There are 104 income properties on the market in the South Bay. This month's price range is from $339,000 for a triplex in San Pedro (rented out under-market) to $7.65M for a 20 unit building in northern Redondo Beach.
Quite a few income units accepted offers in the last month which has dipped the inventory a little. The Beach Cities in particular had many apartments go into escrow, so the available inventory in those cities dropped by half or more.
86 units are in escrow, which indicates a very active market and about 1.2 months of available supply. In March there were 27 apartment buildings sold. The highest sales price was $5.15M for a fourplex about a block off the Strand in Manhattan Beach.
Two to four unit building still dominate the available market in the South Bay at over 85% of the local apartments for sale.
Available income units by city:
- Palos Verdes - 0
- Manhattan Beach - 3
- Hermosa Beach - 2
- Redondo Beach - 2
- Torrance - 6
- Lawndale - 8
- Lomita - 6
- Harbor City - 4
- San Pedro - 39
- Wilmington - 14
- Gardena - 12
- Duplex - 46
- Triplex - 26
- Fourplex - 16
- 5-8 Unit Building - 12
- 9-19 Unit Buildings - 1
- 20+ Units - 1
- Details not provided or non-code compliant "rental" units - 1
Josh Toering, REALTOR at Charlemagne Intl Properties
310-525-9440 or email us
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