Manhattan Beach California is an excellent city to invest in duplex, triplex and 4-plex multifamily investment properties. Firstly, for the traditional reason: income/cash flow with great tax benefit. Bet even more powerful is the appreciation due to constantly rising land values in Manhattan Beach.
Most of the duplex, triplex and 4-plex multi-family income properties are located in the sand section of Manhattan Beach. These lots are typically 30×90 or 30×45 and a majority of the investment properties value is found within the land value alone.
Duplex investment property owners should expect to have almost zero vacancy rate, yearly rising rents and receive many calls annually of new home developers looking to buy the property.
The same opportunity exists in Hermosa Beach and now even Redondo Beach where Duplex investment properties are becoming more and more difficult to purchase.
Currently MultiFamilyOWL is displaying 638 available duplex properties for sale in Los Angeles County. This available inventory has slightly increased since January 2017. The average list price is $450,000-$500,000 and most of the available properties are in Rent Control Zones in The City of Los Angeles.
The duplex buyer absorption rate remains very strong in Los Angeles. Currently there are 412 Duplex investment properties in escrow with accepted offers. The average list price of the duplex properties in escrow is $515,000-$625,000. The Duplex income properties that are currently in escrow were on the market available on average for approximately 25-40 days on average.
Over the past 30 days, 173 Duplex Homes have closed escrow in Los Angeles County with the average closing price being over $700,000. A majority of these closings were not in The City of Los Angeles Rent Control Zones, thus the higher sales prices.
It certainly appears the Duplex Income Investment Property Market is hotter than ever in Los Angeles California. MultiFamilyOWL.com is receiving record numbers of inquiries from Duplex Owners and investors looking to add more Duplex homes to their real estate portfolios.
MultiFamilyOWL.com is fast becoming the #1 website for southern California investors to locate Duplex MultiFamily Income Investment Properties For Sale in Los Angeles and Orange County. Please keep in mind that we get many Duplex, Triplex, 4-Plex and large apartment building owners contacting us directly as well. These owners are trying to locate upleg properties to satisfy potential 1031 tax deferred exchanges. Thus MultiFamilyOWL always has a long list of income properties that may be coming for sale in the near future. We do not take commissions on these introductions between potential buyers and sellers!
Helpful tips for top qualities in multifamily income properties to help keep vacancy rates down and Net Operating Income up:
- Locate income properties with minimal studio or 1 bedroom units. 2-3 bedroom apartments stay rented longer. (when a roommate in a 2-3 bedroom is lost, the remaining roomate/roomates often find a replacement and stay put)
- Locate income properties that have private individual laundry inside each unit.
- Locate income properties that have private individual outdoor space (small patio is fine)
- Locate income properties that have private individual garages or covered parking