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1651 251st St 2 Unit Apartment Building $895,000 ($447,500/Unit) 3.20% Cap Rate Harbor City, CA 90710
Investment Highlights
- Excellent opportunity to acquire two homes on one lot; one is a three-bed/two-bath and the other is a two-bed/one-bath
- Competitively priced at $476 per sqft, well-below comparable sales and Harbor City’s average single-family price per sqft
- 27 Percent rental upside
- Back unit can be delivered vacant - excellent owner/user opportunity
- Amenities include in-unit laundry hookups, garages, and patios
- Located in the desirable inland South Bay rental market on the border of Harbor City and Lomita
Executive Summary
Marcus & Millichap is pleased to present to market 1651 251st Street in Harbor City, California. This offering presents an excellent opportunity to acquire a three-bed/two-bath home and a two-bed/one-bath home on one lot. The homes feature laundry hookups, patios, and separate gas and electric meters. Additionally, a detached building in the rear offers three garage parking spaces. This property’s detached, single-story floor plans and laundry and garage amenities are sought-after in this rental market.
1651 251st Street is located on the border of Harbor City and Lomita in the desirable inland South Bay. Situated near the intersection of Lomita Boulevard and Western Avenue, the property is proximate to schools, retail, and the 110 Freeway.
The property is occupied by long-term tenants, and current rents are 27 percent below market, offering a new investor significant upside potential.
1651 251st Street is located on the border of Harbor City and Lomita in the desirable inland South Bay. Situated near the intersection of Lomita Boulevard and Western Avenue, the property is proximate to schools, retail, and the 110 Freeway.
The property is occupied by long-term tenants, and current rents are 27 percent below market, offering a new investor significant upside potential.
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $895,000 | Apartment Style | Low-Rise |
| Price Per Unit | $447,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 3.20% | Building Size | 1,880 SF |
| Gross Rent Multiplier | 18.2 | Average Occupancy | 100% |
| No. Units | 2 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1963 |
| Property Subtype | Apartment | Parking Ratio | 1.06/1,000 SF |
| Zoning | LAR2 - residential | ||
| Price | $895,000 |
| Price Per Unit | $447,500 |
| Sale Type | Investment |
| Cap Rate | 3.20% |
| Gross Rent Multiplier | 18.2 |
| No. Units | 2 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 1,880 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1963 |
| Parking Ratio | 1.06/1,000 SF |
| Zoning | LAR2 - residential |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2 | 1 | - | - |
| 2+1 | 1 | - | - |
1 1
Fairly walkable
50/100
Very drivable
80/100
Some public transit
40/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 7410-018-023 | Total Assessment | $534,814 |
| Land Assessment | $360,551 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $174,263 | Tax Year | 2025 |
Property Taxes
Parcel Number
7410-018-023
Land Assessment
$360,551
Improvements Assessment
$174,263
Total Assessment
$534,814
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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1651 251st St
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