***Price Reduced $155,000***This 7-unit apartment community offers investors
desirable amenities and an exceptional location
within Redondo Beach in the South Bay. The property
features a diverse unit mix of three, two & onebedroom
units with functional layouts that consistently
attract long-term tenants. Residents benefit from onsite
laundry and individual garages. The residences
in the rear further distinguish… Read More themselves with select
townhouse units and large private patios, offering
a more spacious, modern living experience. This
combination of location, design, and amenities
ensures strong renter demand and positions the
property for substantial rent and income growth as
units are modernized and brought to market levels. • 6 of 7 units have been renovated to
different states that include: new plumbing,
electrical panels, kitchens, bathrooms, flooring,
and hardware.
• Demand Tailwinds: The severe monthly cost
differential between renting ($3,550 avg.)
and owning ($11,248 avg.) in Redondo Beach
underscores ongoing renter demand, especially
among workforce households priced out of
homeownership. • Proven Rent Growth: Historical rent growth
in Redondo Beach has been both strong and resilient, with continued increases forecast
through the end of the decade. • With affordability challenges driving sustained
renter demand, and historical trends pointing toward ongoing rent appreciation, Park
Promenade provides investors a compelling opportunity for both near-term value creation
and long-term growth. • 100% occupied. well-managed, & maintained
• Individual garages & select private patios • Excellent unit mix of 3, 2 & 1 bedroom units
• New electrical panels Read Less
Property listed by Kidder Mathews of California, Inc, Jonathan Mitchell 949-557-5000
Listing Snapshot
Days Online
45
Last Updated
Property Type
Apartment
Lot Size
0.14 Acres
Year Built
1964
MLS Number
OC26003145
Additional Details
Building
Built in 1964, 2 buildings, 2 stories, Levels: Two, Entry level: 1, Entry location: Street
Community
Biking, Curbs, Park
Expenses
Electric: $636, Gardener: $1,505, Insurance: $10,427, Maintenance: $3,612, Operating: $80,699, Pest Control: $732, Trash: $2,645, Water/Sewer: $2,701, Other Expense: $3,527
Garage
10 spaces
Heating
Radiant
Home Owner's Association
Association Fee: $0
Income
Gross Income: $988, Gross ScheduledIncome: $223,992, Net Operating Income: $139,302
Laundry
CommonArea
Lot
0.1381 acres, Item610UnitsAcre
Parking
2 open parking spaces, 12 total parking spaces, Assigned
Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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