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706 N Prospect Ave , #1

Redondo Beach, CA 90277
  • $5,495,000
  • STATUS: Active
  • ON SITE: 69 Days
  • ID#: 22-146817
UPDATED: 83 min ago
$5,495,000
  • 14
    BEDS
  • 0.24
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 8,510
    SQFT
  • $646
    $/SQFT
Type:
Multi-Family
Built:
1980
County:

School Ratings & Info

Description

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. The owner is in the process of voluntarily completing a Soft-Story Retrofit for the property. 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.

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Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-06-24T20:43:43.543. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
www.brandiprattrealestate.com/homes/127756266
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706 N Prospect Ave , #1 Redondo Beach, CA 90277

  • Price: $5,495,000
  • Status: Active
  • On Site: 69 Days
  • Updated: 83 min ago
  • ID#: 22-146817
14
Beds
0
Baths
0
½ Baths
0.24
Acres
8,510
SQFT
$646
$/SQFT
1980
Built
Neighborhood:
S. Redondo Beach North Of Torrance Blvd
County:
Los Angeles
Area:
S. Redondo Beach North Of Torrance Blvd
Property Description
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. The owner is in the process of voluntarily completing a Soft-Story Retrofit for the property. 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.
Exterior Features

Lot Size Area 10264 Other Structures Other Parking Garage Garage Total Parking 13

Interior Features

Baths Total 9.00 Cooling Other Equipment Other Heating Other

Property Features

Gross Income 335400 Gross Operating Income 288769 Like Units1 1 Like Units2 1 Like Units3 1 Like Units4 1 Like Units5 1 Like Units6 1 Net Operating Income 202690.00 Number Of Buildings 1 Number Of Units 7 Sale Type Standard Source Living Area Other Source Lot Size Area Vendor Enhanced Total Annual Expense 88437 Type Of Units Condo + Adu Year Built Source Vendor Enhanced Zoning Rbrmd

Listing provided courtesy of Nabil Awada DRE# of Matthews Real Estate Investment Services.


Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-06-24T20:43:43.543. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
 
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eXp Realty of California, Inc.
2603 Camino Ramon, Suite 200
San Ramon CA, 94583