1660 1658 Lomita Blvd, Harbor City, CA 90710

Property Description

RENTS UNDER MARKET. 6.25% cap rate and 9.98 GRM on market rents. The Lomita Court Apartments were originally constructed in approximately 1955/1960 and moved from the City of Commerce to their current location in approximately 1986. Since these properties were not on site in 1978 they are not subject to the City of Los Angeles Rent Control Ordinance. These two four-unit apartment buildings, with shared courtyard, have an excellent unit mix of all 2-bedroom, 1-bath units. Tax records indicate a combined total square footage of 6,032 for an average of 754 square feet per unit.
 
 All the units have washer and dryer hookups and individual water heaters. Heating for the units is provided by gas wall heaters. Water and gas are separately metered and the owner pays for water, sewer and rubbish removal. The roof is flat. Parking for the property is exceptional and a big draw for the property. There are eight tandem, or even triple parking spaces with smaller to average size cars, for a potential total of 24 on-site parking spaces. With all two-bedroom units, washer and dryer hookups, and a 3:1 parking ratio this property offers more than the average building in the area, insuring comparatively higher rents and stable occupancy.