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$1,498,800

Est. payment - /mo

5,584 Sqft Lot

Active

1656 Lomita BLVD Harbor City, CA 90710

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Mason Frakes

mason@masonfrakesrealestategroup.com +1(805) 260-4860

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Key Details

Property Type Commercial

Sub Type Multi Family

Listing Status Active

Purchase Type For Sale

MLS Listing ID DW22136678

HOA Y/N No

Year Built 1965

Annual Tax Amount $18,750

Tax Year 2022

Lot Size 5,584 Sqft

Property Sub-Type Multi Family

Property Description

We are pleased to present the Sunset Apartments, a 6 unit apartment building in Harbor City in the South Bay submarket of Los Angeles. The unit mix consists of (1) Huge 3bd/2ba with attached direct entry 1-car garage, (3) Large 2bd/1ba, and (2) Studio/1ba units. This is an extremely rare opportunity as the building is being offered with the two largest units vacant and renovated! A new owner will be able to choose their own tenants and achieve market rent for these units starting on Day 1 and capitalize on the high rental demand in the area that has very low average vacancy and high rents. The other units offer huge rental upside as the units turn over the new owner will be able to achieve a 7.4% Market Cap Rate. This building benefits from the excellent central location within minutes between Redondo Beach, Palos Verdes, San Pedro port, and Long Beach. The 6 unit building next door (1652 Lomita Blvd) is also listed for sale (separate seller) and is a mirror copy of this building with identical unit mix. Here's your opportunity to purchase these side by side buildings in a strong rental market. Harbor City is a small suburb connecting Greater Los Angeles to the port cities of Wilmington and San Pedro. It borders affluent cities such as Rancho Palos Verdes, Rolling Hills, and Torrance. The building is located seconds to Pacific Coast Highway and is a short drive to beach cities such as Long Beach to the east, Redondo Beach and Manhattan Beach to the Northwest. High Rental Demand in Excellent South Bay submarket within minutes to Pacific Coast Highway and neighboring Rolling Hills Estates and Palos Verdes Estates. Huge Rental Income Upside - 7.4% Proforma CAP Rate and 9.94 Proforma GRM. Near abundance of employment opportunities in Long Beach, San Pedro and Wilmington Ports.

Location

State CA

County Los Angeles

Area 124 - Harbor City

Zoning LAR3

Interior

Fireplace No

Laundry Common Area, Washer Hookup, Gas Dryer Hookup

Exterior

Carport Spaces 3

Community Features Park

Utilities Available Electricity Connected, Natural Gas Connected, Water Connected

Roof Type Shingle,See Remarks

Total Parking Spaces 6

Building

Lot Description Front Yard, Near Park, Near Public Transit, Rectangular Lot

Story 2

Water Public

Others

Tax ID 7410018037

Acceptable Financing Cash, Cash to New Loan

Listing Terms Cash, Cash to New Loan

Special Listing Condition Standard

Virtual Tour https://youtu.be/gYz4TXVDmQ8

Lease Land No

Listed by Jennifer Avellan Keller Williams SELA 310-346-7851

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Mason Frakes

Broker Associate | License ID: 02036823

+1(805) 260-4860

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1656 Lomita BLVD Harbor City, CA 90710

Mason Frakes

Key Details

Location

Interior

Exterior

Building

Others

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1656 Lomita BLVD