Description
Maher Commercial Realty represented the Seller the sale of a two building, nine unit, portfolio on W 141st Pl in Gardena. Maher Commercial negotiated a premium sale price of $2,900,000 for a package deal to a single buyer.
FOR SALE: FIVE-UNIT RENTAL INCOME OPPORTUNITY
(2901 W. 141st place is also available on the same block)
The subject property presents an investor an opportunity to purchase a 5-unit building, currently 100% occupied, ideal for an investor looking to maintain and improve units at market rent and collect a stable return. This two-story building has been extensively renovated in 2016 with top of the line finishes and appliances. The property is located near W. Rosecrans Avenue and Crenshaw Blvd. and consists of (one) 3-bedroom, 2-bathroom unit, (one) 2-bedroom, 1-bathroom unit and (three) 1-bedroom, 1-bathroom units. With large windows which fill the rooms with natural light, tiled shower enclosures and stylish flooring, this property is sure to attract and keep long term occupants, allowing you to capitalize in it’s income potential. Located only 1.6 miles from the new Space X headquarters, which is expected to bring continued job growth and development to the area.
Nearby, 2901 W. 141st Street is another multi-family rental income opportunity. This four-plex consists of (two) 3-bedroom, 2-bathroom units and (two) 2-bedroom, 1-bathroom units. This property is available as an adjoining purchase or separate.
PROPERTY OVERVIEW
Price: $1,499,000
Cap Rate: 5.0%
GRM: 14
NOI: $75,048
Lot Size: 6,293 Sq Ft
Building Size: 4,209 Sq Ft
Price Per Building Sq. Ft.: $356
Total Units: 5
Price Per Unit: $299,000
Total Bedrooms: 8
Total Bathrooms: 6
Single units: 3 (1 Bed/1 Bath)
Standard Double Units: 1 (2 Bed/1 Bath)
Triple Bedroom Units: 1 (3 Bed/2 Bath)
Year Built: 1958
Parking: 6 Spaces
Zoning: GAR4
Contact us today for more detailed financial information!
PROPERTY FEATURES
- Turn-key, property has gone through an extensive renovation in the past 5 years.
- Units come complete with modern fixtures, kitchen appliances and flooring.
- Tiled bathroom and shower enclosures add a desirable touch.
- Housing Prices in this Part of Gardena have increased by 7% in the last year. With a median home price of $700,000 many nearby residents are being pushed out of homeownership, therefore increasing the need to rent larger renovated units.
- Very little turnover of buildings- only 6 sold apartment buildings in 90249 in the past 12 months.
- Buildings are fully stabilized and producing high cash-flow. All tenants (except tenant under eviction) are paying rent- 100% rent collection rate.
- Apartment Units in Gardena have only a 2.7% vacancy rate, per CoStar.
- Rental values in Gardena have increased by 7.2% over the past 5 years.
- Located only 1.6 miles from the new Space X headquarters, which is expected to bring continued job growth and development to the area.
AREA OVERVIEW
Roughly thirty minutes due south of downtown LA, Gardena sits in a perfect location for residents to access the best of Southern California’s beaches and urban landscape. The local economy is varied, with the city’s biggest employers representing the healthcare, casino, food supply, and manufacturing industries.This neighborhood in Gardena is primarily made up of medium sized (three or four bedroom) to small (studio to two bedroom) single-family homes and apartment complexes/high-rise apartments. Most of the residential real estate is occupied by a mixture of owners and renters. With a walk score of 79/100, the locations of these properties are very attractive to all, including multiple nearby public transportation options and some infrastructure for biking. Homes in 90249 have increased 7% in value over the last 12 months with an additional 6.4% jump in value on top of that over the next year. An extremely low vacancy rate in this neighborhood indicates a very strong demand, in an area of well-established homes. With a nice mix of college students and safety from crime, the neighborhood rates highly as a college student friendly place to live, and one that college students, and their parents may want to consider.
