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2118 Carnegie Ln 4 Unit Apartment Building $3,045,000 ($761,250/Unit) 4.23% Cap Rate Redondo Beach, CA 90278
Investment Highlights
- Turnkey Redondo Beach Fourplex: Stunning asset has been completely remodeled
- Desirable Amenities: Rooftop decks, in-unit laundry, garages with E/V charging, remodeled interiors, and more
- Excellent Rental Location: Coastal submarket with consistent rental demand and easy access to beaches, retail, and freeways
- Strong Unit Mix: Property features one four-bed/three-bath unit, two two-bed/two-baths, and one two-bed/one-bath
- RUBS Program Already In Place: RUBS recoups utility costs to maximize cash flow
Executive Summary
Marcus & Millichap is pleased to present the opportunity to acquire a turnkey fourplex in Redondo Beach, a coastal South Bay submarket with consistent rental demand and convenient access to beaches, retail, dining, and major freeways. The property has been extensively remodeled and offers a strong unit mix consisting of one four-bedroom/three-bathroom unit, two two-bedroom/two-bathroom units, and one two-bedroom/one-bathroom unit. Current rents provide approximately nine percent rental upside, offering investors an opportunity to increase income through future lease turnover.
2118 Carnegie Lane features completely remodeled interiors with vinyl plank flooring, quartz countertops, stainless steel appliances, updated cabinetry, modern fixtures, and stacking laundry units. The property also boasts rooftop decks, garages with EV charging capability, storage, security features, a new roof, repaved driveway, and more.
This offering presents an opportunity to acquire a pride-of-ownership asset in a highly desirable coastal rental market.
2118 Carnegie Lane features completely remodeled interiors with vinyl plank flooring, quartz countertops, stainless steel appliances, updated cabinetry, modern fixtures, and stacking laundry units. The property also boasts rooftop decks, garages with EV charging capability, storage, security features, a new roof, repaved driveway, and more.
This offering presents an opportunity to acquire a pride-of-ownership asset in a highly desirable coastal rental market.
Property Facts
| Price | $3,045,000 | Property Subtype | Apartment |
| Price Per Unit | $761,250 | Apartment Style | Low-Rise |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 4.23% | Building Size | 5,302 SF |
| Gross Rent Multiplier | 16.64 | No. Stories | 2 |
| No. Units | 4 | Year Built | 1972 |
| Property Type | Multifamily | Parking Ratio | 1.13/1,000 SF |
| Zoning | RBR-3 | ||
| Price | $3,045,000 |
| Price Per Unit | $761,250 |
| Sale Type | Investment |
| Cap Rate | 4.23% |
| Gross Rent Multiplier | 16.64 |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Lot Size | 0.17 AC |
| Building Size | 5,302 SF |
| No. Stories | 2 |
| Year Built | 1972 |
| Parking Ratio | 1.13/1,000 SF |
| Zoning | RBR-3 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 2 | - | - |
| 2+1 | 1 | - | - |
| 4+3 | 1 | - | 1,800 - 1,850 |
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Moderately walkable
70/100
Exceptionally drivable
90/100
Some public transit
40/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 4156-009-003 | Improvements Assessment | $617,673 |
| Land Assessment | $219,473 | Total Assessment | $837,146 |
Property Taxes
Parcel Number
4156-009-003
Land Assessment
$219,473
Improvements Assessment
$617,673
Total Assessment
$837,146
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