2637 Redondo BlvdLos Angeles, CA 90016

  • Residential income properties
  • 3,616 SF
For Sale
$1,895,000 View listing

Property Details for 2637 Redondo Blvd

Year built
1923
Construction
WOOD
Lot size
0.17 AC
Property size (Sq ft)
3,616 SF
Zone code
LAR3
Property type
Residential income properties
Property subtype
Other apartment buildings
APN
5043-004-024
APU
5043004024

Description

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.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $1,299,147
    6.5%
    $1,199,213
    7%
    $1,113,555
  • Comparable approach

    Method
    Valuation
    Relative Method
    $1,065,809
    Geo Method
    $1,065,809
  • Alternative Use

    Use
    Valuation
    Residential
    $1,199,213
    Hospitality
    $1,098,472
    Educational
    $913,916
    Medical
    $945,347
    Retail
    $1,421,647
2637 Redondo Blvd, Los Angeles, California

Location Insight

City
Los Angeles
County
Los Angeles
State
California
Latitude
34.0314
Longitude
-118.357
CBSA code
31080
CBSA name
LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2024
$16,692
$915,950
$392,549
$1,308,499
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-
-
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