2637 Redondo BlvdLos Angeles, CA 90016
- Residential income properties
- 3,616 SF
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
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
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
- How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
- Please email our support team at [email protected] and they will add the team member.
- How do I access a private listing?
- Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
- How can I contact the broker?
- We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
- How do I unsubscribe from emails?
- At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].