23135 Madison St, Torrance, CA 90505

23135 Madison St, Torrance, CA 90505

Torrance, CA

Property Description

Madison Park Apartments is a well maintained 36-unit multifamily community located in the desirable Southwood Riviera neighborhood of South Torrance. Madison Park Apartments presents an opportunity for an investor or renovator to acquire a value-add multifamily asset situated in a highly coveted location due to its’ proximity to the coast, diverse employment base, highly rated schools, and amenities accessible within the Southern California area. Recently substantial improvements have been made to the property. The entire exterior was completely prepped and repainted (stucco, trim, doors, railings, gutters, fences, gates), for a total CapEx expenditure of $28,500. Additionally, a new polyurethane waterproofing system was applied to the entire 1st floor courtyard, swimming pool deck, entrance stairs, and patios, for a total CapEx expenditure of $57,300. Madison Park Apartments will appeal to both long-term investors and renovation specialists. The desirable unit mix of (18) ample 1 Bedroom 1 Bath units and (18) spacious 2 Bedroom 2 Bath units, each with their own large patio or balcony, are roomy enough for sharing living space or creating a work from home environment. There is demonstrable upside in the current rent rates and post-renovated rent rates, depending on the quality of value-add enhancements and renovations brought to the property. Madison Park Apartments is located near the best that the South Bay area has to offer, within walking distance to a variety of Parks, Recreations Centers, Madrona Marsh Nature Preserve, and neighborhood schools. Within a short drive, one can reach the Pacific Ocean and Riviera Village, The Del Amo Shopping Center, and Wilson Park, providing Residents with an abundance of recreational, shopping, dining, and entertainment options. Madison Park Apartments is also conveniently located near Hawthorne Boulevard, Pacific Coast Highway and within close access to Interstate 405, 110, and 91, allowing residents to reach employment hubs throughout Los Angeles and Orange County. In summary, Madison Park Apartments offers the opportunity to build lasting value in the ideally located and highly coveted coastal submarket of Los Angeles California.

Property Features

  • Sale Price: $11,088,867
  • Area Size: 30,504 Sq. Ft.
  • Land Area: 0.74 Acres
  • Year Built: 1969
  • Listing Date: 9/9/2023
  • Closing Date: 12/14/2023
  • Units: 36
  • Current GRM: 12.66
  • Current Cap Rate: 5.13%
  • Price Per Unit: $333,333
  • Market GRM: 11.24
  • Market Cap Rate: 6.06%
  • Current NOI: $615,237

Lyon Stahl Investment Real Estate

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