Manhattan Beach Income Property - Jan 2014 (2013 Statistics)

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%

For more information on available Manhattan Beach units for sale, please give me a call or drop us an email. - Josh Toering (310) 525-9440

 Manhattan Beach income property for sale:

 

Manhattan Beach Income Property Snapshot

Norma Toering & Team is seeking income property in the beach cities of Manhattan, Hermosa and Redondo Beach.  Several of our long-term clients are currently enlisting our assistance in helping them build strong real estate investment portfolios.  Consequently, I check daily for additions and changes to the current available inventory.

In addition to our market knowledge, we enlist the help of a Columbia MBA finance consultant to analyze the numbers and future potential of properties of interest.  We wish to give our clients the best service and information available whether they are purchasing a duplex or a large apartment complex.
The Manhattan Beach income property market is very competitive as this coastal city has some of the most expensive real estate in Los Angeles.  The market improvements of 2013 sent prices skyward making it difficult to find properties that make sense on paper and requiring the need to factor in future development value.

Here is what transpired in the income property market in Manhattan Beach YTD 2013:

• 3 Active Manhattan Beach income properties for sale from 2 to 10 units.
• 3 Pending sales from 2 to 5 units.
• 20 Manhattan Beach income properties closed escrow YTD ranging from 2 to 10 units.

From more information about income property in Manhattan Beach contact Norma Toering & Team at 310.493.8333 or Josh Toering at 310.525.9440.

 Manhattan Beach income property and rental units for sale:

Beach Cities and South Bay Income Property

A prospective multifamily income buyer recently asked me, "Has the spring feeding frenzy in the income property market cooled, or will my offer still be one of many?" The truthful answer is it depends on the location and condition of the property. Premium properties in choice locations will still receive multiple offers. On the other hand, fixer properties in less desirable areas will likely present rehab opportunities so they, too, will likely draw multiple offers.

In today's market, it is hard to find a wallflower income property. Last week Norma Toering & Team submitted an offer on Hermosa Beach multifamily units just blocks from the Pacific Ocean. Yes, there were eight offers. Last week another client inquired about fixer units in Wilmington. They opted not to be offer number 11. These number reflect the current activity in the income property market. 

We are not seeing the 20+ offers common during the first half of 2013, but the income market remains strong as the end of the year approaches. Check out the city by city snapshot of sales so far this year.

Closed South Bay income property sales by city for 2013 YTD:

•  Palos Verdes: 2
•  Manhattan Beach: 18 
•  Hermosa Beach: 18
•  Redondo Beach: 28 
•  Torrance: 58 
•  Gardena: 50 
•  El Segundo: 7 
•  Lomita: 15 
•  Harbor City: 7 
•  Wilmington: 36 
•  San Pedro: 96 
•  Long Beach: 396

For more information about income property in any of the above cities contact Norma Toering & Team. We have clients interested acquiring income properties ranging from fixers at the low-end, to clients seeking properties at the higher end of the price spectrum. We will help you find multifamily units that match your investment goals.

 - Norma Toering and Team - REMAX Estate Properties (310) 493-8333

Income Property for Sale in the South Bay of Los Angeles (priced over $800K):

Income Property for Sale in the South Bay of Los Angeles (priced under $800K):