7-Unit Apartment Building for sale in South Redondo Beach | $2,695,000

7-Unit Apartment Building for sale in South Redondo Beach  | $2,695,000

Beautifully Restored 7-unit apartment building located in South Redondo Beach, just minutes from the beach, pier and world-famous King Harbor. This property demonstrates a vintage 1925 Spanish Colonial Architectural style that has been well-maintained for almost 100 years and artfully restored. It features a unique and spacious 1,798 SF private backyard patio for all tenants to enjoy, a portion of which is privatized to the largest unit.

Located at 215 Carnelian Street in Redondo Beach, this building has a brand-new roof that was installed last year and has been completely re-wired and re-piped with copper and PVC. The exterior has also been painted, re-stuccoed and re-lanscaped. Approximately 10 windows and sashes were replaced as well. There is a storage room that has been improved with coin-operated washer/dryer and storage units for each tenant. The original hardwood flooring, almost 100 years old, has been repaired, restored and refinished in three of the studio units. One unit has even been completely refurbished and re-plastered featuring a remodeled kitchen with all new cabinetry, appliances, fixtures, and a tankless water heater.

Investment Highlights
-Beautifully Restored 7-Unit Spanish Colonial-Style Apartment Building
-Unit Mix: (1) 3-Bed/1.5-Bath Unit & (6) Studio Units
-3,858 SF of Total Living Area Situated on a 5,291 SF Lot
-Additional Adjacent 1,798 SF Lot Used as a Private Backyard Patio for Tenants (Total of 7,089 SF)
-Rare opportunity to own 7 units and 2 parcels of land in a highly sought-after market with limited inventory
-Property Fully Occupied – All Leases on Month-to-Month Basis
-Incredible Location: Just a Couple Blocks from the Harbor, Pier, and Ocean!

Listed at $2,800,000, this building was built in 1925, has a GRM of 22.07, a Cap Rate of 2.70%, and a NOI of $72,860.

 

Redondo Beach Highlights

 

● Redondo Beach is one of three Beach Cities in the South Bay region of Los Angeles bordered by Manhattan Beach, Hermosa Beach, Torrance, Hawthorne, and Lawndale.
● A main attraction to the city is the Redondo Beach Pier which is the largest endless pier on the California coast.
● Much of Redondo Beach’s lifestyle is influenced by its sister cities: Manhattan Beach and Hermosa Beach.
● The city maintains permanent beach volleyball nets year-round and dedicates lanes to the bike path that runs past the Redondo Beach King Harbor Marina complex.
● Surfing is another essential element to the South Bay lifestyle.
● Properties in Redondo Beach within 2 blocks of the Pacific Ocean routinely sell for above- average prices.
● The median price of homes listed in the Redondo Beach real estate market is currently $1,100,000 and home values have gone up 8.4% over the past year.
● Redondo Union High School is the zoned high school within the Redondo Beach Unified School District and is ranked in the top 50 high schools in California.
● Also within the school district are two middle schools, and eight elementary schools, all evenly divided between North and South Redondo Beach.
● Redondo Beach can be commonly seen in popular TV shows and films including Baywatch, Dexter, The O.C., 24, CSI: Miami, 90210, Point Break, Pirates of the Caribbean: At World’s End, and Pulp Fiction.

County Overview:

The most heavily populated county in the country is Los Angeles County with approximately 9.9 million people, including about 1 million that live in unincorporated areas of the county. The metropolis – formed by the six neighboring counties of Los Angeles, Ventura, Kern, San Bernardino, Riverside, and Orange – is home to approximately 19 million residents. Los Angeles County is home to one of the most educated labor pools in the country and offers a labor force of more than 4.7 million, of which more than 1.5 million are college graduates. Los Angeles County has the largest population of any county in the nation, exceeded only by eight states. According to the United States Conference of Mayors, Los Angeles County boasts a GDP among the twenty largest in the world. Los Angeles County’s continued economic growth, in contrast to other areas of the state and nation, is due to its diversified economy and abundant, well-trained workforce.

● Los Angeles County is the world’s 18th largest economy.
● Los Angeles part of the “Tech Coast” and is regarded as the of the main entrepreneurial regions of the world. It has approximately 200,000 small businesses, which is twice as many small businesses as can be found in any other region of the United States.
● If Los Angeles’ five county area were a state, it would be the fourth largest in the United States.
● Los Angeles has more than 80 stage theaters and 300 museums, more than any other U.S city.

 

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