Property Description

This is the first time on the market for 3528 & 3530 Emerald St., Torrance since 1974! This 22-unit value-add apartment building is located in prime Torrance on one of the most desirable streets in all of Torrance. The property is located within walking distance of the Del Amo Fashion Center, a 2.1M+ sq. ft. shopping center owned by Simon Property Group and the 6th largest mall in the United States. The subject property is also close to three of the largest medical centers in California: Little Company of Mary, Torrance Memorial, and Kaiser Permanente Medical Center. There is a substantial amount of development in the area including the Torrance Commerce Center, which encompasses 4 state-of-the-art corporate headquarter industrial buildings totaling 615,000 sq. ft. , with buildings sized between 105,000 and 278,000 sq. ft. The development is taking place on a 33-acre site, which previously featured the 700,000 sq. ft. North American headquarters for Toyota. The subject property consists of 2 separate apartment buildings built in 1969, with a driveway between the buildings and tuck-under parking below each building. In addition to the on-site parking (31 spots), the church next door rents parking spaces in their large parking lot to tenants at the building. The property has an amazing unit mix consisting of (6) 3b/2ba units, (8) 2b/2ba units, (2) 2bd/1ba units and (6) 1bd/1ba units. The buildings total 20,562 sq. ft. and sit on a 19,113 sq. ft. lot. These are very large units, with an average unit size of 869 sq. ft. The property is separately metered for electricity and master metered for gas and water. The City of Torrance is installing a new gas meter, which will be installed prior to the close of escrow. The building has 2 laundry rooms for additional rental income and several storage lockers for each parking spot. There are currently 4 vacancies at the property. 2 of the units are rent ready. Although the units could easily be rented, the seller has been leaving units vacant so that a buyer can make the improvements they desire to those vacancies to achieve maximum rents. In addition, the on-site manager, who knows the building very well, is willing to move out prior to closing. However, it may be advantageous to a buyer to retain the on-site manager due to his vast knowledge of the building. The property is subject to AB 1482 but is not subject to any local rent control. There is approximately 34% rent upside. OM included as a supplement.