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