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PCH water tower home on sale for $4.5 million
October 27th, 2008, 3:00 am · 22 Comments · posted by Marilyn Kalfus, real estate reporter
A landmark water tower converted into a private home is up for sale again – this time for $4.5 million.
The tower, across Pacific Coast Highway from Huntington Harbour, is listed as “an entertainer’s dream.” 
It has a 360-degree view of everything from Catalina Island to the San Gabriel mountains.
The 87-foot-tall, multi-level residence, which borders Sunset Beach and Seal Beach, apparently has been on the market since late September.
It was listed in July 2004 for $5 million, and in the late 90s for $3.5 million. But no one bought it.
The current listing states, “Commercial-grade elevator brings occupants to the common levels, soaring well above height restrictions limiting other homes in the area.”
Additional details:
- Location: 1 Anderson St.
- 3 bedrooms, 4 baths
- Square footage: 2,800
- Year home built: 1984. (Original water tower on this property stored water for railroad steam engines in the 1800s; tower rebuilt in the 1940s and later became part of the area’s water system, according to published reports. The water tank functioned until 1975.)
- Indoor firepit, wetbar & built-in fish tank. A Register story in 2005 read, “A 145-gallon curved aquarium accents the entry to the observation room.”
- Expansive master suite with steam shower and Jacuzzi tub
- Exterior construction: wood
Gerald Wallace, a retired fire chief for the city of South Pasadena, has owned the tower since 1995.
He told the L.A. Times in a June story about Sunset Beach, “It’s not for sale. But if somebody offered me $5 million, I’d think about it.”
The building costs him $75,000 a year to maintain because of its complicated mechanical systems, he told the Times. He’s rented it out for about $4,000 a week.
Some of these photos were shot inside the tower by Orange County Register photographer Nick Koon a few years back; others are from the listing. CLICK to enlarge:
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Read more:
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Reader Comments
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22 Comments
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Surf City home "mood ring"
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It’s just not close enough to the beach.
$75,000 a year to maintain the building ?
2,800 Square Feet of living space.
The lot is only 45 x 45 > 1/2 the size of a standard lot for the area.
4.5 M - no thanks, I can buy a few ocean view condos in Newport and Long Beach for that.
If the structure ( the tank ) was ever to be destroyed in a fire, the city would not allow it to be rebuilt and then you would be stuck with a lot the size of a postage stamp.
Does anyone live here at this time?
Sniper, excellent post.
I was thinking the same thing.
Let’s see… a tall, rickety wooden structure erected in a seismic zone. A good tumbler and you wake up under a lifeguard tower with aquarium fish and splinters crammed in your jammies. No thanks.
And I thought Yakko, Wakko, and Dot’s water tower digs were well decorated!
YOU CAN BUY A HOUSE 4 TIMES THAT SIZE IN LONG BEACH.
I am actually the marketing director for the team selling this home. The property is within 50 feet of the sand and offers 360 degree unubstructed views. It is a unique OC landmark. Certainly this home requires a very particular type of buyer, but for the vaction-rental income alone it makes a attactive investment.
you can see more @ http://www.macteam.com
If he can rent it out for $4,000 per week, we can determine a fair value based on that.
If the home can be rented 30 weeks out of the year and the investor is willing to pay a rent multiplier of 16, then the fair value would be close to $2 million.
(4,000 * 30 weeks * 16 = $1,920,000)
If he can keep it rented out more, it would be worth more, but I suspect this thing isn’t rented out for even 30 weeks a year. On top of that, many investors many not pay such a high multiplier in today’s market, so if we assume 25 weeks rented and a multiplier of 13, it would be worth $1,300,000.
(4,000 * 25 weeks * 13)
He seems to have a sentimental attachment to the property, so that might explain why he’s asking for so much. It’s kind of like the “make me move” price you see on Zillow.
When all is said and done, it will be worth exactly what someone is willing to pay for it, no more–no less. and untill it sells, we wont know how much that is. . .
Personally, I am not interested in $75,000 a year in maintenance costs. . . .
I went to a party there years ago, it was awsome.
However, I would like to visit but I wouldn’t like to live there.
It’s just a novelty home and not worth the upkeep and price.
Great place to party, tho!!!
It’s a novelty property. 4.5 mi for that? No thanks. I could buy a far more attractive property with the same money.
i think id barf everytime i looked out the window.. kinda shaky…
Don’t post here if you don’t want doom and gloom. That is all we have to offer. This is NOT a marketing opportunity.
Its closer to Turks than the sand.
What a dive!
I sure hope the interior decor has been updated since some of those shots were taken. As presented, it has all the charm of a 70s dentist office–a ROUND 70s dentist office.
And for the price, all you’re obviously paying for is novelty. So good luck with that, dude.
I can remember being a teenager surfing the day they had the original water tower lowered from a crane…what a sight that was.
It seems that if the owner really wants to sell it, he should invest in updating the decor. Dave called it 70’s, but what’s tragic about that is that the home was built in the 80’s. No one should have green carpet like that!
I remember surfing Sunset in the 80s. The owner had a 911 parked under it with a license plate TWRMAN. I always liked that place.
JAllen
Hey, its worth it: no lawn to mow.
Where’s Kelso and Fez?
The water tower is acually in Surfside next to Sunset Beach. I am a native Sunset Beacher. The tower was our water supply for many years. My mother and Miss Snowden helped save the water tower from being torn down. It is an historical landmark. I was married in the room on top 17 years ago, which has a unbelievable view. And it is only a hop, skip and a jump from the sand.