Carbon Beach Bungalows is a rare, permitted short-term rental and retail investment on one of California’s most coveted coastlines — Malibu’s Carbon Beach, widely known as “Billionaire’s Beach.” The property offers an investor a diversified income stream combining six fully permitted STR bungalows, two retail/office tenants under long-term leases, and a spa operation, all within a recently renovated ±8,125 SF mixed-use complex on ±10,743 SF of fee-simple land. The asset benefits from an active City of Malibu Annual Short-Term Rental Permit (STR26-0014, valid through February 19, 2027) — an increasingly scarce entitlement that is extremely difficult to obtain in Malibu’s highly regulated coastal environment. This permit alone represents significant embedded value for any acquirer.