25701 President Ave, Harbor City, CA 90710
7 Unit Apartment Building | $1,200,000 ($171,429/Unit) | 5.47% Cap Rate | Harbor City, CA 90710
For Sale
Active
Asking Price $1,200,000
- Property Type
-
Multifamily
- Square Feet
- 4,953 SF
Listing Contacts
Jonathan Nikfarjam
Allen Gholian
Property Overview
ASSET
7-unit apartment located in Harbor City.
Situated on a large 8,408-SF corner lot, the property contains a unit mix of (two) 2-bedroom/2-bathroom units, (two) 2-bedroom/1.5-bathroom units and (three) 1-bedroom/1-bathroom units.
The property features 2 garages and 7 surface parking spaces.
Furthermore, the property features ADU potential with an opportunity for a Buyer to convert the garages into an ADU and simultaneously address the soft-story retrofit requirements.
The garages will be delivered vacant to the Buyer making it easier for a Buyer to complete soft-story retrofit work and/or adding an ADU. In the event that a Buyer does not plan to add an ADU, a Buyer may consider renting the garages as storage for additional income. One storage garage was just rented at $70 per month.
LOCATION
25701 President Avenue is centrally located just a few blocks from the Kaiser Permanente South Bay Medical Center, Harbor Park and the Harbor Park Golf Course & Sports Complex. It is also a short commute to Rolling Hills Plaza, Torrance Towne Center, Torrance Crossroads and Palos Verdes.
FINANCIALS
This 4,953-SF apartment presents tremendous upside with rents that are +/-56% below market. Priced at a pro-forma cap rate of 10.66% and pro-forma GRM of 6.72, the asset provides spectacular upside potential in an incredibly strong location. The property also contains stable-in place rents with a current cap rate of 5.47% and current GRM of 10.49. Furthermore, the asset is priced at only $171,429 per unit.
Some expenses have been estimated. Please do not disturb tenants. Buyer to independently investigate and verify information. Buyer to conduct their own due diligence and investigation.
7-unit apartment located in Harbor City.
Situated on a large 8,408-SF corner lot, the property contains a unit mix of (two) 2-bedroom/2-bathroom units, (two) 2-bedroom/1.5-bathroom units and (three) 1-bedroom/1-bathroom units.
The property features 2 garages and 7 surface parking spaces.
Furthermore, the property features ADU potential with an opportunity for a Buyer to convert the garages into an ADU and simultaneously address the soft-story retrofit requirements.
The garages will be delivered vacant to the Buyer making it easier for a Buyer to complete soft-story retrofit work and/or adding an ADU. In the event that a Buyer does not plan to add an ADU, a Buyer may consider renting the garages as storage for additional income. One storage garage was just rented at $70 per month.
LOCATION
25701 President Avenue is centrally located just a few blocks from the Kaiser Permanente South Bay Medical Center, Harbor Park and the Harbor Park Golf Course & Sports Complex. It is also a short commute to Rolling Hills Plaza, Torrance Towne Center, Torrance Crossroads and Palos Verdes.
FINANCIALS
This 4,953-SF apartment presents tremendous upside with rents that are +/-56% below market. Priced at a pro-forma cap rate of 10.66% and pro-forma GRM of 6.72, the asset provides spectacular upside potential in an incredibly strong location. The property also contains stable-in place rents with a current cap rate of 5.47% and current GRM of 10.49. Furthermore, the asset is priced at only $171,429 per unit.
Some expenses have been estimated. Please do not disturb tenants. Buyer to independently investigate and verify information. Buyer to conduct their own due diligence and investigation.
Property Details
- Class
- C
- Year Built
- 1950
- Stories
- 2
- Lot Size (sq. ft)
- 8,276 SF
- Units
- 7
Highlights
- 7-Unit Apartment in Harbor City | Located a Few Blocks from Kaiser Permanente South Bay Medical Center, Harbor Park & the Harbor Park Golf Course
- Offered at Only $171,429 Per Unit | Large 8,408-SF Corner Lot
- 10.66% Pro-Forma Cap Rate & 6.72 Pro-Forma GRM | 5.47% Current Cap Rate & 10.49 Current GRM | Approximately 56% in Rental Upside
- ADU Potential - Opportunity to Convert Garages into an ADU
- Total of 9 Parking Spaces – 2 Garages and 7 Surface Parking Spaces
- Close Proximity to Rolling Hills Plaza, Torrance Towne Center and Torrance Crossroads & Palos Verdes
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