There are a couple of new turns in the story of the "Gateway to Manhattan Beach," also known as
4419 Highland, right at the corner of 45th/Highland in El Porto Norte.
First off, it's rented. And for the first time we've got the rate:
$5,000/mo. It's right there in the current listing description:
Currently tenant…
There are a couple of new turns in the story of the "Gateway to Manhattan Beach," also known as
4419 Highland, right at the corner of 45th/Highland in El
Porto Norte.
First off, it's rented. And for the first time we've got the rate:
$5,000/mo. It's right there in the current listing description:
Currently tenant occupied for $5,000 a month.
Secondly, it's got a special new name:
4419 West Highland Ave."West Highland"... that's very different for a street that runs north-south.
Or, wait... impossible.
This is a marketing tactic, not a directional description.
We all know by now that homes west of Highland in MB are more valuable, more desirable... dare we say coveted?
So that must mean that if the Gateway is on West Highland, or – let's be honest – west OF Highland, it's more desirable, right?
More desirable than?
The trapezoidal tower was destined to be a rental. After a failed effort to unload the spec project – midway through construction – as an investment opportunity (see "
Builder Rethinking Dubious Lot?"), then a long but failed effort to sell the completed home, the developer slowly realized that fact and got some tenants.
Now the rental property is being marketed as a "great investment opportunity."
Is it? If you paid full price, all cash, today, you might see a 4-5% return each year. Maybe better.
Plus you've got appreciation... well, potential appreciation. The Gateway isn't going to keep pace with the rest of MB due to location, but it could be worth more some day.
Any takers? Coming in from the north, just look west of Highland on your way into the city. You can't miss it.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of July 17th, 2024 at 10:17pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.