A preserved example of Southern California’s midcentury architecture has been listed for sale at $7.2 million, hitting the market for the first time in half a century.
Skylark, a 10-unit property perched along the Esplanade in Redondo Beach, is a complex that serves as a relic of Los Angeles' housing history and an example of the dingbat architecture style. The property was built in 1960 as part of a post-war housing boom, as the region rushed to build homes for an influx of new residents.
More than six decades later, the property is for sale, offering a buyer a blend of classic design and potential to upgrade and raise the rents, according to listing broker Austin Zahn of Lyon Stahl Investment Real Estate.
The 7,200-square-foot building — and the land it sits on — is "irreplaceable" due to its oceanfront location, where such properties rarely hit the market, Zahn said.
Investors can cash in on the property, with a potential to hike rents by nearly 50% in an area where rents are already 20% higher than the greater Los Angeles average, according to CoStar.
The dingbat style — characterized by boxy, ornamented stucco structures with carports underneath — is named after the decorative motifs, or dingbats, featured on the facade of the building, from swirling shapes and characters like mermaids to looping fonts for a name or address.
Architectural legacy
Such a design took root in Los Angeles from the 1950s to the 1970s, and while it's unclear just how many dingbats were built during that time, roughly 32,800 apartment properties built in those two decades still stand in Los Angeles County, according to CoStar data.
These dingbat apartments became popular in L.A. because they could be built quickly and fit into small lots, resulting in more affordable living for a fast-growing city. However, unless grandfathered in, the dingbat design no longer conforms to zoning laws and is illegal to build these days.
Some investors have turned to expanding the apartment style with dwelling units commonly known as granny flats as the result of a state law signed a few years ago to spur the creation of more housing and ease an acute shortage of residential properties statewide.
Situated at 1802 Esplanade in South Redondo Beach, an area known for its old-school charm and beach city vibe, Skylark is surrounded by a community that values its classic coastal heritage without going "Beverly Hills," Zahn said. The neighborhood’s appeal has kept demand high, with many residents choosing to stay long-term once they experience the lifestyle, Zahn said.
The building’s location provides residents with panoramic views of the Palos Verdes Peninsula and the Pacific Ocean. Renters "wake up to ocean air every morning, the sound of waves crashing.
"You can see surfers taking off from the living room,” Zahn told CoStar News.
The same local family has owned Skylark for more than half a century, now reaching a third generation.
The local multifamily market predominantly features mom-and-pop ownership, with many properties held by small portfolio or single-building owners. While some institutional investors are present, they are not the majority, maintaining a community-centric ownership structure, Zahn said.