6,128 Sqft Lot
6,128 Sqft Lot
Key Details
Property Type Single Family Home, Multi-Family
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Subdivision Eastside (Es)
MLS Listing ID PW26236605
HOA Y/N No
Year Built 1989
Lot Size 6,128 Sqft
Property Sub-Type Mixed Use
Property Description
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 surveyed comparable average of $2,828. This measured underwriting approach provides investors with meaningful additional rental upside potential beyond projected income.
Situated within Long Beach's established residential market, the property benefits from proximity to the city's diverse employment centers, coastal amenities, and expanding aerospace and technology sectors. With a projected net operating income of $171,753, attractive acquisition metrics, and the opportunity to transition to conventional multifamily operations, 1074 Redondo Avenue offers investors a compelling opportunity to acquire a well-located, newer-vintage multifamily asset with competitive pricing and potential for long- term income growth.
Location
State CA
County Los Angeles
Area 3 - Eastside, Circle Area
Interior
Fireplace No
Laundry None
Exterior
Garage Spaces 14.0
Garage Description 14.0
Pool None
Community Features Sidewalks
Total Parking Spaces 14
Private Pool No
Building
Lot Description 6-10 Units/Acre
Story 3
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 7258007038
Energy Description 1700.0
Acceptable Financing Cash, Cash to New Loan, 1031 Exchange
Listing Terms Cash, Cash to New Loan, 1031 Exchange
Special Listing Condition Standard
Nearby Locations
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