Description

This well-located fourplex presents an exceptional investment opportunity in the highly desirable North Redondo Beach market, situated approximately two miles from the Hermosa Beach Pier, Manhattan Beach Pier, and the Pacific Ocean. The property offers tenants convenient access to an abundance of premier coastal dining, retail, entertainment, and lifestyle amenities. The expansive 4,895-SF building is situated on a large 7,506-square-foot lot and features an attractive unit mix consisting of (1) 3-bedroom/2-bath unit, (2) 2-bedroom/1.5-bath townhouse units, and (1) 2-bedroom/1.5-bath unit. Additional property amenities include six garage spaces and outstanding ADU potential, with the oversized lot and existing garages presenting a desirable opportunity to add ADUs. From an investment standpoint, the property offers a compelling combination of stable in-place income and meaningful upside potential, featuring a 3.88% current cap rate and 16.74 GRM with the ability to achieve a 5.40% pro-forma cap rate and 13.27 pro-forma GRM. The asset is not subject to local rent control (AB 1482 only), allowing investors to benefit from attractive annual rent increases and long-term rental growth. Additionally, the property qualifies for residential financing, providing buyers with expanded financing options and access to more favorable loan terms.