List Price: $6.1M

Listing Status: Active

Days on Market: 8

24 Bedrooms · 24 Bathrooms · 12,192 sq ft

Property Type: ResidentialIncome

Year Built: 1964

Lot Size: 11,364 sq ft

Garage Spaces: 12

MLS Number: 26674141

About This Property

Located in South Redondo Beach, west of PCH, this exceptional coastal investment offers a rare opportunity to purchase a 12-unit apartment just blocks from the Redondo Beach Pier, King Harbor, and the Pacific Ocean. The property consists of (12) 2-bedroom/1.75-bathroom units with spacious layouts, including four renovated units delivered vacant, allowing an investor to immediately capture market rents and drive income growth. The asset features strong in-place financials with a 4.35% current cap rate and 14.71 GRM, along with a projected 5.30% pro-forma cap rate and 12.79 GRM. This 11,364-SF asset is situated on a large 11,364-SF lot, which presents an attractive opportunity to add ADUs and further enhance returns. Additional highlights include 12 garages and an on-site laundry facility which is able to generate additional income. Furthermore, the property is not subject to Los Angeles rent control and instead falls under AB 1482. With its prime coastal location, desirable unit mix with spacious layouts, rent current income and upside potential, and long-term appreciation, this offering represents a true generational asset in one of the South Bay's most desirable rental markets.

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