2617 Gates Ave, Redondo Beach, CA 90278

Property Description

2617 & 2619 Gates Avenue are two separate 6 unit buildings on 2 contiguous 7,497 sq.ft. parcels sold together. The two identical 4,134 sq.ft buildings offer a total of 8,268 sq.ft. on 14,994 sq.ft. of land. The buildings have an excellent unit mix of all 2 bedroom and 1 bath units with relative little turnover and a stable tenancy. Both buildings are 100 percent leased with most tenants on month to month tenancy to allow for additional upside potential. 7 of the tenants have not had rent increases in over a year to a year and a half. Pro Forma rents are based on little or no improvements for rent increases. 5 of the units have been recently remodeled. The exterior stucco, stairs and balconies have been recently painted. All 12 units have their own washer and dryer hookups and hot water heaters. Each building has 3 garages with 6 spaces with garage door openers. Both buildings have some new windows. A great opportunity to own a prime property in a great location of North Redondo less than 3 miles from the beach and less than 1 mile from the South Bay Galleria and 405 Freeway.