2010 Manhattan Beach Blvd, Redondo Beach, CA 90278

2010 Manhattan Beach Blvd, Redondo Beach, CA 90278

Redondo Beach, CA
$1,700,000

Property Description

2010 Manhattan Beach Blvd is a great opportunity to own an affordable apartment building in the Beach Cities, just East of Manhattan Beach. The large 3+2 unit is a great opportunity for an owner-user with family and can be divided into a 5th unit (without permit) by simply closing off a door – adding the potential for extra income. All the units have laundry hookups, have a single car garage with a tandem parking space, and are individually metered for gas & electricity. The building is well maintained and sits on a landscaped lot with a courtyard that has multiple fruit trees including persimmon, peach, grape, fig & guava. North Redondo is a great rental market with great access to the 405 Freeway, Polliwog Park, the newly remodeled Manhattan Village Mall, and the beach. This asset can produce a 4% return from day 1 with upside to 6% with a basic remodel plan.

Property Features

  • Sale Price: $1,700,000
  • Area Size: 3,860 Sq. Ft.
  • Land Area: 5,645 Sq. Ft.
  • Year Built: 1961
  • Listing Date: 10/25/2023
  • Closing Date: 11/27/2023
  • Units: 5
  • Current GRM: 16.90
  • Current Cap Rate: 4.05%
  • Price Per Unit: $537,500
  • Market GRM: 12.57
  • Market Cap Rate: 6.03%
  • Current NOI: $129,130

Lyon Stahl Investment Real Estate

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