$3,740,000 Price Analysis   ♡   Redondo Beach, CA 90277 8 bed 9 bath 4,440 SqFt ($842/SqFt) 0.24 acre lot. Built 1925 Listed 2024-05-28, Taxes $15,640 | Ⓧ USDA Ineligible due to price & location near Redondo Beach |
The Broadway Apartments are a rare value add opportunity with a ton of future potential in one of the best locations in all of the South Bay.
* Has Contingent Offer *Sitting on an oversized 10, 552 sq ft lot, the offering features 7 separate structures and is comprised of a total of 9 apartment units. The unit mix is comprised of 8 one-bedroom/one-bathroom units and 1 studio/ one-bathroom unit. Two units will be delivered vacant at clsing leaving immediate day 1 upside. With current rental rates of the occupied units well below market value, there is significant potential for value add through strategic renovations and future rent increases. Current ownership has issued maximum rental increases to begin on August 1st, 2024. Upon the increases going into effect, the property will be operating at a 3.53% cap rate and a proforma cap rate of 6.11%. Adding to the property's allure is the presence of six on-site garages, which provide an additional revenue stream and could be converted into ADUs (Buyer to confirm). Tenants can enjoy on-site laundry, large yards and patios allowing a new owner to maximize future rents. There is also a common area laundry room for tenants to enjoy (Leased W/D). The property boasts a 93 Walk Score and an 86 Bike Score and is less than a half mile from the beach, making this location a renter's paradise!
The offering is in one of the hottest markets in the South Bay and is near some of the best restaurants and retail the city has to offer. This investment presents a attractive opportunity to own a sizable asset in Redondo Beach.
Presented by John Katnik at
BRC Advisors- BH.
Property MLS #24-396111 from TheMLSCLAW
Full Bathrooms: 9
Laundry Features: Community
Lot Size Source: Assessor
Lot Size Square Feet: 10562
Garage Description: Garage
Parking Total: 6
Calculated Total Monthly Association Fees: 0
Number of Units: 9
Unit Features: 1 BedsTotal: 1, 1 BathsTotal: 1, 1 SquareFeet: 22400, 2 BathsTotal: 1, 2 SquareFeet: 1500
County: Los Angeles
Cap Rate: 3.53
Directions: West of PCH, Just North of Torrance Blvd
Source Property Type: Residential Income
Area: S. Redondo Beach South of PCH
Source Neighborhood: S. Redondo Beach South of PCH
Owner Pays: Water, Gardener
Parcel Number: 7505-007-023
Zoning: RBR-3A
Source System Name: C2C
| Year | Assessments Building + Land Total | Tax |
|---|---|---|
| 2022 | $350,487 + $868,993 $1,219,480 | $15,640 |
| 2021 | $343,615 + $851,954 $1,195,569 | $15,476 |
| 2020 | $340,092 + $843,219 $1,183,311 | $15,493 |
| 2019 | $333,424 + $826,686 $1,160,110 | $15,206 |
| 2018 | $326,887 + $810,477 $1,137,364 | $14,827 |
| 2017 | $320,478 + $794,586 $1,115,064 | $14,579 |
| 2016 | $314,195 + $779,006 $1,093,201 | $14,205 |
| 2015 | $309,476 + $767,305 $1,076,781 | $13,967 |
| 2014 | $303,414 + $752,275 $1,055,689 | $13,852 |
| 2013 | $302,043 + $748,876 $1,050,919 | $13,577 |
| 2012 | $296,121 + $734,193 $1,030,314 | $12,791 |
| 2010 | $290,315 + $719,798 $1,010,113 | $12,376 |
| 2009 | $288,831 + $716,117 $1,004,948 | $12,198 |
| 2009 | $288,146 + $714,419 $1,002,565 | $12,198 |
| 2008 | $283,168 + $702,076 $985,244 | $11,902 |
| 2007 | $277,616 + $688,310 $965,926 | $11,364 |
$3,740,000
TheMLSCLAW
Listing removed 2012-05-08
$2,050,000
SoCalMLS
Price Changed 2011-10-31
$2,050,000
SoCalMLS
Listed 2011-06-20
$2,125,000
SoCalMLS
Sold 1999-11-29
$842,000
Public Record
Sold 1977-10-14
$246,000
Public Record
Year Built: 1925
Building Exterior Type: Stucco
Levels: One Level
Living Area Source: Assessor
Property Age: 99
Property Condition: Fixer
Roof: Flat
Levels or Stories: 1
Building Total Stories: 1
House Style: Spanish
Year Built Source: Assessor
Architectural Style: Spanish
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The property loan eligibility may be subject to additional requirements beyond geographical location including but not limited to the condition of the property. Speak with a real estate professional to find out more about the eligibility of a specific property.