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Listed by Robert Stepp, DRE #01456379 • Keller Williams Realty Downey
$ 2,625,000
Est. payment /mo
New
1074 Redondo Long Beach, CA 90804
6,127 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRPW26236605
Year Built 1989
Lot Size 6,127 Sqft
Source California Regional MLS
Property Description
1074 Redondo Avenue is an eight-unit multifamily investment opportunity located in Long Beach, California. Built in 1989, the three-story property consists of 100% spacious two- bedroom/two-bathroom residences averaging approximately 973 square feet. Each unit is equipped with HVAC and a private balcony, while additional amenities include 14 secure parking spaces and individually metered gas and electricity, providing desirable resident conveniences and operational efficiencies. Offered at $2,625,000, the property presents a compelling investment opportunity with pricing and income metrics that compare favorably to recent transactions. The projected 6.54% capitalization rate exceeds the comparable average of 5.95%, while the 9.87 gross rent multiplier is notably below the 12.02 comparable average. These metrics underscore the property's competitive acquisition basis and attractive projected income potential relative to comparable multifamily assets. Currently operated as student housing with rental income generated on a per-bed basis, the property is being marketed as a conventional market-rate multifamily investment. The pro forma reflects a transition to traditional per-unit leasing, with conservatively projected monthly rents of $2,595 per unit, approximately 8.2% below the
Location
State CA
County Los Angeles
Area 3 - Eastside, Circle Area
Interior
Laundry None
Exterior
Garage Spaces 14.0
Pool None
Building
Water District - Public
Others
Tax ID 7258007038
Special Listing Condition Not Applicable
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