213 Calle Miramar Redondo Beach, CA 90277-6269

Property Details for 213 Calle Miramar

Year built

1959

Construction

WOOD

Lot size

0.18 lot acres

Property size

7,048 SF

Zone code

TORR-MD

Property type

Apartment buildings

APN

7511-019-031

APU

7511019031

Description

This exceptional investment opportunity presents a 10-unit apartment building located at 213 Calle Miramar, Redondo Beach, CA 90277. The property boasts 7,048 square feet of living space situated on a 7,906 square foot lot. Built in 1959, this three-story building features a mix of six one-bedroom/one-bathroom and four two-bedroom/two-bathroom units. Currently, the occupancy rate is 20%, offering a significant value-add opportunity for a new owner. The building includes subterranean gated parking. The asking price is $5,300,000, representing $530,000 per unit. The current Net Operating Income (NOI) is $298,741, resulting in a 5.64% capitalization rate. A pro-forma NOI of $331,909 projects a 6.26% capitalization rate. The property is zoned TORR-MD and is not subject to Los Angeles Rent Control, instead falling under AB-1482. Detailed remodel plans, renderings, and information are available for prospective buyers. This prime location in the heart of Hollywood Riviera is just steps from the beach and Riviera Village, offering easy access to upscale restaurants, nightlife, and shopping. This is a rare chance to acquire a generational asset in a highly desirable coastal location.