Property Detail

Description

This well-located fourplex offers a premier investment opportunity in the highly sought-after South Redondo Beach market, situated approximately one mile from the Redondo Beach Pier, King Harbor, and the Pacific Ocean. The property provides tenants with convenient access to an abundance of coastal dining, retail, and lifestyle amenities. The asset features an attractive unit mix of (1) 4-bed/1.75-bath front unit, (2) 2-bed/1.75-bath units, and (1) 1-bed/1-bath unit. One of the 2-bedroom/1.75-bath units will be delivered vacant, creating an ideal opportunity for an owner-user to occupy the unit or for an investor to immediately lease the unit at market rate. From an investment standpoint, the property offers a compelling financial profile with a 4.70% current cap rate and 14.83 GRM, along with significant upside to a 6.02% pro-forma cap rate and 12.35 GRM. The vacant 2-bedroom unit provides an immediate opportunity to capture market rent and accelerate the property's path toward its pro-forma returns. Not subject to local rent control (AB 1482 only), the asset allows for consistent and favorable rent growth. The all-electric configuration eliminates gas expenses and supports an efficient operating structure with minimal expenses. Additional features include five garage spaces, providing ample parking for tenants. The property also boasts strong curb appeal with a recently painted exterior and new landscaping. Furthermore, the asset qualifies for residential financing, expanding buyers' financing options and providing access to potentially more attractive loan terms.