Skip to main content

Multifamily

18069-18079 Coastline Drive

18069 Coastline Dr, Malibu, CA 90265

Listing Price: $13,350,000

Cap Rate
4.65%
Number of Units
16
GRM
14.92
Occupancy
97.0%
Price/Unit
$834,375
Price/Gross SF
$650.71
Gross SF
20,516

Investment Overview

Marcus & Millichap is pleased to present 18069 & 18079 Coastline Drive, a legacy 16-unit apartment building (two side-by-side 8-unit apartment buildings) overlooking the Pacific Ocean in world famous Malibu, California*. The buildings consist of all large two-bedroom/two-bathroom units, each with spectacular panoramic ocean views of the entire Santa Monica Bay from Palos Verdes to Point Dume. The units feature open split-level floor plans with updated kitchens (select units with full stainless-steel appliance package, granite countertops, stylish fixtures and lighting package, espresso or white shaker cabinets), vinyl wood-like flooring and plush carpet in the bedrooms, radiant heating, washer/dryers, and large balconies. The property features a very quiet private street entrance with assigned private garages for each unit. In the past decade, the current owner has invested over $1M in capital improvements including seismic retrofit, exterior repaint, water drainage, garage doors, roofs, patio/balcony fences & railings and unit renovations. Built in 1967, the combined building square footage is 20,516 sf which sits on two lots totaling 19,309 sf that is LCR305 zoned.
18069 & 18079 Coastline Drive offers an extremely rare opportunity to purchase a prime coastal apartment building in Malibu, California, one of the most sought-after and desirable locations in the world. Located in a residential neighborhood and surrounded by primarily multi-million-dollar single family homes, the property overlooks the Pacific Coast Highway and Pacific Ocean and is located just a half block from the iconic Getty Villa, and approximately 1 mile south of Topanga Canyon Boulevard and 1 mile north of Sunset Boulevard. This unique location provides tenants with a short walk to the beach and easy access to coffee shops, cafes, restaurants, retail and entertainment options in Malibu as well as nearby Pacific Palisades and Santa Monica. This location is also convenient for commuters travelling to Santa Monica, Venice, Playa Vista/Silicon Beach, Century City, Westwood, Culver City or Downtown LA via the PCH/10 Freeway as well as the San Fernando Valley/Conejo Valley via the PCH/Topanga Canyon Boulevard.
*While the property has a Malibu mailing address, it is technically located in an unincorporated part of Los Angeles County and not within the Malibu city limits

Investment Highlights

  • Extremely rare opportunity to purchase legacy 16-unit apartment building (two side-by-side 8-unit apartment buildings) overlooking the Pacific Ocean in Malibu, California
  • Buildings consist of all large two-bedroom/two-bathroom units, each with spectacular panoramic ocean views of the entire Santa Monica Bay from Palos Verdes to Point Dume
  • Opportunity to improve rents by virtue of implementing renovation plan - only 2 of the 16 units have not been renovated
  • Units feature open split-level floor plans with updated kitchens (select units)
  • Property features a very quiet private street entrance with assigned private garages for each unit
  • Approximately $1M in capital improvements to the property in the past decade including seismic retrofit, exterior repaint, water drainage, garage doors, roofs, patio/balcony fences & railings and unit renovations
  • Located in a residential neighborhood and surrounded by primarily multi-million-dollar single family homes

Exclusively Listed By

Financing By

Multifamily

18069-18079 Coastline Drive

Listing Price: $13,350,000

Cap Rate
4.65%
Number of Units
16
GRM
14.92
Occupancy
97.0%
Price/Unit
$834,375
Price/Gross SF
$650.71
Gross SF
20,516

Investment Highlights

  • Extremely rare opportunity to purchase legacy 16-unit apartment building (two side-by-side 8-unit apartment buildings) overlooking the Pacific Ocean in Malibu, California
  • Buildings consist of all large two-bedroom/two-bathroom units, each with spectacular panoramic ocean views of the entire Santa Monica Bay from Palos Verdes to Point Dume
  • Opportunity to improve rents by virtue of implementing renovation plan - only 2 of the 16 units have not been renovated
  • Units feature open split-level floor plans with updated kitchens (select units)
  • Property features a very quiet private street entrance with assigned private garages for each unit
  • Approximately $1M in capital improvements to the property in the past decade including seismic retrofit, exterior repaint, water drainage, garage doors, roofs, patio/balcony fences & railings and unit renovations
  • Located in a residential neighborhood and surrounded by primarily multi-million-dollar single family homes

Investment Overview

Marcus & Millichap is pleased to present 18069 & 18079 Coastline Drive, a legacy 16-unit apartment building (two side-by-side 8-unit apartment buildings) overlooking the Pacific Ocean in world famous Malibu, California*. The buildings consist of all large two-bedroom/two-bathroom units, each with spectacular panoramic ocean views of the entire Santa Monica Bay from Palos Verdes to Point Dume. The units feature open split-level floor plans with updated kitchens (select units with full stainless-steel appliance package, granite countertops, stylish fixtures and lighting package, espresso or white shaker cabinets), vinyl wood-like flooring and plush carpet in the bedrooms, radiant heating, washer/dryers, and large balconies. The property features a very quiet private street entrance with assigned private garages for each unit. In the past decade, the current owner has invested over $1M in capital improvements including seismic retrofit, exterior repaint, water drainage, garage doors, roofs, patio/balcony fences & railings and unit renovations. Built in 1967, the combined building square footage is 20,516 sf which sits on two lots totaling 19,309 sf that is LCR305 zoned. 18069 & 18079 Coastline Drive offers an extremely rare opportunity to purchase a prime coastal apartment building in Malibu, California, one of the most sought-after and desirable locations in the world. Located in a residential neighborhood and surrounded by primarily multi-million-dollar single family homes, the property overlooks the Pacific Coast Highway and Pacific Ocean and is located just a half block from the iconic Getty Villa, and approximately 1 mile south of Topanga Canyon Boulevard and 1 mile north of Sunset Boulevard. This unique location provides tenants with a short walk to the beach and easy access to coffee shops, cafes, restaurants, retail and entertainment options in Malibu as well as nearby Pacific Palisades and Santa Monica. This location is also convenient for commuters travelling to Santa Monica, Venice, Playa Vista/Silicon Beach, Century City, Westwood, Culver City or Downtown LA via the PCH/10 Freeway as well as the San Fernando Valley/Conejo Valley via the PCH/Topanga Canyon Boulevard. *While the property has a Malibu mailing address, it is technically located in an unincorporated part of Los Angeles County and not within the Malibu city limits

Exclusively Listed By

Financing By

MM Texture Background
MM Textured Background Lower