Add ADUs for potential 7.33% pretax cash flow | 1623 Lomita Blvd
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Add ADUs for potential 7.33% pretax cash flow 1623 Lomita Blvd
14 Unit Apartment Building $3,100,000 ($221,429/Unit) 5.90% Cap Rate Harbor City, CA 90710
Investment Highlights
- Assumable loan of $1,950,000 fixed for 2 years @ 5.75%
Executive Summary
Exceptional Investment Opportunity – High Cap Rate with Upside Potential! Assumable loan of $1,950,000 fixed for 2 years @ 5.75%.
This property offers a 5.90% in-place cap rate and 10.09 GRM, with upside to a 9.45% cap rate and 7.37 GRM. Adding two ADUs (Buyer to Verify) increases performance to a 6.53% cap rate, 9.22 GRM, and a remarkable 7.33% pre-tax cash flow with no additional turnover.
Highlights:
- 17% IRR potential with ADUs
- Dual pane windows for efficiency
The building includes 14 units: 2 bachelor units, 5 one-bedroom/one-bath units, 1 two-bedroom/one-bath unit, 4 two-bedroom/two-bath units, and 2 three-bedroom/two-bath units. Units 10 and 11 (the 3+2s) feature a unique layout with a door connecting the master bedroom to the main unit. This configuration allows the master bedrooms to be rented separately, with the city's approval, provided the connecting door remains in place.
Contact us today to learn more or schedule a tour!
This property offers a 5.90% in-place cap rate and 10.09 GRM, with upside to a 9.45% cap rate and 7.37 GRM. Adding two ADUs (Buyer to Verify) increases performance to a 6.53% cap rate, 9.22 GRM, and a remarkable 7.33% pre-tax cash flow with no additional turnover.
Highlights:
- 17% IRR potential with ADUs
- Dual pane windows for efficiency
The building includes 14 units: 2 bachelor units, 5 one-bedroom/one-bath units, 1 two-bedroom/one-bath unit, 4 two-bedroom/two-bath units, and 2 three-bedroom/two-bath units. Units 10 and 11 (the 3+2s) feature a unique layout with a door connecting the master bedroom to the main unit. This configuration allows the master bedrooms to be rented separately, with the city's approval, provided the connecting door remains in place.
Contact us today to learn more or schedule a tour!
Property Facts
| Price | $3,100,000 | Apartment Style | Low Rise |
| Price Per Unit | $221,429 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.27 AC |
| Cap Rate | 5.90% | Building Size | 10,620 SF |
| Gross Rent Multiplier | 10.09 | Average Occupancy | 100% |
| No. Units | 14 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1961 |
| Property Subtype | Apartment | Parking Ratio | 1.22/1,000 SF |
| Price | $3,100,000 |
| Price Per Unit | $221,429 |
| Sale Type | Investment |
| Cap Rate | 5.90% |
| Gross Rent Multiplier | 10.09 |
| No. Units | 14 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.27 AC |
| Building Size | 10,620 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1961 |
| Parking Ratio | 1.22/1,000 SF |
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Oven
- Freezer
Site Amenities
- Courtyard
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 2 | - | - |
| 1+1 | 5 | - | - |
| 2+1 | 1 | - | - |
| 2+2 | 4 | - | - |
| 3+2 | 2 | - | - |
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Walk Score®
Very Walkable (77)
PROPERTY TAXES
| Parcel Number | 7439-025-025 | Improvements Assessment | $1,203,008 |
| Land Assessment | $1,531,102 | Total Assessment | $2,734,110 |
PROPERTY TAXES
Parcel Number
7439-025-025
Land Assessment
$1,531,102
Improvements Assessment
$1,203,008
Total Assessment
$2,734,110
zoning
| Zoning Code | R3 |
| R3 |
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Add ADUs for potential 7.33% pretax cash flow | 1623 Lomita Blvd
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