$9,000,000
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628 Catalina Avenue Redondo Beach, CA 90277
Cluster
Residence
20
Beds
16
Baths
...
Bed/Bath
10,868
Sq. Ft.
Property Activity
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We are proud to present a 16-unit apartment opportunity in the highly desirable Redondo Beach! Offered for sale for the 1st time in almost 20 years, this property offers a unique opportunity to acquire a larger asset a block away from the beach! There is a ton of future potential with this property ...as it is in one of the best locations in all of the South Bay. Sitting on an oversized corner lot, the offering features a total of 16 apartment units. The unit mix is comprised of 12 one-bedroom/one-bathroom units and 4 two-bedroom one-bathroom units. The asset has been extremely well maintained and is the epitome of a pride of ownership property. With current rental rates below market value, there is significant potential for value add through strategic renovations and future rent increases. The property is currently operating at a 3.16% cap rate and a proforma caprate of 4.84%. Adding to the property's allure is the presence of 14 covered carport parking and 2 garage spaces, which could provide an additional revenue stream if converted into ADUs (Buyer to confirm). Tenants can also enjoy a beautiful swimming pool and on-site laundry, allowing a new owner to maximize future rents. The property is less than a mile from the popular Riviera Village, which features the best restaurants and retail in Redondo Beach. This investment presents a very attractive opportunity to own a sizable asset in the highly desirable city Redondo Beach.
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MLS#
24397985
Property Type
Cluster
Bedrooms
20
Bathrooms
Year Built
1957
Square Feet
10,868
sq. ft
Lot Size
0.33
Stories
2.0
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