Harbor City Income Property

Harbor City is popular with first time income property buyers for its affordable prices compared to other parts of the South Bay. As part of Los Angeles, it has the same rent control rules.

Harbor City units statistics for 2013 year end:

• Available buildings: 4 Properties are for sale from $425,000 to $1,300,000.
• Pending sales: 2 Buildings are in escrow priced from $355,000 to $459,000.
• Harbor City sales: 12 Buildings sold in 2013 from $281,999 to $860,000. The average price was $483,000. The average year built was 1952.

Harbor City income property building types (2013 Sales):

• Duplex - 33%
• Triplex - 33%
• Fourplex - 25%
• 5-8 Units - 8%
• 8+ Units - None

Total unit value sold in Harbor City in 2013: $3,480,000
Average gross rent multiplier for Harbor City 2013: 12.2 
Harbor City unit cap rate for 2013 at 75% net income: 6.19%

For more information on available Harbor City units for sale, please give me a call or drop us an email.

 - Josh Toering (310) 525-9440 

Harbor City income property for sale:

Lomita Income Property - Dec 2013

Lomita rental units statistics wrapping up 2013:

• Available buildings: 8 Properties are for sale from $580,000 to $1,150,000.
• Pending sales: 4 Buildings are in escrow priced from $549,000 to $999,000.
• Lomita sales: 18 Buildings sold in 2013 from $350,000 to $2,725,000.  The average price was $708,000.  The average year built was 1945.

Lomita income property building types (2013 Sales):

• Duplex - 61%
• Triplex - 22%
• Fourplex - 6%
• 5-8 Units - 6%
• 8+ Units - 5%

Total unit value sold in Lomita in 2013: $12,750,000
Average gross rent multiplier for Lomita 2013: 13.7
Lomita unit cap rate for 2013 at 75% net income: 5.48%

For more information on available Lomita units for sale, please give me a call or drop us an email.

- Josh Toering
(310) 525-9440

Lomita income property for sale:

Redondo Beach Income Property - Dec 2013

Redondo Beach has been very active for income property buyers in 2013. In representing our investor clients this year, we found multiple offers to be the norm. The premium buildings by location or income potential drew maximum interest.

• Available units: 4 Buildings priced from $800,000 to $1,649,000.
• Pending sales: 6 Buildings priced from $679,000 to $3,300,000.
• Sold in 2013: 34 Buildings sold from $697,125 to $2,606,000. The average price was $1,150,000.

The average year built for units in Redondo was 1958 and it took an average of 51 days to sell. There were no distressed income property sales in Redondo in 2013. 75% of the sales were in North Redondo an 25% in South Redondo.

- Josh Toering (310) 525-9440

Redondo Beach units for sale:

Wilmington Income Property - December 2013

Wilmington had a busy year in income property sales and activity. This harbor area city is popular with first time income property buyers for its affordable prices compared to other parts of the South Bay. As part of Los Angeles, it has the same rent control rules.

• Available units in Wilmington: 14 Buildings priced from $250,000 to $4.79M 
• In escrow: 6 Buildings priced from $220,000 to $1.25M 
• Sold in 2013: 39 Buildings with an average sale price of $416,000. They ranged from $110,000 to $1,150,000 

Distressed property sales were noted on one third of Wilmington's unit sales. The 2013 records show 10% Foreclosures, 20% Short sales or other default situations. There were a handful of probate sales and the rest were standard sales. The average year built was 1947.

Here is our page with all Wilmington units for sale.

- Josh Toering (310) 525-9440

San Pedro Investment Property

The Vincent Thomas bridge in San Pedro, California.

Several of our (Norma Toering & Team) real estate clients are building real estate investment portfolios and requested our help in assembling properties that not only have positive cash flow but also a strong potential for future appreciation. My business partner and son, Josh, really enjoys this market niche. We also enlist the assistance of our MBA in finance, with concentration in real estate, consultant who happens to be another son.

Nothing like growing your own real estate experts! We pride ourselves on completing a thorough due diligence during the investigation period. In the past we've uncovered unknown easements that impact future value of property due to restrictions, missed termite damage, illegal units and additions and the list goes on. Our goal is to help our clients make an informed and wise investment with no major surprises discoveries after the close of escrow.

The first thing to know about San Pedro income property is if a property was built prior to 1979 it is subject to Los Angeles Rent Control. Newer buildings do not fall under the rent control guidelines. Rent control limits rental increases and states guidelines that must be adhered to by every landlord. It adds another layer to being a landlord but with annual rent increases as allowed by law, it is possible to keep a property's rents at market rate. 

San Pedro currently has 38 residential income properties for sale ranging from 2 to 21 units--something for every budget. This coastal town is home to Los Angeles Harbor, cruise ship port, Point Fermin Lighthouse and the hills provide a wealth of dazzling views. With its waterfront location and a strong rental market it is worth checking out if you're in the market to purchase San Pedro income property.

For more information on San Pedro income property contact Norma Toering at 310.493.8333 or Josh Toering at 310.525.9440.

San Pedro income property for sale:

South Bay Income Property - 2013 Summary

South Bay Income Property - 2013 Summary

Income property for sale:

• The Beach Cities - 11 Available units priced from $800K to $3M
• Torrance/Lomita - 18 Available units priced from $600K to $1.2M
• Harbor Area - 46 Available units priced from $250K to $4.8M
• Long Beach - 134 Available units priced from $300K to $17.5M

Income property sales:

• The Beach Cities - 72 Sales year to date (Average sale price of $1.4M)
• Torrance/Lomita - 56 Sales year to date (Average sale price of $800K)
• Harbor Area - 141 Sales year to date (Average sale price of $500K)
• Long Beach - 352 Sales year to date (Average sale price of $650K)

If you would like more information on available income property, please contact us or give me a call.

 - Josh Toering - REMAX Estate Properties (310) 525-9440

Torrance Income Property for Sale

Torrance - Sunset above Torrance Beach.

Torrance has had an active rental units market in 2013.  Currently:

• 6 Income buildings are on the market priced from $675,00 to $1,349,000.
• 3 Buildings are in escrow.
• 31 Rental units have sold this year ranging from $400,000 to $2.3M.

The average time for units to sell has been 66 days.  The average sale price is $941,000, while the median is $825,000.  About 80% of the buildings were in the 2 to 4 unit configuration, with the remaining buildings being over 5 units.

If you would like more information on available rental properties in Torrance or other areas of Los Angeles, please give me a call.

- Josh Toering, REMAX Estate Properties

(310) 525-9440

Torrance income property for sale:

Hermosa Beach - Income Property Snapshot

Hermosa Beach is a fabulous little coastal city sandwiched between trendy Manhattan Beach and the much larger beach city of Redondo Beach.  However, when it comes to living the California beach lifestyle, Hermosa Beach has no trouble rising to the top of the list.

Not only are home prices on the rise in Hermosa Beach income properties are highly prized assets as there is always an ample supply of tenants wishing to live at or near the beach.  When you're the landlord, a waiting list of prospective tenants is a very good thing indeed.

Hermosa Beach income property market update for 2013 YTD:

• 10 Hermosa Beach income properties are currently for sale ranging from 2 to 4 unites.
• 2 Hermosa Beach income properties are pending sales ranging from 3 to 8 units.
• 19 Hermosa Beach income properties close escrow YTD with 18 of them being duplexes and one sale of a unit at Beach House Hotel with rents shared with the hotel.

For more information on Hermosa Beach income property contact Norma Toering and Team at 310.493.8333 or Josh Toering at 310.525.9440.  We help you achieve your income property real estate goals.

Hermosa Beach income property and rental units for sale:

Manhattan Beach Income Property Snapshot

Norma Toering & Team is seeking income property in the beach cities of Manhattan, Hermosa and Redondo Beach.  Several of our long-term clients are currently enlisting our assistance in helping them build strong real estate investment portfolios.  Consequently, I check daily for additions and changes to the current available inventory.

In addition to our market knowledge, we enlist the help of a Columbia MBA finance consultant to analyze the numbers and future potential of properties of interest.  We wish to give our clients the best service and information available whether they are purchasing a duplex or a large apartment complex.
The Manhattan Beach income property market is very competitive as this coastal city has some of the most expensive real estate in Los Angeles.  The market improvements of 2013 sent prices skyward making it difficult to find properties that make sense on paper and requiring the need to factor in future development value.

Here is what transpired in the income property market in Manhattan Beach YTD 2013:

• 3 Active Manhattan Beach income properties for sale from 2 to 10 units.
• 3 Pending sales from 2 to 5 units.
• 20 Manhattan Beach income properties closed escrow YTD ranging from 2 to 10 units.

From more information about income property in Manhattan Beach contact Norma Toering & Team at 310.493.8333 or Josh Toering at 310.525.9440.

 Manhattan Beach income property and rental units for sale:

Beach Cities and South Bay Income Property

A prospective multifamily income buyer recently asked me, "Has the spring feeding frenzy in the income property market cooled, or will my offer still be one of many?" The truthful answer is it depends on the location and condition of the property. Premium properties in choice locations will still receive multiple offers. On the other hand, fixer properties in less desirable areas will likely present rehab opportunities so they, too, will likely draw multiple offers.

In today's market, it is hard to find a wallflower income property. Last week Norma Toering & Team submitted an offer on Hermosa Beach multifamily units just blocks from the Pacific Ocean. Yes, there were eight offers. Last week another client inquired about fixer units in Wilmington. They opted not to be offer number 11. These number reflect the current activity in the income property market. 

We are not seeing the 20+ offers common during the first half of 2013, but the income market remains strong as the end of the year approaches. Check out the city by city snapshot of sales so far this year.

Closed South Bay income property sales by city for 2013 YTD:

•  Palos Verdes: 2
•  Manhattan Beach: 18 
•  Hermosa Beach: 18
•  Redondo Beach: 28 
•  Torrance: 58 
•  Gardena: 50 
•  El Segundo: 7 
•  Lomita: 15 
•  Harbor City: 7 
•  Wilmington: 36 
•  San Pedro: 96 
•  Long Beach: 396

For more information about income property in any of the above cities contact Norma Toering & Team. We have clients interested acquiring income properties ranging from fixers at the low-end, to clients seeking properties at the higher end of the price spectrum. We will help you find multifamily units that match your investment goals.

 - Norma Toering and Team - REMAX Estate Properties (310) 493-8333

Income Property for Sale in the South Bay of Los Angeles (priced over $800K):

Income Property for Sale in the South Bay of Los Angeles (priced under $800K):

 

Expand Your Real Estate Portfolio

Several of my long-term clients are in an expansion mode.  They have their primary home and are ready to expand their real estate portfolio to include income property or perhaps a second home.

Rental Property Investments in Los Angeles South Bay

Although Norma Toering & Team possess extensive expertise in the local residential field, we also have a myriad of experience in selling income property in the South Bay of Los Angeles.  In addition, we have an expert consultant with commercial real estate and Columbia MBA credentials on retainer.  With his assistance, we are currently searching for a boutique hotel opportunity for a client.

If you’re in the market to purchase multifamily units in the South Bay, Norma Toering & Team welcome the opportunity to discuss your investment goals and help you chart a path to accomplishment.  We currently have a client with a 10-year goal of purchasing two to three properties per year.  It is our goal to help him build a portfolio of real estate holdings with current cash flow and future appreciation potential.

- Norma & Josh
(310) 493-8333

Los Angeles - Beach Cities Income Units

Demand is high and competition is keen, but it is possible to purchase multi-family income property in the beach cities of the South Bay area of Los Angeles County: Manhattan, Hermosa and Redondo Beach.

Earlier this year Norma Toering & Team represented the buyer on a fourplex purchase in Redondo Beach. There were seven offers on the property. I knew any offer would need to be clean and at asking price if we hoped to secure a place in the final counter. The seller countered only cash offers with short escrow periods. Fortunately, our buyer's offer was selected and 14 days later the property was his! 

Can you win them all? No, but if you're in the market to purchase residential income property in the South Bay's Beach Cities bring your best offer to the table. As I tell prospective buyers, you may only have one shot at being the new owner, so let you offer tell the seller what you're willing to do to be the next owner. Here's a market update on income property markets in the South Bay Beach Cities of Los Angeles:

• Manhattan Beach: Four income properties are for sale and YTD nine multi-family properties closed escrow.
• Hermosa Beach: 10 Income properties are for sale and YTD 12 have closed escrow in 2013.
• Redondo Beach: Eight income properties are currently for sale and YTD 19 have closed escrow. Redondo Beach has a large share of the income property in the beach cities as reflected by these numbers.

If you're in the market to purchase apartments in Los Angeles County contact Norma Toering and Team for more information. - Norma (310) 493-8333

Manhattan Beach income units for sale:

Hermosa Beach income units for sale:

Redondo Beach income units for sale:

Buying Residential Income Property in LA County

Redondo income units sold by Toering and Team.

It is no secret the residential income property market is red hot due to lower prices (a result of the housing bust of 2008-2012) and the historically low interest rates.  My January 2012 letter to clients recommended income property as a "Buy" niche in an otherwise flat real estate market.  What a difference a year makes--prices are on the rise as are interest rates and it is becoming more difficult to find residential income properties that pencil out, but it is still possible.

Buyers must often set aside their quest for perfection (great location, great condition and positive cash flow) and adjust their expectations. A long term approach is often best; leave the fix and flip to the in-and-out investors.

We, Norma Toering & Team, are currently working with investors shopping for residential income properties in Los Angeles County, and surrounding areas, priced from $200,000 to $20,000,000 plus.  I know, that's quite a range, but there is something for every budget.  Fortunately, we've enlisted a real estate financial expert (MBA Columbia University) to assist with the financial analysis of income properties.  Once a property qualifies on location, price and size he determines the financial feasibility of the purchase based on the client's goals.  It is another value-added layer to our customer service program for residential income property clients.

If you plan to buy or sell residential income in the Los Angeles area contact Norma Toering & Team for more information on how we can help you.

- Norma (310) 493-8333

More Redondo Beach units for sale:

Los Angeles City – Rent Control Info

Several clients are purchasing or interested in purchasing multifamily investment properties in the Los Angeles area.  The City of Los Angeles is under rent control and it has specific rules and regs a prospective buyer needs to know about prior to purchasing a property.

 

Here’s some “starter” information with links to appropriate sites where you can delve deeper into the subject of rent control in Los Angeles.

 

LA City Rent Control – Managed by LA Housing Dept

• “Rent Stabilization Ordinance” - Summary
• Applies only to properties inside the LA City borders which in the South Bay includes most of San Pedro, Wilmington, Harbor City and strip of land running near the 110 freeway.  (See map.)
• Applies to multi-family, not to single family homes.
• Does not apply to properties built after Oct. 1 1978.
• Rent increases are determined every year by LA City. It was 3% the last few years, but is capped at 8% max. Chart
• Reasons for eviction are limited.   If evicting for other reasons, landlord may have to pay the tenant (Current rules and  rates are $7,050 to $18,650.)
• Properties are required to register with LA City.  LA City may do inspections and require repairs.  Failure to do repairs could place the property in REAP, where rent payments are made to the city and impounded in an escrow account until repair items are resolved.  City may reduce rent of tenant if property goes in to REAP.
• Forms and Publications

For more information about investment properties in the South Bay and Greater Los Angeles contact Norma Toering & Team. (310) 493-8333.