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Santorini Properties 17220 Grevillea Ave 16 Unit Apartment Building $3,950,000 ($246,875/Unit) 5.90% Cap Rate Lawndale, CA 90260
Investment Highlights
- 16-Unit Investment Opportunity in Lawndale – Located 2 Blocks from South Bay Galleria & 3 Blocks from Redondo Beach | Large 14,411-SF Lot
- 5.90% Current Cap Rate & 10.67 Current GRM | 6.64% Pro-Forma Cap Rate & 9.80 Pro-Forma GRM | Recent Exterior & Landscaping Improvements
- Plans In-Place to Convert Area Above Carports into 2 New ADUs Without Eliminating Any Parking Spaces (Buyer to Verify)
- New Main Electrical & Each Unit Contains New Electrical Subpanels (2026) | Roof Replaced in 2023 | No Local Rent Control – Defaults to AB 1482
- Large Lot & Parking Areas Present Potential to Add Up to 8 ADUs | Upgraded Units, On-Site Laundry Facility & Total of 16 Parking Spaces
- Master Metered for Gas and Electricity – Offering Investors Value-Add Opportunity to Implement RUBs & Reduce Operational Expenses
Executive Summary
ASSET
16-unit apartment located in Lawndale. No local rent control – defaults to AB 1482. Situated on a large 14,411-SF lot, the asset features new main electrical and new interior electrical subpanels (2026), newer roof (2023), upgraded units, an on-site laundry facility and a total of 16 parking spaces. The property has undergone recent exterior and landscaping improvements, enhancing its curb appeal. The property is master-metered for gas and electricity, offering investors value-add potential to implement a RUBs program to recapture a portion of utility expenses, improve operational efficiency and reduce expenses. Furthermore, the large lot and ample parking areas provide a desirable opportunity to add up to 8 ADUs. There are currently plans in-place to convert the space above the carports into 2 ADUs without eliminating any of the existing parking spaces. (Buyer to Verify).
LOCATION
17220 Grevillea Avenue is located west of Hawthorne Boulevard, just two blocks from the South Bay Galleria. It is less than 3 miles from the Pacific Ocean and Hermosa Beach Pier and in close proximity to El Camino College, Alondra Park and Northrup Grumman.
FINANCIALS
This 8,165-SF investment opportunity presents stable-in place rents as well as legitimate rental upside. The asset contains a current cap rate of 5.90% and current GRM of 10.67 with a pro-forma cap rate of 6.64% and pro-forma GRM of 9.80.
16-unit apartment located in Lawndale. No local rent control – defaults to AB 1482. Situated on a large 14,411-SF lot, the asset features new main electrical and new interior electrical subpanels (2026), newer roof (2023), upgraded units, an on-site laundry facility and a total of 16 parking spaces. The property has undergone recent exterior and landscaping improvements, enhancing its curb appeal. The property is master-metered for gas and electricity, offering investors value-add potential to implement a RUBs program to recapture a portion of utility expenses, improve operational efficiency and reduce expenses. Furthermore, the large lot and ample parking areas provide a desirable opportunity to add up to 8 ADUs. There are currently plans in-place to convert the space above the carports into 2 ADUs without eliminating any of the existing parking spaces. (Buyer to Verify).
LOCATION
17220 Grevillea Avenue is located west of Hawthorne Boulevard, just two blocks from the South Bay Galleria. It is less than 3 miles from the Pacific Ocean and Hermosa Beach Pier and in close proximity to El Camino College, Alondra Park and Northrup Grumman.
FINANCIALS
This 8,165-SF investment opportunity presents stable-in place rents as well as legitimate rental upside. The asset contains a current cap rate of 5.90% and current GRM of 10.67 with a pro-forma cap rate of 6.64% and pro-forma GRM of 9.80.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$370,200
|
$45.34
|
| Other Income |
$4,393
|
$0.54
|
| Vacancy Loss |
$11,238
|
$1.38
|
| Effective Gross Income |
$363,355
|
$44.50
|
| Taxes |
$49,376
|
$6.05
|
| Operating Expenses |
$80,832
|
$9.90
|
| Total Expenses |
$130,208
|
$15.95
|
| Net Operating Income |
$233,147
|
$28.55
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $370,200 |
| Annual Per SF | $45.34 |
| Other Income | |
|---|---|
| Annual | $4,393 |
| Annual Per SF | $0.54 |
| Vacancy Loss | |
|---|---|
| Annual | $11,238 |
| Annual Per SF | $1.38 |
| Effective Gross Income | |
|---|---|
| Annual | $363,355 |
| Annual Per SF | $44.50 |
| Taxes | |
|---|---|
| Annual | $49,376 |
| Annual Per SF | $6.05 |
| Operating Expenses | |
|---|---|
| Annual | $80,832 |
| Annual Per SF | $9.90 |
| Total Expenses | |
|---|---|
| Annual | $130,208 |
| Annual Per SF | $15.95 |
| Net Operating Income | |
|---|---|
| Annual | $233,147 |
| Annual Per SF | $28.55 |
Property Facts
| Price | $3,950,000 | Apartment Style | Garden |
| Price Per Unit | $246,875 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.33 AC |
| Cap Rate | 5.90% | Building Size | 8,165 SF |
| Gross Rent Multiplier | 10.67 | Average Occupancy | 100% |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1959 |
| Property Subtype | Apartment | Parking Ratio | 1.96/1,000 SF |
| Zoning | LNR3PY | ||
| Price | $3,950,000 |
| Price Per Unit | $246,875 |
| Sale Type | Investment |
| Cap Rate | 5.90% |
| Gross Rent Multiplier | 10.67 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.33 AC |
| Building Size | 8,165 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1959 |
| Parking Ratio | 1.96/1,000 SF |
| Zoning | LNR3PY |
Amenities
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 16 | $1,928 | - |
1 1
Moderately walkable
60/100
Exceptionally drivable
90/100
Good public transit
60/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 4081-027-033 | Total Assessment | $3,953,526 |
| Land Assessment | $781,955 | Annual Taxes | $49,376 ($6.05/SF) |
| Improvements Assessment | $3,171,571 | Tax Year | 2025 |
Property Taxes
Parcel Number
4081-027-033
Land Assessment
$781,955
Improvements Assessment
$3,171,571
Total Assessment
$3,953,526
Annual Taxes
$49,376 ($6.05/SF)
Tax Year
2025
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Santorini Properties | 17220 Grevillea Ave
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