2637 Redondo Blvd Los Angeles, CA 90016-2713

Property Details for 2637 Redondo Blvd

Year built

1923

Construction

WOOD

Lot size

0.17 lot acres

Property size

3,616 SF

Zone code

LAR3

Property type

Apartment buildings

APN

5043-004-024

APU

5043004024

Description

This exceptional 8-unit apartment building, situated in the desirable West Adams neighborhood of Los Angeles, presents a compelling investment opportunity. The property, located at 2637 Redondo Blvd, boasts a total of 3,616 square feet across four single-story buildings on a 7,210 square foot lot. Seven of the eight units, each a 1+1 layout, have undergone extensive renovations, featuring new paint, laminate flooring, windows, kitchens, and bathrooms. The exterior has also been refreshed with new paint and landscaping. Each unit includes its own water heater and individual gas and electric meters. Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $91,052, with a pro-forma NOI projected at $117,832, reflecting a potential rental upside. The property's location offers convenient access to Culver City, Mid-City, and the University of Southern California, along with a high walk score (84) and proximity to public transportation (0.7 miles from the Expo/La Brea Metro station) and the I-10 freeway. Built in 1923, this stabilized investment property is zoned LAR3 and offers a compelling cap rate of 4.80% and a pro-forma cap rate of 6.22%. The asking price is $1,895,000, representing a price per square foot of $524.06 and a price per unit of $236,875. The land value is $262.83 per square foot. This fee-simple ownership opportunity provides a strong foundation for long-term growth and value appreciation in a thriving Los Angeles neighborhood. The property is located in an opportunity zone and has a Tier 3 TOC designation.