108 N Broadway Pending Save Request In-Person Tour Request Virtual Tour
Redondo Beach,CA 90277
Key Details
Property Type Commercial
Sub Type Other
Listing Status Pending
Purchase Type For Sale
Square Footage 4,352 sqft
Price per Sqft $527
MLS Listing ID CL25539699
HOA Y/N No
Year Built 1906
Lot Size 7,608 Sqft
Acres 0.17
Property Sub-Type Other
Property Description
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.
Location
State CA
County Los Angeles
Zoning RBR-
Interior
Fireplace No
Building
New Construction No
Others
Tax ID 7505007021