A Potential Historic Landmark in Real Estate Transactions
A significant cryptocurrency trend is emerging in real estate, especially in exclusive locations like Manhattan Beach. A 14-unit beachfront multifamily property is now on the market, priced at $12 million. This property offers an intriguing opportunity as the seller is accepting Bitcoin or USDC as payment. If finalized, this could become the largest real estate deal in California executed through cryptocurrency, marking an important milestone in both the real estate and crypto industries.
What Makes This Property Unique?
This multifamily asset is located in the sought-after El Porto neighborhood, known for its beautiful surf beaches and dynamic local culture. Exclusively represented by dedicated real estate professionals Elaine McIntyre Kim and Tom Watkins from Centennial Advisers, this property already boasts short-term rental approval, indicating it is well positioned for income generation. The allure of living near the beach, alongside various recreational activities and high-end dining options, enhances its appeal to potential investors.
Exceptional Features and Amenities
Situated at 3901 Highland Avenue, this property is fully equipped for short-term rental operations, featuring 14 units, with a mix of legal and non-conforming setups. Just two blocks from the beach, it offers easy access to popular eateries, yoga studios, and trendy cafes. Furthermore, it is uniquely positioned in one of the country’s most coveted coastal markets, known for its limited supply and high demand.
Investment Appeal
Short-term rental investments are becoming particularly attractive this year. The current tax structures provide 100% bonus depreciation on eligible assets, along with expedited write-offs for furniture and fixtures. These financial incentives make investing in short-term rental properties a strategic and appealing choice for many investors.
The Facilitation of Crypto Transaction
The unique nature of this real estate deal is reinforced by the role of Guaranty Escrow, the leading escrow provider authorized by BitGo, a respected name in digital asset custody. This ensures that transactions can be conducted safely and securely, allowing buyers to fund escrow with digital assets while fixing the USD conversion at the time of funding. This blend of traditional real estate practices and modern cryptocurrency utility is setting the stage for future property transactions.
Insights from Real Estate Experts
Elaine McIntyre Kim has expressed enthusiasm regarding the listing, noting, "This isn't just a listing—it's a milestone. We’re merging lifestyle real estate with next-gen capital. Crypto buyers looking to invest their wealth in tangible assets will find no better location than El Porto." This perspective highlights the transformational potential of cryptocurrency in real estate and reflects the excitement surrounding this property.
Property Highlights at a Glance
- 14 units: 12 legal, 2 non-conforming
- Located just two blocks from the beach, close to local dining and yoga studios
- Zoned for CNE/R-2 with potential for accessory dwelling units (ADUs)
- Current Airbnb units are operational, while others are occupied long-term
- Performance of short-term rentals outshines inland hotel offerings
- Convenient access to LAX, surrounded by multimillion-dollar celebrity properties
About Centennial Advisers
Centennial Advisers is a premier commercial real estate brokerage with a solid reputation across Southern California. They specialize in investment sales, leveraging local market knowledge along with national expertise to ensure that investors, owners, and operators can achieve maximum return on their investments.
Frequently Asked Questions
What is the asking price for the property in Manhattan Beach?
The property is listed at $12 million.
Which cryptocurrencies are accepted for the property purchase?
The seller is accepting Bitcoin and USDC as forms of payment.
Who is representing the property listing?
Elaine McIntyre Kim and Tom Watkins from Centennial Advisers are the exclusive agents for this property.
Is the property currently generating income?
Yes, the property is fully approved for short-term rentals and is already producing income.
Why is the property considered a good investment?
Due to the tax benefits associated with short-term rentals and its prime location near the beach, the property is seen as a highly attractive investment opportunity.
