$4,300,000
$4,300,000
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1034 Magnolia AVE Gardena, CA 90247
0.4 Acres Lot
Key Details
Sold Price $4,300,000
Property Type Commercial
Listing Status Sold
Purchase Type For Sale
MLS Listing ID CRPW23096325
Sold Date 08/18/23
Originating Board California Regional MLS
Year Built 1961
Lot Size 0.398 Acres
Property Description
We are pleased to present the Santorini Apartments, a 16 unit apartment community located in Gardena CA. The 16 large units consist of thirteen 2 bed 1 bath units, two studios, and one 1 bed 1 bath unit, 1034 Magnolia Ave has an ideal unit mix. The subject property has 100% copper plumbing, vinyl windows, newer roof, and ownership has filled the pool to create additional parking spaces for the tenants. There are a total of 25 parking spaces, and the property is secured by controlled access and has operational security cameras on site. Additional cash flow is produced by the seller-owned laundry facility, as well as ample on-site parking options. The Santorini Apartments are priced at an attractive cap rate of 5.32% and 12.11 GRM, with significant upside in rents to a 7.45% cap rate, and 9.42 GRM. In addition to having strong cash flow and attractive upside, 1034 Magnolia has been extremely well maintained, and is a unique opportunity for a savvy investor.
Location
State CA
County Los Angeles
Area 119 - Central Gardena
Interior
Laundry Laundry Area
Exterior
Garage Spaces 25.0
Pool None
Building
Water District - Public
Others
Tax ID 6113030017
Special Listing Condition Not Applicable
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Bought with Matthew Mahowald • Buckingham Investments, Inc