3929 W 242nd St, Torrance, CA 90505

Property Description

The Palms is a 48 unit apartment complex located just two blocks South of Pacific Coast Highway (PCH) in the Walteria neighborhood of South Torrance at the foothills of the Palos Verdes Peninsula immediately adjacent to Palos Verdes Estates and Rolling Hills Estates. 2 miles due west is one of Southern California’s most popular beaches, Redondo Beach and Redondo Village (Redondo’s downtown of retail shops and eateries), allowing The Palms residents to enjoy all the benefits of living in a beach city.
 
 An astute investor will realize the benefits of owning an asset that is essentially in a beach city, without paying the premium of a beach city asset. The median household income within a 1, 3 and 5 mile radius of the property ranges from $80,000 to $87,000 per year. Five streets to the south, the average annual income of Palos Verdes Estates residents is $245,000 and a ranking of the 38th wealthiest city in the United States according to Bloomberg News. 
 
 The improvements consist of a U shaped courtyard style design with a total building area of 36,096 per the county assessor’s records, and was built in 1961 utilizing Type “V” wood frame and stucco construction with 2 stories over on grade parking. The land parcel is slightly over 1 acre (approximately 44,793 square feet) and is zoned High-Medium Density Multi-Residential. This zoning permits 31.1 to 44.0 Dwelling Units per acre before any potential density bonuses. 1 parking garage for each of the 48 units.