See all 15 photos
15 photos
REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
$2,400,000
Est. payment /mo
7,470 Sqft Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Mixed Use
Listing Status Pending
Purchase Type For Sale
MLS Listing ID SB25058235
HOA Y/N No
Year Built 1958
Lot Size 7,470 Sqft
Property Sub-Type Mixed Use
Property Description
2204 Mathews Ave is a well-positioned 6-unit apartment building in the desirable North Redondo Beach neighborhood, just north of Artesia Blvd. Offering a strong unit mix of (6) 2-bed/1-bath units, the property provides spacious layouts and modern appeal, with two of the units recently remodeled. This value-add opportunity allows investors to capitalize on significant rental growth while benefiting from a well-maintained asset.
The property offers ample parking with (3) 2-car garages and (6) driveway spaces, a highly sought-after feature in this vibrant beachside community. Additionally, the garages present a potential ADU conversion opportunity (buyer to verify), allowing for further income generation. With a 4.06% CAP rate, 15.25 GRM, and a price of $400,000 per unit, this asset delivers strong in-place income with 37% rental upside, allowing for substantial returns as rents are brought to market levels. A projected 6.43% market CAP and 11.11 market GRM further highlight the long-term value this property presents.
Well-located in North Redondo, this property is just 10 minutes from the Manhattan Beach Pier, Hermosa Beach Pier, Redondo Performing Arts Center, and Mira Costa High School, providing tenants with access to top-rated schools, beaches, entertainment, and shopping. With its coastal proximity, strong appreciation potential, and value-add upside, this is an excellent investment opportunity in one of LA's most in-demand rental markets.
The property offers ample parking with (3) 2-car garages and (6) driveway spaces, a highly sought-after feature in this vibrant beachside community. Additionally, the garages present a potential ADU conversion opportunity (buyer to verify), allowing for further income generation. With a 4.06% CAP rate, 15.25 GRM, and a price of $400,000 per unit, this asset delivers strong in-place income with 37% rental upside, allowing for substantial returns as rents are brought to market levels. A projected 6.43% market CAP and 11.11 market GRM further highlight the long-term value this property presents.
Well-located in North Redondo, this property is just 10 minutes from the Manhattan Beach Pier, Hermosa Beach Pier, Redondo Performing Arts Center, and Mira Costa High School, providing tenants with access to top-rated schools, beaches, entertainment, and shopping. With its coastal proximity, strong appreciation potential, and value-add upside, this is an excellent investment opportunity in one of LA's most in-demand rental markets.
Location
State CA
County Los Angeles
Area 151 - N Redondo Bch/Villas North
Zoning RBR-3
Interior
Fireplace No
Laundry Common Area
Exterior
Parking Features Garage
Garage Spaces 6.0
Garage Description 6.0
Pool None
Community Features Biking
Total Parking Spaces 12
Private Pool No
Building
Lot Description 6-10 Units/Acre
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 4155032015
Acceptable Financing Conventional
Listing Terms Conventional
Special Listing Condition Standard
Read Less Info
Listed by Brett Lyon • Lyon Stahl Investment Real Estate, Inc. • 3107801899