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1651 251st St
Harbor City, CA 90710
Multifamily Property For Sale
·
2 Units
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
- Both homes can be delivered vacant - excellent owner-occupant 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. Both homes can be delivered vacant at closing, making this ideal for an owner-occupant. 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.
Property Facts
| Price Per Unit | $425,000 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 3.43% | Lot Size | 0.14 AC |
| Gross Rent Multiplier | 17.28 | Building Size | 1,880 SF |
| 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 Per Unit | $425,000 |
| Sale Type | Investment |
| Cap Rate | 3.43% |
| Gross Rent Multiplier | 17.28 |
| 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 |
| 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 | - | - |
Property Taxes
| Parcel Number | 7410-018-023 | Improvements Assessment | $174,263 |
| Land Assessment | $360,551 | Total Assessment | $534,814 |
Property Taxes
Parcel Number
7410-018-023
Land Assessment
$360,551
Improvements Assessment
$174,263
Total Assessment
$534,814
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