24 Units - Harbor City: Property For Sale

Properties For Sale 24 Units - Harbor City

24 Units - Harbor City

1601 Lomita Blvd., Harbor City 90710

DRIVE-BY ONLY. Do not disturb tenants. Tenants do not know the property is for sale. Interior inspection with accepted offer.

Offered at:
$4,599,999

Property Description

24 units on almost a 1/2 acre of frontage along one of the South Bay's main arteries, connecting Torrance with the 110 Fwy. One is a major South Bay job center and the other one of Greater LA's main Freeways. The subject property is made up of six, 4-unit buildings. All units are all-electric and have their own hot water heaters. Two laundry rooms on-site. Almost all 2 bedroom units. Good tenant stability. Great "Buy and Hold" steady cash flow opportunity. Huge, unrealized upside, over time, through easy aesthetic improvements. Or build on this large, R3 site! Immediate upside through the issuance of the "City of LA allowable year 2018" rent increase (3%) this Fall and by restructuring the on-site manager's compensation. Huge job centers in Torrance, minutes away. As well as the Port of LA, a 10-minute drive South.

Living in Los Angeles

Los Angeles is an enormous coastal city (i.e. on the ocean, a bay, or inlet) located in the state of California. With a population of 3,990,456 people and 1061 constituent neighborhoods, Los Angeles is the largest community in California.

Housing costs in Los Angeles are among some of the highest in the nation, although real estate prices here don't compare to real estate prices in the most expensive communities in California.

Unlike some cities, Los Angeles isn’t mainly white- or blue-collar. Instead, the most prevalent occupations for people in Los Angeles are a mix of both white- and blue-collar jobs. Overall, Los Angeles is a city of professionals, sales and office workers, and service providers. There are especially a lot of people living in Los Angeles who work in office and administrative support (12.08%), sales jobs (10.46%), and management occupations (9.55%).

Of important note, Los Angeles is also a city of artists. Los Angeles has more artists, designers and people working in media than 90% of the communities in America. This concentration of artists helps shape Los Angeles’s character.

One thing noticeable about Los Angeles, is that it has a large population of people who are young, single, educated, and upwardly-mobile career starters. That’s because Los Angeles is full of single people in their 20s and 30s and who have undergraduate or graduate degrees and are starting careers in professional occupations. This makes Los Angeles a great place for young, educated career starters looking to find many people like themselves, with good opportunities for friendships, socializing, romance, and fun. In fact, Los Angeles is one of the top larger cities in America for educated single professionals to flock.

One of the benefits of being a big city like Los Angeles is having a public transportation system, but in Los Angeles the transit system is the mode of choice for lots of people getting to and from work every day. You will find many people using the bus for their daily commute, even though other transportation options exist. If you ask these commuters, many will tell you that not having to drive in the snarl of big city traffic is one of the main reasons for leaving the car at home, or even not owning a car at all. With so many people taking the bus Los Angeles benefits from a reduction in air pollution and traffic.

The per capita income in Los Angeles in 2010 was $31,563, which is middle-income relative to California, and upper middle income relative to the rest of the US. This equates to an annual income of $126,252 for a family of four. 

Why Invest in Los Angeles Real Estate?

With the Hollywood sign perched at the entrance into the city, Los Angeles is definitely among the most widely recognized locations in the world. Its sunny weather, vibrant nightlife and the sheer amount of famous people draw in millions of visitors year-round.

As desirable as always, Los Angeles is continuing to attract renters and homebuyers despite its overvalued real estate market. While more and more condos are being sold, it is expected that the growth of home prices will slow down during 2019.

Apart from the hospitality and film industries, LA has dozens of major industries such as aerospace, bioscience, information technology and gaming/animation sectors. The LA region’s key industries foster the growth of well-paying jobs and employ hundreds of thousands of workers. The Los Angeles city showcases consistently strong homebuyer activity and is a safe bet for real estate investment.

Income

Four 2-Beds 1-Bath $1,268
One 2-Beds 1-Bath $1,378
One 2-Beds 1-Bath $1,382
One 2-Beds 1-Bath $1,426
Four 0-Beds 1-Bath $934
One 2-Beds 1-Bath $1,377
Two 2-Beds 1-Bath $1,418
One 2-Beds 1-Bath $1,446
One 2-Beds 1-Bath $1,471
One 2-Beds 1-Bath $1,506
One 2-Beds 1-Bath $1,609
Three 2-Beds 1-Bath $1,648
One 2-Beds 1-Bath $1,349
Monthly Total $31,292

Cash Flow Analysis

Gross Scheduled Income $375,503
Operating Expenses $134,592
Net Operating Income $232,046

Acquisition Data

Down Payment $1,840,000 (40%)
Loan Amount $2,760,000 (60%)

Call or E Mail to request a Marketing Package and 10 Year Financial Analysis of this property. Marketing Package includes Complete Property Information, Sales and Rent Comparable Analysis. 10 Year Financial Analysis includes Complete Cash Flow Analysis, Itemized Expenses, Expected Cash Flow, Return on Initial Equity, Expected Gross Income Increase, Tax Benefits, Mortgage Principal Reduction, Expected Appreciation, Depreciation Analysis, Adjusted Cost Basis, Capital Gains Tax On Sale and more.

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