108 N BROADWAY, REDONDO BEACH CA 90277
- 4,352 sq.ft.
- 7,608 sq.ft. lot
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.
Listing Courtesy of Gianluca Jacoli, Shield CRE, Inc.
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