821 167th St Gardena, CA 90247-5129

This exceptional value-add multifamily investment opportunity presents a rare chance to acquire a 20-unit apartment building situated on a substantial 132,129 square foot corner lot in Gardena, California. The property, located at 821-825 West 167th Street, consists of two, two-story buildings totaling 13,129 square feet with 12,434 square feet of net rentable space. Built in 1963, the property boasts a desirable unit mix of studios, one, two, and three-bedroom apartments, catering to a diverse range of renters. Nine units have already undergone updates, presenting a clear path to increase profitability. The property features on-site laundry facilities and ample rear parking (16 spaces), a significant advantage in this high-demand rental location. A soft story retrofit has been completed, and the roof was replaced just 10 years ago. The current occupancy is 100%, generating a current NOI of $288,115 and a 5.13% cap rate. However, with a pro-forma NOI of $288,115, the potential for significant rental income growth is evident, projecting a 9% cap rate. The property is zoned R3, offering potential for future development, such as converting the tuck-under parking into additional dwelling units (ADUs). The asking price is $3,200,000, translating to $160,000 per unit and $243.74 per square foot. The land value alone is estimated at $257.36 per square foot. This all-electric building presents a compelling investment opportunity with substantial upside potential in a thriving market. The property's location in Los Angeles County, zip code 90247, ensures strong rental demand and long-term appreciation.