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$ 5,000,000
Est. payment | /mo
9,639 Sqft Lot
$ 5,000,000
Est. payment | /mo
9,639 Sqft Lot
Key Details
Property Type Commercial
Listing Status Contingent
Purchase Type For Sale
MLS Listing ID CRSB25021284
Originating Board California Regional MLS
Year Built 1956
Lot Size 9,639 Sqft
Property Description
Incredible opportunity to own a rare ocean view generational asset on the Esplanade in Redondo Beach. First time on the market in over 40 years, this huge 7 unit (plus 1 non-conforming) apartment building offers over 7,000 square feet of rentable square footage on a nearly 10,000 square foot lot with 7 garage parking spaces. Enormous unique 2 story owner's unit loft style apartment with jaw-dropping ocean views, beamed ceilings, skylights, direct access elevator, large open concept kitchen, balcony, office, den, fireplace, wet bar, and 2 bathrooms. 6 other separately metered spacious apartments including one 2 bed/1 bath unit with ocean views, two 2 bed/2 bath units, and three 1 bed/1 bath units plus one non-conforming studio above the garages in the rear of property (check for ADU potential). Well priced on income for ocean front multifamily at 19X GRM on actual rents with a 30% upside to 14.8X GRM on market rents. Extremely well maintained property with very little deferred maintenance. Newer windows, clean units, and individual water heaters.
Location
State CA
County Los Angeles
Area 157 - S Redondo Bch W Of Pch
Interior
Laundry Community Facility
Exterior
Garage Spaces 10.0
Pool None
Building
Water District - Public
Others
Tax ID 7508006017
Special Listing Condition Not Applicable , Accepting Backups
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Listed by Anthony Walker • Buckingham Investments, Inc
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Tim Alford & Faye Bon
REALTOR® | Lic# 01507448 | 01746037