Description

This 26 Unit Property presents an opportunity to add value to a very desirable asset in a Premium location. The 906 Redondo Apts. is located in one of Southern California's most sought-after areas, Redondo Beach. It's about a mile from Redondo Pier/Fisherman's Wharf, and the Pacific Ocean. This is a mecca for weekend tourists with over 50 options for dining, shopping, and water activities. The charming Flatiron style building built in the 60's, sits on a robust commercial corner, but offers the tenants parking access off a quiet cul-de-sac. The unit mix is ideal with (2) 3 BR's; (7) 2BR's and (17) 1BR's. There are 24 covered parking spaces plus (3) garages. The front entrance features a lush garden with a tropical theme and a stairwell to the secure gate. That entry leads to an open courtyard with a heated pool, and lounge area for tenants. The property has been professionally managed for years and offers immediate and attainable upside of 27%. The city of Redondo Beach is subject only to state rent control (AB1482) and rents can be raised annually by 5% plus CPI.