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1222 Corona St
Hermosa Beach, CA 90254
Multifamily Property For Sale
·
4 Units
Investment Highlights
- Rare 7,691 SF Land Assemblage
- Potential to Develop Two SFRs + Two ADUs
- Currently Operating 4-Unit Investment Property
- Below-Market Land Basis
Executive Summary
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.
Property Facts
| Price Per Unit | $698,750 | Apartment Style | Garden |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 2.90% | Lot Size | 0.06 AC |
| Gross Rent Multiplier | 21.55 | Building Size | 3,200 SF |
| No. Units | 4 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1966 |
| Property Subtype | Apartment |
| Price Per Unit | $698,750 |
| Sale Type | Investment |
| Cap Rate | 2.90% |
| Gross Rent Multiplier | 21.55 |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.06 AC |
| Building Size | 3,200 SF |
| No. Stories | 2 |
| Year Built | 1966 |
Amenities
Unit Amenities
- Kitchen
Site Amenities
- 24 Hour Access
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2 | 1 | $3,969 | 1,300 |
| 1+1 | 2 | $2,897 | 630 |
| Studios | 1 | $2,394 | 576 |
Property Taxes
| Parcel Number | 4185-016-032 | Improvements Assessment | $1,411 |
| Land Assessment | $395,251 | Total Assessment | $396,662 |
Property Taxes
Parcel Number
4185-016-032
Land Assessment
$395,251
Improvements Assessment
$1,411
Total Assessment
$396,662
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