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$ 6,100,000
Est. payment /mo
Pending
525 N Francisca Avenue Redondo Beach, CA 90277
12,192 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Pending
Purchase Type For Sale
Square Footage 12,192 sqft
Price per Sqft $500
MLS Listing ID CL26674141
HOA Y/N No
Year Built 1964
Lot Size 0.261 Acres
Acres 0.2609
Property Sub-Type Other
Property Description
Located in South Redondo Beach, west of PCH, this exceptional coastal investment offers a rare opportunity to purchase a 12-unit apartment just blocks from the Redondo Beach Pier, King Harbor, and the Pacific Ocean. The property consists of (12) 2-bedroom/1.75-bathroom units with spacious layouts, including four renovated units delivered vacant, allowing an investor to immediately capture market rents and drive income growth. The asset features strong in-place financials with a 4.35% current cap rate and 14.71 GRM, along with a projected 5.30% pro-forma cap rate and 12.79 GRM. This 11,364-SF asset is situated on a large 11,364-SF lot, which presents an attractive opportunity to add ADUs and further enhance returns. Additional highlights include 12 garages and an on-site laundry facility which is able to generate additional income. Furthermore, the property is not subject to Los Angeles rent control and instead falls under AB 1482. With its prime coastal location, desirable unit mix with spacious layouts, rent current income and upside potential, and long-term appreciation, this offering represents a true generational asset in one of the South Bay's most desirable rental markets.
Location
State CA
County Los Angeles
Zoning RBR-3A
Interior
Fireplace No
Laundry Laundry Room, Washer
Building
New Construction No
Others
Tax ID 7503011032
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Listed by Gianluca Jacoli • Shield CRE, Inc.