21
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$2,175,000
Est. payment /mo
4 Beds
3,200 SqFt
Active
1224 Corona Street Hermosa Beach, CA 90254
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Key Details
Property Type Single Family Home
Sub Type OTHER
Listing Status Active
Purchase Type For Sale
Square Footage 3,200 sqft
Price per Sqft $679
MLS Listing ID CL26844081
Bedrooms 4
HOA Y/N No
Lot Size 7,691 Sqft
Acres 0.18
Property Sub-Type OTHER
Property Description
PRICE REDUCED BY $620,000! Current Income Justifies the Purchase Price - Future Development Potential Comes at a Significant Discount. This is an exceptional opportunity to acquire one of the most compelling value-add and development opportunities in Hermosa Beach. The property is now offered at an attractive $679 per square foot for the existing four income-producing units and just $282 per square foot of land, representing a land basis well below current market levels. Unlike many development opportunities where buyers pay a premium for future potential, this offering makes financial sense as a stand-alone income property while providing substantial upside through future redevelopment. Investors can acquire a stabilized four-unit asset at pricing supported by today's cash flow, while effectively securing a premier Hermosa Beach development site at a significant discount to replacement and land value. According to the City, the property may accommodate the future construction of two new single-family residences with an ADU behind each home (buyer to independently verify all development potential with the City of Hermosa Beach). This creates a rare opportunity to generate rental income while preserving the flexibility to develop immediately or capitalize on future appreciation. Whether an investor is seeking stable in-place income, a long-term land hold, or an immediate development project, the property offers multiple strategies to maximize returns. Adding to its appeal, the seller may consider seller financing, creating additional flexibility for qualified buyers. Opportunities to acquire premium Hermosa Beach land with existing income, below-market land pricing, and meaningful development upside are increasingly rare. This is a unique chance to purchase an asset that works both as a cash- flow investment today and as a deeply discounted future development opportunity.
Location
State CA
County Los Angeles
Zoning HBC3YY
Interior
Heating Wall Furnace
Cooling No Air Conditioning
Fireplace No
Building
New Construction No
Others
Tax ID 4185016018
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Listed by Jonathan Weir • Marcus & Millichap
A FEW WORDS FROM PAST CLIENTS
NEARBY SCHOOL & BUSINESS
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Mike & Jules Guzzardo Team With Jenny Biczkow
Realtor | r01066846,01955798,02086289
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