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$11,000,000
Est. payment /mo
1.3 Acres Lot
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Wed Sep 30, 1:00pm - 4:00pm
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Key Details
Property Type Apartment
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID SB26127755
HOA Y/N No
Year Built 1976
Lot Size 1.297 Acres
Property Sub-Type Apartment
Property Description
The subject property is a 60-unit apartment building situated on a 56,511 square foot lot zoned R3, located in the South Bay of Los Angeles, in Harbor City. The improvements consist of a two-story wood-frame & stucco apartment complex that was built in 1976. There are 57 one-bedroom one-bath units and 3 two-bedroom units. The property is gated and has nicely landscaped walkways within the common areas. There is a large maintenance room in the center on the ground floor with a bathroom and two additional maintenance closets for cleaning and gardening supplies. There are 90 parking spaces on grade level and a laundry room on the premises for the tenants, as well as a pool (which is currently drained and covered). The utilities are master metered for both gas and electric utilities, which the landlord pays for, and a majority of the rents are below market. The property is subject to the City of Los Angeles RSO (Rent Stabilization Ordinance), which limits rent increase on existing tenants to 3% per year currently.
The property is on Frampton Avenue and is adjacent to a newly constructed Starbucks, which is at the NWC of PCH (Pacific Coast Highway) and Frampton Avenue. There is a U.S. Post Office a half block away on Frampton, as well as a mixture of commercial and residential buildings. The property is in close proximity to major employers such as the Port of Los Angeles, Kaiser Hospital, Home Depot, Target, and many other retail stores along PCH. Harbor Regional Park, Harbor Park Golf Course, Harbor Community College, Harbor City Little League, LA Waterfront Development, and the 110 Freeway are all within 2 miles, just minutes away. The population density is very high, with 30,000 residents within a 1-mile radius and over 200,000 residents within a 3-mile radius, which results in a strong rental market with high demand for apartments in the Harbor City submarket.
The property is on Frampton Avenue and is adjacent to a newly constructed Starbucks, which is at the NWC of PCH (Pacific Coast Highway) and Frampton Avenue. There is a U.S. Post Office a half block away on Frampton, as well as a mixture of commercial and residential buildings. The property is in close proximity to major employers such as the Port of Los Angeles, Kaiser Hospital, Home Depot, Target, and many other retail stores along PCH. Harbor Regional Park, Harbor Park Golf Course, Harbor Community College, Harbor City Little League, LA Waterfront Development, and the 110 Freeway are all within 2 miles, just minutes away. The population density is very high, with 30,000 residents within a 1-mile radius and over 200,000 residents within a 3-mile radius, which results in a strong rental market with high demand for apartments in the Harbor City submarket.
Location
State CA
County Los Angeles
Area 124 - Harbor City
Interior
Fireplace No
Laundry Common Area
Exterior
Carport Spaces 90
Pool Fenced, In Ground, Pool Cover, Private
Community Features Urban
Total Parking Spaces 180
Private Pool Yes
Building
Lot Description Rectangular Lot
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 7410028090
Energy Description 16882.0
Acceptable Financing Cash to New Loan
Listing Terms Cash to New Loan
Special Listing Condition Standard
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Listed by Stephen Lampe Re/Max Commercial & Investment slampe@remaxcir.com, DRE #01164364
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