Arthur Arejian of Vanguard Investments Inc., as exclusive listing agent, is pleased to present an opportunity to purchase a 16-unit apartment building located at 415 N Broadway, in the City of Redondo Beach, California, 90277. This prime income-producing property consists of 10 legal units plus 6 non-conforming totaling 16 units. This property has been operating as a 16 Unit building for over 10 years.

 

THE PROPERTY

This property is a two-story non-rent controlled building with balconies and individual garages as well as uncovered parking totaling 22 spaces. The front entrance leads you directly to the building’s interior courtyard. The building has one laundry room with 2 washers and 2 dryers grossing approximately $200/month. 

 

This property, built in 1979 of wood-frame and stucco construction, is separately metered for gas & electricity and is comprised of 15,433 SQ FT of improvements sitting on a 17,999 SQ FT lot. The roof is only five years old and the plumbing is all copper.

 

All units have been upgraded and include a combination of wood-laminate, carpet, or tile flooring, granite kitchen and bathroom countertops, dishwashers, stainless steel sinks, new kitchen appliances, and lighting fixtures. Several of the units also have balconies and/or fireplaces.

 

THE LOCATION:

The property is located in a quaint Redondo Beach community, just West of Pacific Coast Highway and North of Diamond Street, just steps from the water. In close proximity to the Portofino Marina and many beach side restaurants as well as shopping and a quick walk along the water puts you right at the beach. The community is quiet and well-maintained.

 

 

THE OPPORTUNITY

The property Sold at $5,162,000, and the economic indicators are as follows: 4.17% cap rate, $334.48 per square foot, 15.74 GRM on actual income, and $322,625 per unit. At the same time, the market GRM is at 12.17, and market cap rate is 5.91%. The current average rents are $1,696 and at an low RENT PER SQ FOOT of $1.76.