New Label for the 'Gateway'

Posted by Dave Fratello on Wednesday, August 11th, 2010 at 9:04pm.

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.
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