Sq.Ft. Lot10,264
Year1980
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Status:
Active
Property Type:Residential Income (Multi-Family)
MLS #:22185099
On Site:16 Days
Lot Size:10,264 Sq. Ft.
County:Los Angeles
Matthews is pleased to present 706 N. Prospect Avenue, a 7-unit, individually parceled condominium building in Redondo Beach, CA. This is an opportunity for an investor to purchase a multifamily property in a prime South Bay location, minutes from world-class beaches, parks, restaurants, schools, and boutiques. Located 20 miles from Downtown Los Angeles and 7 miles south of LAX, 706 N. Prospect offers residents the best of coastal living with big-city amenities and convenient access to the 405 Freeway. Nearby attractions include Redondo Beach Pier, SEA Lab marine conservation center, South Bay Galleria, Redondo Beach Performing Arts Center, and Hopkins Wilderness Park.The property consists of a desirable unit mix of (1) three-bedroom/three-bathroom, (5) two-bedroom/one and a half-bathroom, and (1) one-bedroom/one-bathroom units with an average unit size of 1,216 SF. Built in 1980, the property has had 3 of the 7 units renovated in 2021/2022. This offering is ideal for an investor to capitalize on the tight rental market and significant mark-to-market upside or to sell off the condos individually.
Listing Agent/Office
Agent Name:John Wright
Office Name:Matthews Real Estate Investment Services
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Community Information
Address:706 N Prospect Ave Redondo Beach, CA 90277
County:Los Angeles
City:Redondo Beach
Zip Code:90277
Architecture
Year Built:1980
Stories:3
Building Area: 8510.0
Number of Buildings: 1
Total Units: 7
Stories Total: 3
Unit 1: 1 Unit•3 Beds•3 Baths•Unfurnished•$4,725 actual rent•$4,725 total rent•$4,750 pro forma
Unit 2: 1 Unit•2 Beds•1 Bath•Unfurnished•$2,383 actual rent•$2,383 total rent•$4,050 pro forma
Unit 3: 1 Unit•2 Beds•1 Bath•Unfurnished•$2,383 actual rent•$2,383 total rent•$4,050 pro forma
Unit 4: 1 Unit•2 Beds•1 Bath•Unfurnished•$2,818 actual rent•$2,818 total rent•$4,050 pro forma
Unit 5: 1 Unit•2 Beds•1 Bath•Unfurnished•$3,950 actual rent•$3,950 total rent•$4,050 pro forma
Unit 6: 1 Unit•2 Beds•1 Bath•Unfurnished•$3,750 actual rent•$3,750 total rent•$4,050 pro forma
Unit 7: 1 Unit•1 Bed•1 Bath•Unfurnished•$2,750 actual rent•$2,750 total rent•$2,950 pro forma
Parking Total: 13.0
Property Features
Lot Size:
0.24 Acres / 10,264 Sq. Ft.
Zoning:RBRMD
Directions:Located on Prospect Ave, south of Beryl St.
Tax and Financial Info
Gross Income: $335,400
Net Operating Income: $206,082
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706 N Prospect Ave Redondo Beach, CA 90277
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Listing agent / office John Wright, Matthews Real Estate Investment Services.
Based on information from California Regional Multiple Listing Service, Inc. as of August 16, 2022. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. IDX provided by Sierra Interactive.
