16411 S Normandie Ave, Gardena, CA 90247

Property Description

The property consists of 4 separate houses and one retail building on two separate parcel numbers (6105-019-005/8). Lot SF reflects both parcels together per assessor data. There are two 2 bed 1 bath units and two 1 bed 1 bath units. Each property has a yard and a 1 car garage plus driveway parking. All the units have been redone on the exterior with new stucco, roll-up garage doors and new windows . The interiors on 3 units have also been redone including paint, tile floors, fixtures, flooring and washer dryer hook-ups. The tenants pay all utilities along with gardening. The income and expense figures listed are the actual expenses except for maintenance which is actually lower because of the rehabbed condition. Based on the actual expenses and the new property taxes the property yields an 8.97% cap rate which puts this property well above the cap rates of other similar listed properties. It also ranks ahead of the cap rates of 13 of the last 16 RI units sold since July 2011. Washer/dryer hook-ups are inside in the 2 BR units and in the garage in the 1 BR units. The retail building is approximately 595 SF with a bath and storage room 10X6 and includes 6 parking spaces.