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Listed by Robert Stepp • Keller Williams Realty Downey
$2,625,000
Est. payment /mo
7,782 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Commercial/Residential
Listing Status Active
Purchase Type For Sale
Square Footage 7,782 sqft
Price per Sqft $337
MLS Listing ID PW-26236605
Year Built 1989
Lot Size 6,127 Sqft
Property Sub-Type Commercial/Residential
Source California Regional Multiple Listing Service (CRMLS)
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 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.
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
Laundry None
Exterior
Garage Spaces 14.0
Pool None
Community Features Sidewalks
Building
Lot Description 6-10 Units/Acre
Sewer Public Sewer
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John R Thompson
Broker/Owner License ID: 01200900
Broker/Owner License ID: 01200900