102 N Broadway, Redondo Beach, CA 90277

Property Description

The Broadway Apartments are a rare value add opportunity with a ton of future potential in one of the best locations in all of the South Bay. Sitting on an oversized 10,552 sq ft lot, the offering features 7 separate structures and is comprised of a total of 9 apartment units. The unit mix is comprised of 8 one-bedroom/one-bathroom units and 1 studio/ one-bathroom unit. One unit will be delivered vacant at closing leaving immediate day 1 upside. With current rental rates of the occupied units well below market value, there is significant potential for value add through strategic renovations and future rent increases. Current ownership has issued maximum rental increases to begin on August 1st, 2024. Upon the increases going into effect, the property will be operating at a 3.53% cap rate and a proforma cap rate of 6.11%. Adding to the property's allure is the presence of six on-site garages, which provide an additional revenue stream and could be converted into ADUs (Buyer to confirm). Tenants can enjoy on-site laundry, large yards and patios allowing a new owner to maximize future rents. There is also a common area laundry room for tenants to enjoy (Leased W/D). The property boasts a 93 Walk Score and an 86 Bike Score and is less than a half mile from the beach, making this location a renter's paradise! The offering is in one of the hottest markets in the South Bay and is near some of the best restaurants and retail the city has to offer. This investment presents a very attractive opportunity to own a sizable asset in Redondo Beach.