This Multifamily Property is Off-Market.

415 North Broadway
Redondo Beach, CA 90277 ·

15 Units · Multifamily For Sale

N/A

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Multifamily Property For Sale

Price N/A Cap Rate 3.55%
No. Units 15 Gross Rent Multiplier 17.75
Building Size 15,433 SF No. Stories 2
Property Type Multifamily Year Built 1979
Property Sub-type Garden/Low-Rise Lot Size 17,999 SF
Property Use Type Investment
Listing ID: 17923652 Date Created: 11/21/2012 Last Updated: 01/25/2014

Description

Michael DiSimone is pleased to offer for sale 415 North Broadway - a fifteen unit (ten with five nonconforming) apartment community located in the coastal submarket of Redondo Beach. The subject property offers investors the opportunity to acquire a well maintained asset in a non-rent controlled coastal submarket.

Consisting of one two-story wood-frame and stucco building situated over a level of garage parking, the unit mix consists of seven one-bedroom/one-bath units (approx. 800-850 sqft), seven two-bedroom/twobath units (approx. 900 sqft), and one three bedroom/two-bath unit (approx. 1,900 sqft).

All of the units have been upgraded and include a combination of wood laminate, carpet, or tile flooring, granite kitchen and bathroom countertops, dishwashers, stainless steel sinks, new kitchen appliances, and lighting fixtures. Several of the units also have balconies and/or fireplaces.

In addition to the interior upgrades, the property has an approximately five year old roof, copper plumbing, on-site laundry (2 washers/2 dryers, leased), on-site garage and open space parking, and hardwiring for controlled access entry.

Originally developed as ten units, the property operates as fifteen units with a sixteenth non-revenue unit that may be converted to a rentable unit (buyer to verify). Utilities are separately metered; however, units 1A-1C and 6A-6D pay a fixed monthly utility charge to the owner since these units are on two separate meters. The fixed utility amount is included in the monthly rent and is not shown as other income or as an off-set to the utility expense. Additional information is available from the listing agent.

Highlights

  • Mix of One, Two, and Three Bedroom Floorplans
  • Large Upgraded Condo Quality Units
  • Separately Metered for Gas & Electricity
  • On-site Garage and Open Space Parking
  • On-site Laundry (2W / 2D, Leased)
  • Approximately Five Year Old Roof / Copper Plumbing

Research

415 North Broadway, Redondo Beach, CA 90277 (Los Angeles County)

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