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608 Esplanade, Redondo Beach
- Incredible opportunity to own a rare ocean view generational asset on the Esplanade in Redondo Beach
- First time on the market in over 40 years, this huge 7 unit (plus 1 non-conforming) apartment building offers over 7,000 square feet of rentable square footage on a nearly 10,000 square foot lot with 7 garage parking spaces
- Enormous unique 2 story owner’s unit loft style apartment with jaw-dropping ocean views, beamed ceilings, skylights, direct access elevator, large open concept kitchen, balcony, office, den, fireplace, wet bar, and 2 bathrooms
- 6 other separately metered spacious apartments including one 2 bed/1 bath unit with ocean views, two 2 bed/2 bath units, and three 1 bed/1 bath units plus one non-conforming studio above the garages in the rear of property (check for ADU potential)
- Well priced on income for ocean front multifamily at 19X GRM on actual rents with a 30% upside to 14.8X GRM on market rents
- Extremely well maintained property with very little deferred maintenance. Newer windows, clean units, and individual water heaters
Contact Josh Ess for more information.
310-867-1183
Property Details
- Units: 7
- Gross Rent Multiplier: 19.34
- Cap Rate: 2.7%
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Contact Listing AgentPrice
$5,000,000
Annual Income
$258,540
Annual NOI
$245,613
Annual Expense
$111,594
Rental Cost Details
| # OF UNITS | # OF BEDROOMS | # OF BATHS | ACTUAL RENT | TOTAL RENT | PRO FORMA | TOTAL PRO FORMA |
| 1 | 2 | 1 | $3,600 | $3,600 | $4,000 | $4,000 |
| 1 | 1 | 1 | $2,250 | $2,250 | $2,800 | $2,800 |
| 1 | 1 | 1 | $2,025 | $2,025 | $2,800 | $2,800 |
| 1 | 2 | 2 | $3,395 | $3,395 | $4,000 | $4,000 |
| 1 | 1 | 2 | $5,000 | $5,000 | $5,000 | $5,000 |
| 1 | 1 | 1 | $3,250 | $3,250 | $2,800 | $2,800 |
| 1 | 2 | 2 | $2,000 | $2,000 | $4,000 | $4,000 |
| TOTAL # OF UNITS | TOTAL # OF BEDROOMS | TOTAL # OF BATHS | GRAND TOTAL RENT | GRAND TOTAL PRO FORMA | ||
| 7 | 10 | 10 | $21,520 | $25,400 |
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