Price Adjustment! 10.3% Proforma Cap Rate! | 1652 Lomita Blvd
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Price Adjustment! 10.3% Proforma Cap Rate! 1652 Lomita Blvd
6 Unit Block of Flats £1,033,956 (£172,326/Unit) 5.70% Net Initial Yield Harbor City, CA 90710
Investment Highlights
- Excellent Unit Mix: (1) 3Bd/2Ba with direct access to 1-car garage, (3) 2Bd/1Ba, and (2) Studio/1 Bath units.
- High Rental Demand in Excellent South Bay submarket next to Palos Verdes Peninsula and within minutes from Redondo Beach, Long Beach, etc
- Available together or separately with the 6 unit building (different Seller) next door which has an identical unit mix.
- Huge 45% Upside in Rental Income - 10.3% Proforma CAP Rate -Seismic Retrofit already Complete
- Near abundance of employment opportunities in Long Beach, San Pedro Ports and Wilmington Ports.
- Within walking distance to an abundant amount of doctor offices, clinics, pharmacies, pediatricians, and medical field employment.
Executive Summary
KW Commercial is pleased to present the Starlite Apartments, a 6 unit apartment building in Harbor City in the excellent South Bay submarket. The unit mix consists of (1)Huge 3bd/2ba with attached 1-car garage with direct entry, (3) 2bd/1ba, and (2) Studio/1ba units. A new owner will be able to achieve market rent for the units when the units turn over capitalizing on the high rental demand in the area that has very low average vacancy and high rents. There is huge rental upside as the units turn over the new owner will be able to achieve a 10.3% Market Cap Rate. This building benefits from being walking distance to an abundant amount of clinics, hospitals, and medical businesses. The 6 unit building next door (1656 Lomita Blvd) is also available for $1.5m and exclusively by James Torres-KW Commercial from a separate seller and is a mirror copy with identical unit mix.
Financial Summary (Actual - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | £1,033,956 | Apartment Style | Low Rise |
| Price Per Unit | £172,326 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Net Initial Yield | 5.70% | Building Size | 4,684 SF |
| Gross Rent Multiplier | 11.96 | Average Occupancy | 100% |
| No. Units | 6 | Number of Floors | 2 |
| Property Type | Residential | Year Built | 1964 |
| Property Subtype | Apartment |
| Price | £1,033,956 |
| Price Per Unit | £172,326 |
| Sale Type | Investment |
| Net Initial Yield | 5.70% |
| Gross Rent Multiplier | 11.96 |
| No. Units | 6 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 4,684 SF |
| Average Occupancy | 100% |
| Number of Floors | 2 |
| Year Built | 1964 |
Unit Amenities
- Storage Space
- Kitchen
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 3+2 | 1 | £2,001 | - |
| 2+1 | 3 | £1,223 | - |
| Studios | 2 | £727.69 | - |
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Walk Score ®
Very Walkable (80)
PROPERTY TAXES
| Parcel Number | 7410-018-036 | Improvements Assessment | £498,746 |
| Land Assessment | £520,358 | Total Assessment | £1,019,104 |
PROPERTY TAXES
Parcel Number
7410-018-036
Land Assessment
£520,358
Improvements Assessment
£498,746
Total Assessment
£1,019,104
zoning
| Zoning Code | R3 (Multiple Dwelling) |
| R3 (Multiple Dwelling) |
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Price Adjustment! 10.3% Proforma Cap Rate! | 1652 Lomita Blvd
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