We are proud to present 2600 Mathews Avenue, a completely remodeled 7 unit property in Redondo Beach. The subject property was built in 1962 but received a top to bottom renovation just completed in the last 10 months. The ideal unit mix consists of 2-3BR/1BA, 2-2BR/1BA and 3-1BR/1BA. The kitchens are brand new and include white slow close shaker cabinets, quartz kitchen counters, designer tiled backsplashes and stainless steel appliances. The bathrooms have new modern themed vanities, designer tiled shower enclosures, lighted mirrors and other modern fixtures and finishes. Every unit has brand new hardwood luxury vinyl flooring throughout, designed to both look sharp and
last long. All of the property’s windows have been replaced as have all of doors and exterior lighting. There is ample onsite garaged parking with brand new electric aluminum doors. There is a new large outdoor patio area surrounded by lush planter boxes offering tenants a private haven to host family and friends. The units are individually metered
for gas and electricity which helps keep operating expenses at a minimum for ownership. The building is also wired for WiFi and DirectTV packages which are provided to the tenants. The property is 100% leased and stabilized with great tenants paying close to market rent…..a huge advantage with pending statewide rent control. Currently the property has a scheduled gross monthly income of $19,750 and annual SGI of $237,000. Priced to sell at $3,395,000 the property is offered at a 14.32 GRM (actual) and 4.63% CAP (actual). Ideally located close to both the beach and the 405, providing tenants with easy freeway access and a very quick drive or bike ride to Manhattan Beach and Hermosa Beach (just less than 1 mile away). Right across the street is a new Coffee Bean. Farther down Artesia Blvd is the South Bay Galleria which is slated for a huge mixed use redevelopment that will include 217,000 square feet of retail, a 150 room hotel, and 6 acres of outdoor space. 2600 Mathews Avenue is the perfect opportunity for a 1031 exchange buyer, an investor wanting a better than market cash flow from day 1 or anyone wanting a well located asset in great condition.
