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81 Pier Avenue, Hermosa Beach, California 90254, Hermosa Beach, 90254 - bed, bath

81 Pier Avenue, Hermosa Beach, California 90254 home-pic-0
ACTIVE$14,250,000
81 Pier Avenue, Hermosa Beach, California 90254
0Bed
0Bath
3,909Sqft
5,389Lot
Year Built
1971
Close
-
List price
$14.25M
Original List price
$14.25M
Price/Sqft
$3,645
HOA
-
Days on market
-
Sold On
-
MLS number
SB25019012
Home ConditionGood
Features
Good View:
View-

About this home

We found 3 Cons,5 Pros.

Rare, Rare, Rare opportunity to own a Hermosa Beach Landmark Property. In the early 1900's, this location was home to The First Bank of Hermosa Beach and has seen major renovation over the years. Now, the current Citibank building is an amazing trophy property that is the first building to welcome you to the Hermosa Beach Pier Plaza. Pier Plaza is a pedestrian-friendly destination with retail shops, beach boutiques, chic stores, fine dining, casual eateries, cocktail bars and of the course the world famous Hermosa Beach Pier. It has been said that the Citibank building is the most recognizable property in Hermosa Beach with it's historical significance, timeless architecture, 124' of Hermosa Ave frontage, 74' of Pier Ave frontage, direct path crosswalks leading to it's doors and an estimated 25,000 cars passing by each day. This property is one of a kind and will not last. Don't miss your chance to own a piece of Hermosa Beach.

Nearby schools

10/10
Hermosa View Elementary School
Public,•K-3•0.7mi
9/10
Opal Robinson Elementary School
Public,•K-5•1.1mi
8/10
Hermosa Valley Elementary School
Public,•4-8•0.4mi
9/10
Manhattan Beach Middle School
Public,•6-8•2.1mi
9/10
Mira Costa High School
Public,•9-12•1.0mi

Price History

Date
Event
Price
01/27/25
Listing
$14,250,000
01/11/17
Sold
$9,450,000
02/04/14
Sold
$5,188,051
Condition Rating
Good
This property is listed as 'Mixed Use' but is primarily depicted as a commercial Citibank building, with no interior images of residential components (kitchen, bathroom, etc.) provided. Therefore, a direct assessment of residential features is not possible. However, despite being built in 1971, the description states it has undergone 'major renovation over the years.' The exterior images show a modern, well-maintained commercial facade, suggesting significant recent updates. Assuming these extensive renovations apply to the entire structure, including any potential residential units, the property is likely move-in ready with updated systems, aligning with a 'Good' condition score. The high list price and 'trophy property' designation also imply a well-maintained and high-quality asset.
Pros & Cons

Pros

Unrivaled Location & Visibility: Positioned as the gateway to Hermosa Beach Pier Plaza, boasting high pedestrian and vehicular traffic (estimated 25,000 cars/day) and direct crosswalk access, ensuring maximum exposure for any business.
Iconic Landmark Status: Recognized as a Hermosa Beach Landmark with historical significance and timeless architecture, offering unparalleled brand recognition and prestige within the community.
Exceptional Corner Frontage: Features extensive street frontage (124' on Hermosa Ave, 74' on Pier Ave), providing prominent visibility and multiple access points ideal for commercial operations.
Strategic Commercial Hub: Situated within the vibrant Pier Plaza, a thriving pedestrian destination surrounded by diverse retail, dining, and entertainment, guaranteeing strong commercial foot traffic and synergy.
Rare Investment Opportunity: Described as a 'one of a kind' and 'rare' trophy property, indicating limited supply and high demand for such a unique, high-profile asset in a prime coastal market.

Cons

Substantial Capital Investment: The $14.25 million list price represents a significant financial commitment, narrowing the potential buyer pool to high-net-worth individuals or large institutional investors.
Building Age & Potential Obsolescence: Constructed in 1971, the property, despite past renovations, may require substantial upgrades to meet modern commercial standards, energy efficiency, or specific tenant needs, incurring additional costs.
Specific Current Layout/Use: As a former bank, the existing interior configuration might be highly specialized, potentially necessitating extensive and costly reconfigurations for alternative commercial or mixed-use tenants.

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