215 Carnelian St, Redondo Beach, CA 90277

215 Carnelian St, Redondo Beach, CA 90277

Redondo Beach, CA

Property Description

Back on the Market at a whopping $325k Price Reduction! This beautifully restored 7-unit apartment building is in a prime location in South Redondo Beach, just 2 blocks from the beach, pier, harbor, marina, bike path and more. …Consisting of six (approx. 400 sq. ft.) single apartments with a shared-yard, and one (approx. 1,500 sq. ft.) 3 bedroom apartment… ideal for a possible owner’s unit with its own large separate yard. This property demonstrates a vintage 1925 Spanish Colonial Architectural Style with one of the very few surviving Classic Quant and Original 1920’s Old Spanish Courts from Redondo’s Glory Days and is now a ‘Landmark’ smack in the heart of Old Downtown Redondo’s “Mid-Way”.

The property is charming and authentic …not just dolled-up, but well-maintained and updated in all the right places with authenticity always in mind. Featuring a brand-new roof that was installed last year, this building has been completely re-wired and repiped with copper and PVC. The exterior has also been painted, re-stuccoed, and relandscaped. 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. One of the studio units will be delivered vacant and is currently undergoing updates including fresh paint and hardwood flooring.

<strong>Investment Highlights:</strong>

● Back on Market | $325,000 Price Reduction!<strong>
</strong>● Beautifully Restored 7-Unit Spanish Colonial-Style Apartment Building<strong>
</strong>● Unit Mix: (1) 3-Bed/1.5-Bath Unit &amp; (6) Studio Units
● 6 Occupied Units on Month to Month Leases | 1 Vacant Studio<strong>
</strong>● Incredible Location: Just a Couple Blocks from the Harbor, Pier, and Ocean!<strong>
</strong>● 2 Parcels | Total Lot Size is 7,089 SF<strong>
</strong>● 3,858 SF Building on a 5,291 SF Lot | 1,798 SF Private Backyard Patio

[arve url=”https://www.youtube.com/watch?v=IG27AXoThUQ” /]

Property Features

  • Sale Price: $2,450,000
  • Area Size: 3,858 SF
  • Land Area: 7,089 SF
  • Year Built: 1925
  • Closing Date: 1/21/19
  • Units: 7
  • Current GRM: 19.37
  • Current Cap Rate: 3.09%
  • Price Per Unit: $353,571.43
  • Current NOI: $76,545.70

Lyon Stahl Investment Real Estate

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