Mitchell Hall, Real Estate Pro in New York, NY

Are there any small income units(2-3 units) in Hermosa Beach?

Asked by Mitchell Hall, New York, NY Wed May 16, 2007

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Yes there are a number of small income properties which are ideal for buyers would like to buy a property close to the beach but aren't sure if they can afford the monthly payment... If you purchase a small 2 or 3 unit the you can live in one unit and use the income from the other units to help subsize the mortgage payment.
2 votes Thank Flag Link Thu May 17, 2007
Kaye Thomas, Real Estate Pro in 90266
MVP'08
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Hi Mitchell,

YES there are 2+ income producing units currently available in Hermosa Beach, from as low as $1,250,000 to $4,149,000 (with a 5.27 cap rate). Hermosa is a great investment/rental area.

If I can be of assistance to you in your search, please contact me anytime at (310) 544-8453.
0 votes Thank Flag Link Sun Feb 28, 2010
Yes there are some-but the total area of Hermosa Beach is approximately one square mile. Manhattan Beach and Redondo Beach ar e within a 10 mile radius. I am a long time resident of Hermosa Beach (over 20 years)
and this beach town is a very good choice for investors.
0 votes Thank Flag Link Mon Feb 22, 2010
As Hermosa is a smaller town, the options for multi unit buildings are a bit limited but there are definitely some opportunities out there. The most common request that I receive is from buyers unfamiliar with the beach areas, looking to put 20% down and find a place that's cash positive. Unfortunately that's just not the reality. For investors with 40% - 50%, perhaps doing a 1031 exchange, the area can be a good investment as rents and values should always stay strong due to the demand in the area.
0 votes Thank Flag Link Tue Jun 10, 2008
I wouldn't call them "income units." Your mortgage will FAR exceed any rents you can get in Hermosa. They're more like "bleeding you dry units." Happy hunting!
0 votes Thank Flag Link Fri Apr 25, 2008
Hi Mitchell,
There are a few income properties in Hermosa Beach, but I warn you, they're not cheap. Hermosa is a small city about 1 mile long. The beaches are gorgeous and well maintained. There are several celebrities living here, where price is not an option. I think you get the point. I've lived in Hermosa since the 1980's and wouldn't live anywhere else. Click this link and you can see the available units (2-4) in Hermosa.
http://www.mrmlsmatrix.com/DE.asp?ID=2097914671
Good luck, Brian bbyhower@remaxpv.com
0 votes Thank Flag Link Thu Apr 24, 2008
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