10
See all 10 photos
Listed by Jonathan Mitchell • Kidder Mathews of California, Inc
$4,195,000
Est. payment /mo
4,840 SqFt
Price Dropped by $155K
502 North Elena Avenue Redondo Beach, CA 90277
REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your advisor will contact you to discuss available opportunities.
In-PersonVirtual Tour
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 4,840 sqft
Price per Sqft $866
MLS Listing ID OC-26003145
Year Built 1964
Lot Size 6,017 Sqft
Property Sub-Type Apartment
Source California Regional Multiple Listing Service (CRMLS)
Property Description
***Price Reduced $155,000***This 7-unit apartment community offers investors
desirable amenities and an exceptional location
within Redondo Beach in the South Bay. The property
features a diverse unit mix of three, two & onebedroom
units with functional layouts that consistently
attract long-term tenants. Residents benefit from onsite
laundry and individual garages. The residences
in the rear further distinguish themselves with select
townhouse units and large private patios, offering
a more spacious, modern living experience. This
combination of location, design, and amenities
ensures strong renter demand and positions the
property for substantial rent and income growth as
units are modernized and brought to market levels. • 6 of 7 units have been renovated to
different states that include: new plumbing,
electrical panels, kitchens, bathrooms, flooring,
and hardware.
• Demand Tailwinds: The severe monthly cost
differential between renting ($3,550 avg.)
and owning ($11,248 avg.) in Redondo Beach
underscores ongoing renter demand, especially
among workforce households priced out of
homeownership. • Proven Rent Growth: Historical rent growth
in Redondo Beach has been both strong and resilient, with continued increases forecast
through the end of the decade. • With affordability challenges driving sustained
renter demand, and historical trends pointing toward ongoing rent appreciation, Park
Promenade provides investors a compelling opportunity for both near-term value creation
and long-term growth. • 100% occupied. well-managed, & maintained
• Individual garages & select private patios • Excellent unit mix of 3, 2 & 1 bedroom units
• New electrical panels
desirable amenities and an exceptional location
within Redondo Beach in the South Bay. The property
features a diverse unit mix of three, two & onebedroom
units with functional layouts that consistently
attract long-term tenants. Residents benefit from onsite
laundry and individual garages. The residences
in the rear further distinguish themselves with select
townhouse units and large private patios, offering
a more spacious, modern living experience. This
combination of location, design, and amenities
ensures strong renter demand and positions the
property for substantial rent and income growth as
units are modernized and brought to market levels. • 6 of 7 units have been renovated to
different states that include: new plumbing,
electrical panels, kitchens, bathrooms, flooring,
and hardware.
• Demand Tailwinds: The severe monthly cost
differential between renting ($3,550 avg.)
and owning ($11,248 avg.) in Redondo Beach
underscores ongoing renter demand, especially
among workforce households priced out of
homeownership. • Proven Rent Growth: Historical rent growth
in Redondo Beach has been both strong and resilient, with continued increases forecast
through the end of the decade. • With affordability challenges driving sustained
renter demand, and historical trends pointing toward ongoing rent appreciation, Park
Promenade provides investors a compelling opportunity for both near-term value creation
and long-term growth. • 100% occupied. well-managed, & maintained
• Individual garages & select private patios • Excellent unit mix of 3, 2 & 1 bedroom units
• New electrical panels
Location
State CA
County Los Angeles
Area 157 - S Redondo Bch S Of Pch
Interior
Heating Radiant
Laundry Common Area, Community
Exterior
Parking Features Assigned
Garage Spaces 10.0
Pool None
Community Features Biking, Curbs, Park
Building
Lot Description 6-10 Units/Acre
Sewer Public Sewer
NEARBY SCHOOL & BUSINESS
GET MORE INFORMATION