Marina Tower 600 Esplanade 30 Unit Apartment Building $21,000,000 ($700,000/Unit) 3.36% Cap Rate Redondo Beach, CA 90277

600 Esplanade offers an extraordinary opportunity to acquire a 30-unit apartment community in one of southern California's most desirable and tightly held coastal markets. Located directly across from the Pacific Ocean and just a short walk to Riviera Village and Redondo Beach Pier, the property combines an irreplaceable location with strong rental demand and exceptional long-term appreciation potential. The property consists of twenty-four (24) 1-bed/1-bath and six (6) 2-bed/2-bath units and has been exceptionally maintained, providing investors with a pride-of ownership asset requiring minimal immediate capital improvements while still having over 20% rental upside. The attractive unit mix appeals to a broad tenant base while benefiting from the area's consistently low vacancy rates and strong demand for coastal housing. Majority of the units have a open ocean view or partial ocean view. Residents enjoy a truly walkable beach lifestyle with immediate access to the Esplanade, The Strand, sandy beaches, waterfront recreation, and the restaurants, coffee shops, boutiques, and nightlife of Riviera Village and Redondo Beach Pier. The property is also conveniently located near major South Bay employers, providing tenants with an ideal balance of lifestyle and accessibility.
Please note the financial numbers are based on 8.7% rent increases for those tenants that are eligible to receive immediate rent increases. Refer to OM for detailed current, post increase, and pro forma financials.