As of August 21st there are 9 multifamily income properties for sale in Redondo Beach California. Two Duplex properties, one Triplex property, three Fourplex properties and three larger apartment buildings of 5 units or greater. Asking prices range from under $1,000,000 for one of the Duplex properties to just above $4,000,000 for a few of the larger apartment buildings.
Redondo Beach continues to be an incredible alternative to Manhattan Beach and Hermosa Beach for multifamily income property investors due to lower Gross Rent Multipliers and higher overall CAP Rates. Rents in Redondo Beach are rising quarter over quarter consistently, vacancy rates are decreasing and tenant demand is increasing. Quite the perfect situation to be a landlord/owner.
If you are looking for multifamily income property in Redondo Beach we highly recommend seeking an area expert. The neighborhoods of North Redondo, The Golden Hills and South Redondo all have different characteristics affecting overall value and rent rates. ForbesCorrales at the Manhattan Beach Coldwell Banker Office currently advises many seasoned investors in these areas.
Redondo Beach Real Estate and Multi-family Investment Properties
Redondo Beach is located in the South Bay region of Los Angeles County and is a great place to buy or sell multifamily, duplex, triplex, fourplex and larger commercial apartment properties. Its job industry, conveniences, and attractions make this a great place to live and there is a good market available to buy multifamily rental propertiessuch as duplexes, triplexes, and fourplexes. These properties can bring in great income and can be sold quickly if you need to move your investments around. There is also no rent control in Redondo Beach.
Redondo Beach’s population was 67,693 as of 2012, which is more than Hermosa Beach or Manhattan Beach, the other two beach cities in the South Bay. The estimated median household income in 2011 was $97,547 (it was $69,173 in 2000). This is larger than the California median which was $57,287 in 2011.
Redondo Beach has large professional, scientific, and technical industries which comprise 13% of all industries in the city, which is almost twice that of the California average. This is because employers such as Northrop Grumman have 5,827 employees, which is 16% of the city’s total employment. Education is also a big industry with Redondo Beach Unified School district being the second largest employer in the city. The Beach Cities Health District, Nordstrom, Crowne Plaza, Cheesecake Factory, Target and Macy’s are also large employers.
The city also enjoys being close to a variety of conveniences. The Los Angeles International Airport (LAX) is only 7 miles away. The Metro Green Line, which runs east to west, has a stop in Redondo at Marine Ave, thereby connecting Redondo with affordable transit to most LA cities. The hospital Providence Little Company of Mary is only 2 miles away in neighboring city Torrance and about 4 miles away is El Camino Community College, which has over 8500 full time enrolled students.
Redondo Beach has many attractions, the most popular of which is the Pier. Here tourists and locals alike enjoy the sandy beach and many restaurants that it has to offer. The South Bay Galleria shopping center also offers many retail and boutique shopping outlets and is located in the heart of Redondo.
All of these features make Redondo Beach a great city to buy or sell multifamily investment rental properties such as duplexes, triplexes, fourplexes and larger commercial apartment buildings. This vibrant, growing community has great attractions, a healthy work industry, and above average rent. The density of the city and the desire for people to live here, make it an ideal location for multifamily living and the city does have great duplex, triplex, and fourplex properties.
Also serving other Los Angeles County Cities.
This information was gathered from www.redondo.org, city-data.com and wikipedia
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