The Cohen Group is pleased to present its latest listing, 1901-03 Carnegie Lane, a beautiful fourteen unit apartment building located in Redondo Beach, California. Built in 1963, the property consists of two mirroring seven unit buildings set on contiguous parcels totaling 10,500 rentable square feet on a 9,982 square foot lot. This property is not subject to rent control.
The unit mix consists of two 2 Bed/1.75 Bath units and twelve 1 Bed/1 Bath units. All units are very spacious. The property has been meticulously maintained and since 2009, units have been renovated to varying degrees as they have turned over. Highlights of the new renovations include: new vinyl plank flooring, re-glazed counter-tops, fixtures, bathroom tile/vanities and two tone paint. Additional recent capital expenditures include: two new water heaters in the last 3 years (there is one for each building), complete replacement of all windows last year and new remote controlled garage doors replaced within the last 3 years.
All appliances at the property are electric besides gas wall furnaces. It is individually metered for gas and electricity. There is an on-site laundry room available for tenant's convenience (equipment currently leased to WASH). The property scores a very high 82/100 Walk Score meaning residents can enjoy walking proximity for nearly all errand, shopping, Starbucks, parks, restaurants, schools and more!
It is very rare to find an asset like this available for purchase in the South Bay and Redondo Beach. 1901-03 Carnegie shows true pride of ownership. With significant rental upside (33%+/-) and a very desirable rental market – this property is perfect as a lucrative real estate investment for new and seasoned investors alike.
Please contact Josh and Brian for an OM.
