108 N Broadway, Redondo Beach, CA 90277 - Berkshire Hathaway HomeServices California Properties

Photo of Jimmy Harmantzis

Jimmy Harmantzis REALTOR® - Broker Associate 949-212-2023 m
949-212-2023 o
Lic#: 01234982
NRDS ID: 641526390
JimmyHarmantzis@bhhscal.com Mission Viejo Office
23120 Alicia Parkway, Suite 100
Mission Viejo, CA 92692
Phone: 949-768-1000
Fax: 949-587-0915

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Agent Remarks

This six-unit apartment building, located in the highly desirable South Redondo Beach (west of PCH and near the coast), presents a compelling investment opportunity. The property is deemed historic (designated landmark). Offered at an attractive $382,500 per unit, the property boasts a solid 5.02% current cap rate and a 13.96 GRM. With three units to be delivered vacant, new ownership has an immediate opportunity for owner-occupancy or to renovate and achieve market rents, driving the pro-forma cap rate to an impressive 6.03%. The diverse unit mix, coupled with a substantial 7,608-SF lot and the absence of local rent control (defaulting to AB 1482), further enhance the value-add potential of this generational asset in a prime coastal location.

Listing Details

Property type: (Multi-Family)

Status: Active

MLS# 25539699

List price is $2,295,000

Beds: 4

Baths: 5

Built in 1906

4,352 sqft

2 stories

0.17 acres

Lot size: 0.1747