Beth Morrissey Coldwell Banker Manhattan Beach (310-802-5700) has listed a VERY RARE and highly sought after multifamily (8 unit) investment rental apartment building overlooking the Pacific Ocean in Palos Verdes Estates California. The apartment building sits on an awesome sized lot in a phenomenal ocean view location. This multifamily income investment property has been voted as a top pick by MultiFamilyOwl readers. Please call Beth Morrissey direct for more information. Some of the preliminary details are below:
2341 West Palos Verdes Drive
Palos Verdes Estates, CA 90274
For Sale: $3,500,000
Property Type: Commercial Apartments
Beth Morrissey, Coldwell Banker Residential | Phone:
- Bedrooms: 16
- Building Size: 6710 SF
- Lot Size: 11116 SF
- Number of Units: 8
- Year Built: 1961
- Days on market: 23
- Net Operating Income: $110,741
- Gross Scheduled Income: $167,761
- Rent Control: No
Charming 8-unit building in the heart of Palos Verdes Estates on an 11,108 sq ft lot overlooking the Pacific Ocean. Lunada Bay adjacent. All 8 units have private entrances with either ocean views (4 units) or a beautifully landscaped garden view surrounded by 30ft. palm trees. The property was recently remodeled (2008). Units are furnished with laminate wood floors, remodeled kitchens with new tile, stainless appliances, sinks and fixtures. Baths were also retiled with white subway tile, new fixtures and floors. Bedrooms were re-carpeted, 4″ baseboards were installed throughout and all units were freshly painted. Residents benefit from award winning high demand neighborhood schools. The complex is complete with an on site laundry room. Parking for 16 cars, 8 in secure garages. Fully occupied, long term tenants and lower than area average vacancy.
Multi-family Investment Property and Home Listings in Los Angeles, CA
The most populous county in the United States, Los Angeles County has a population of 9,818,605 and has more people than 42 individual U.S. states. LA County is a fantastic choice to invest in multifamily residential income property. The economy is improving and decreasing unemployment rates are excellent for rising rental rates. Southern California’s great climate, world renowned attractions and celebrity encounters enables many of LA county’s cities to be vacation destinations. Additionally if you convert your apartment into a vacation rental, you will create short term rentals that will yield higher rentalrates.
The city of Los Angeles is the county seat, is the largest city in California and the second-largest in the United States. Encompassing 4,083 square miles, it is larger than the combined states of Rhode Island and Delaware. You may receive higher rents for multi-unit residential investment properties near the coast, however in general the asking purchase prices are higher.
LA County is composed of 88 incorporated cities and two offshore islands, San Clemente and Santa Catalina Islands. However, most of LA County is made up of 140 County-recognized unincorporated communities.
The most populous cities are:
|● Los Angeles – 3,792,621
● Long Beach – 462,257
● Glendale – 191,719
● Santa Clarita – 179,013
● Lancaster – 156,633
|● Palmdale – 152,750
● Pomona – 149,058
● Torrance – 145,438
● Pasadena – 137,122
● El Monte – 113,475
|● Downey – 111,772
● Inglewood – 109,673
● West Covina – 106,098
● Norwalk – 105,549
● Burbank – 103,340
Major divisions of the county are 1) East: Eastside, San Gabriel Valley, Pomona Valley, 2) West: Westside, Beach Cities 3) South: South Bay, Palos Verdes Peninsula, South Los Angeles, 4) Gateway Cities 5) North: San Fernando Valley, portions of the Conejo Valley, portions of the Antelope Valley and Santa Clarita Valley 6) Central: Downtown Los Angeles, Mid-Wilshire.
Los Angeles County is famous for its entertainment industry; all six major film studios (Sony, 20th Century Fox, Paramount Pictures, Warner Brothers, Universal Pictures, and Walt Disney Studios) are located in the county. Besides motion picture and television industries, LA County resident workers are in international trade supported by the ports of LA and Long Beach, music recording and production, and aerospace.
Moreover, there are great tax benefits to owning income producing real estate. We have many duplexes, triplexes, fourplexes, and commercial apartment buildings without rent control, with on-site parking, laundry and separately metered utilities. A property manager can help you control owner/ landlord expenses and if necessary guide you through the Section 8 and eviction process.
Invest with us and request more information about the historical CAP Rates for your preferred LA county cities and ask about the GRM (Gross Rent Multiplier), Net Operating Income and Gross Operating Income for specific listings.
Information gathered from Wikipedia and propertymetrics.com
Thank you for choosing MultiFamilyOwl.com in your search for a duplex, triplex, fourplex or commercial apartment for sale in LA County.
You might be interested in looking in one of these LA County cities: Alhambra – Altadena – Arcadia – Azusa – Baldwin Park – Bell – Bell Gardens – Bellflower –Beverly Hills – Brentwood – Burbank – Carson – Compton – Covina – Culver City – Downey – Eagle Rock – El Monte – El Segundo – Glendale – Glendora – Harbor City – Hawaiian Gardens – Hawthorne – Hermosa Beach – Highland Park – Hollywood – Huntington Park – Inglewood – Lakewood – Lawndale – Lomita – Long Beach – Los Angeles (City) – Lynwood – Malibu – Manhattan Beach – Marina Del Rey – Monrovia – Montebello – Monterey Park – Montrose – North Hollywood –Norwalk – Pasadena – Playa Del Rey – Pomona – Redondo Beach – Rosemead – San Dimas – San Gabriel – San Pedro – Santa Monica – Sherman Oaks – Silver Lake – South El Monte – South Pasadena – Southgate – Studio City – Sun Valley – Temple City – Toluca Lake – Torrance – Valley Village – Van Nuys – Venice –West Covina – West Hollywood – Westchester – Whittier – Wilmington