608 Esplanade
8 Unit Apartment Building $5,000,000 ($625,000/Unit) 2.69% Cap Rate Redondo Beach, CA 90277
INVESTMENT HIGHLIGHTS
- Only steps from the sand in South Redondo Beach on the Esplanade
- 2 blocks from Veteran's park, Redondo Beach Pier
- Super dense beachside rental neighborhood with strong demographics
- Well priced oceanfront multifamily at 19X GRM on actual rents with a 30% upside to 14.8X GRM on market rents
EXECUTIVE SUMMARY
- Incredible opportunity to own a rare ocean view generational asset on the Esplanade in Redondo Beach
- First time on the market in over 40 years, this huge 7 unit (plus 1 non-conforming) apartment building offers over 7,000 square feet of rentable square footage on a nearly 10,000 square foot lot with 7 garage parking spaces
- Enormous unique 2 story owner's unit loft style apartment with jaw-dropping ocean views, beamed ceilings, skylights, direct access elevator, large open concept kitchen, balcony, office, den, fireplace, wet bar, and 2 bathrooms
- 6 other separately metered spacious apartments including one 2 bed/1 bath unit with ocean views, two 2 bed/2 bath units, and three 1 bed/1 bath units plus one non-conforming studio above the garages in the rear of property (check for ADU potential)
- Well priced on income for ocean front multifamily at 19X GRM on actual rents with a 30% upside to 14.8X GRM on market rents
- Extremely well maintained property with very little deferred maintenance. Newer windows, clean units, and individual water heaters
- First time on the market in over 40 years, this huge 7 unit (plus 1 non-conforming) apartment building offers over 7,000 square feet of rentable square footage on a nearly 10,000 square foot lot with 7 garage parking spaces
- Enormous unique 2 story owner's unit loft style apartment with jaw-dropping ocean views, beamed ceilings, skylights, direct access elevator, large open concept kitchen, balcony, office, den, fireplace, wet bar, and 2 bathrooms
- 6 other separately metered spacious apartments including one 2 bed/1 bath unit with ocean views, two 2 bed/2 bath units, and three 1 bed/1 bath units plus one non-conforming studio above the garages in the rear of property (check for ADU potential)
- Well priced on income for ocean front multifamily at 19X GRM on actual rents with a 30% upside to 14.8X GRM on market rents
- Extremely well maintained property with very little deferred maintenance. Newer windows, clean units, and individual water heaters
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
PROPERTY FACTS Under Contract
| Price | $5,000,000 |
| Price Per Unit | $625,000 |
| Sale Type | Investment |
| Cap Rate | 2.69% |
| Gross Rent Multiplier | 19.28 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.22 AC |
| Building Size | 7,236 SF |
| No. Stories | 2 |
| Year Built | 1956 |
| Parking Ratio | 0.97/1,000 SF |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 1 | $3,600 | - |
| 1+1 | 3 | $2,138 | - |
| 2+2 | 2 | $3,323 | - |
| 1+2 | 1 | $5,000 | - |
| Studios | 1 | $2,000 | - |
1 of 1
Walk Score®
Very Walkable (86)
Bike Score®
Very Bikeable (84)
PROPERTY TAXES
| Parcel Number | 7508-006-017 | Total Assessment | $1,507,017 |
| Land Assessment | $573,522 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $933,495 | Tax Year | 2024 |
ZONING
| Zoning Code | RBRMD |
