$4,300,000
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0.4 Acres Lot
SOLD DATE : 08/18/2023
Key Details
Property Type Single Family Home
Sub Type Mixed Use
Listing Status Sold
Purchase Type For Sale
MLS Listing ID PW23096325
Sold Date 08/18/23
HOA Y/N No
Year Built 1961
Lot Size 0.398 Acres
Property Sub-Type Mixed Use
Property Description
We are pleased to present the Santorini Apartments, a 16 unit apartment community located in Gardena CA. The 16 large units consist of thirteen 2 bed 1 bath units, two studios, and one 1 bed 1 bath unit, 1034 Magnolia Ave has an ideal unit mix.
The subject property has 100% copper plumbing, vinyl windows, newer roof, and ownership has filled the pool to create additional parking spaces for the tenants. There are a total of 25 parking spaces, and the property is secured by controlled access and has operational security cameras on site.
Additional cash flow is produced by the seller-owned laundry facility, as well as ample on-site parking options. The Santorini Apartments are priced at an attractive cap rate of 5.32% and 12.11 GRM, with significant upside in rents to a 7.45% cap rate, and 9.42 GRM.
In addition to having strong cash flow and attractive upside, 1034 Magnolia has been extremely well maintained, and is a unique opportunity for a savvy investor.
Location
State CA
County Los Angeles
Area 119 - Central Gardena
Zoning GAR3
Interior
Fireplace No
Laundry Common Area
Exterior
Garage Spaces 14.0
Garage Description 14.0
Pool None
Community Features Curbs
Total Parking Spaces 25
Private Pool No
Building
Lot Description Front Yard, Garden, Lawn
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 6113030017
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Financing Assumed
Special Listing Condition Standard
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Bought with Matthew Mahowald Buckingham Investments, Inc