906 Torrance Blvd Redondo Beach, CA 90277
Pending
$8,250,000
26 Units
38 Beds
30 Baths
19,944 Area(sq.ft.)
20,390 Lot Size(sq.ft.)
| Type | # of Units | Bedroom | Bath | Furnished | Rent | Actual Rent | Projected Rent |
|---|---|---|---|---|---|---|---|
| Unit 1 | 1 | 3 | 2 | No | $ 2,364 | $ 2,364 | $ 3,500 |
| Unit 2 | 1 | 3 | 1 | No | $ 3,012 | $ 3,012 | $ 3,200 |
| Unit 3 | 2 | 2 | 2 | No | $ 2,278 | $ 2,278 | $ 2,995 |
| Unit 4 | 6 | 2 | 1 | No | $ 2,449 | $ 2,449 | $ 2,850 |
| Unit 5 | 16 | 1 | 1 | No | $ 2,075 | $ 2,075 | $ 2,350 |
| 5 | 26 | 38 | 29 | $ 57,826 | $ 57,826 | $ 67,390 |
| MLS #: | 24-437465 |
| Days On Market: | 5 |
| County: | Los Angeles |
| Property Type: | Residential Income |
| Price per ft2: | $ 414 |
| Price per unit: | $ 317,308 |
| Year Built: | 1962 |
Property Details
This 26 Unit Property presents an opportunity to add value to a very desirable asset in a Premium location. The 906 Redondo Apts. is located in one of Southern California's most sought-after areas, Redondo Beach. It's about a mile from Redondo Pier/Fisherman's Wharf, and the Pacific Ocean. This is a mecca for weekend tourists with over 50 options for dining, shopping, and water activities. The charming Flatiron style building built in the 60's, sits on a robust commercial corner, but offers the tenants parking access off a quiet cul-de-sac. The unit mix is ideal with (2) 3 BR's; (7) 2BR's and (17) 1BR's. There are 24 covered parking spaces plus (3) garages. The front entrance features a lush garden with a tropical theme and a stairwell to the secure gate. That entry leads to an open courtyard with a heated pool, and lounge area for tenants. The property has been professionally managed for years and offers immediate and attainable upside of 27%. The city of Redondo Beach is subject only to state rent control (AB1482) and rents can be raised annually by 5% plus CPI.Interested in this Listing?
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Income Details
| Vacancy Rate: | 3% |
| Gross Operating Income: | $ 676,440 |
| Total Annual Expense: | $ 255,081 |
| Net Operating Income: | $ 421,359 |
| Gross Annual Income: | $ 693,984 |
| Cap Rate: | 5.11% |
| Gross Rent Multiplier: | 11.83 |
| Actual Gross Rent: | $ 693,984 |
| Actual Gross Income: | $ 697,361 |
| Actual Rent Total: | $ 693,984 |
Structure
| Type of Units: | Residential |
| Buildings: | 1 |
| Levels: | Two |
| Security Features: | Resident Manager, Gated |
| Style: | Mid-Century |
Land & Parking
| Zoning: | RBC-2 |
| Parking Garage: | Assigned, Garage |
| Total Parking: | 27 |
Interior
| AC/Cooling: | None |
| Equipment: | Ceiling Fan, Dishwasher, Garbage Disposal |
| Heating: | Natural Gas |
Exterior
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