For Sale
$1,895,000

2637 Redondo BlvdLos Angeles, CA 90016

West Adams, LA: 8 remodeled units, high NOI.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional 8-unit apartment building, situated in the desirable West Adams neighborhood of Los Angeles, presents a compelling investment opportunity. The property, located at 2637 Redondo Blvd, boasts a total of 3,616 square feet across four single-story buildings on a 7,210 square foot lot. Seven of the eight units, each a 1+1 layout, have undergone extensive renovations, featuring new paint, laminate flooring, windows, kitchens, and bathrooms. The exterior has also been refreshed with new paint and landscaping. Each unit includes its own water heater and individual gas and electric meters. Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $91,052, with a pro-forma NOI projected at $117,832, reflecting a potential rental upside. The property's location offers convenient access to Culver City, Mid-City, and the University of Southern California, along with a high walk score (84) and proximity to public transportation (0.7 miles from the Expo/La Brea Metro station) and the I-10 freeway. Built in 1923, this stabilized investment property is zoned LAR3 and offers a compelling cap rate of 4.80% and a pro-forma cap rate of 6.22%. The asking price is $1,895,000, representing a price per square foot of $524.06 and a price per unit of $236,875. The land value is $262.83 per square foot. This fee-simple ownership opportunity provides a strong foundation for long-term growth and value appreciation in a thriving Los Angeles neighborhood. The property is located in an opportunity zone and has a Tier 3 TOC designation.

Highlights

  • Prime West Adams location, Los Angeles.
  • Seven of eight units recently remodeled with new kitchens, baths, flooring, and paint.
  • Significant rental upside potential (20.3%).
  • Charming garden-style bungalow apartments.
  • Opportunity Zone & Tier 3 TOC designated property.

Property Details for 2637 Redondo Blvd

Property type
Apartment buildings
Square Feet
3,616 SF
Class
C
Year Built
1923
Buildings
4
Stories
1
Units
8

Location Insight

City
Los Angeles
County
Los Angeles
State
California
Latitude
34.031357096483
Longitude
-118.35678076613
2637 Redondo Blvd, Los Angeles, California

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2637 Redondo Blvd
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