal product. In summary, the subject property combines current income, rare lot size, and long-term upside, making it one of the more unique opportunities available in the Hermosa Beach market.

FOR SALE DETAILS

PRICE

$2,795,000 USD

PRICE/SF

$873 USD /SF

# OF UNITS

4

PRICE/UNIT

$698,750

CAP RATE

2.9%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1966

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.06 AC

LAND SF

2,603 SF

ZONING

-

APN/PARCEL ID

4185-016-032

ASK ABOUT THIS PROPERTY

Jonathan WeirWeir Group with Marcus and Millichap.More Info
707-225-2402

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Jonathan WeirWeir Group with Marcus and Millichap.More Info
707-225-2402

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.