Palos Verdes Income Property

Income properties are rare finds on the Palos Verdes Peninsula, but once in a while one will come on the market. The largest concentration of multi-family income properties is the prestigious Malaga Cove neighborhood in Palos Verdes Estates along Via Campesina A few others are scattered throughout the Palos Verdes area.

It's not surprising there are currently no Palos Verdes income properties listed for sale on the MLS. The most recent sales happened during the summer of 2013 when two properties on Via Campesina sold.

The good news is the neighboring cities of Redondo Beach and Torrance have a much larger supply of income properties for sale.   For more information on income property in any of the cities in the South Bay of Los Angeles contact ToeringandTeam@gmail.com.

 Income Units for Sale in Palos Verdes CA:

Buying Income Property in Redondo Beach

The Beach Cities of Los Angeles continues to be one of the hottest markets for income units in the South Bay area. The demand for 2-4 unit buildings has soared, with developers grabbing up the smaller buildings to replace them with quick profit townhome build outs. Investors are chasing the triplex and fourplex market due to attractive financing. But even the larger complexes are selling too, with sales going over $5 million on a regular basis.

As units are replaced by new townhomes, the income property inventory isn't being replaced. Developers and unit owners just aren't putting in more apartments. This is partially due to the current zoning restrictions which encourage less density. Developers also see much better and quicker returns in selling off brand new townhomes instead of collecting rents.

Investors saw that even in the market downturn of 2008-2010, the Beach Cities and Redondo Beach property values did much better than other areas in California. This coastal stability is a very attractive feature of Redondo and the South Bay in general. There are always renters looking to live by the ocean and have that "Bay Watch" lifestyle they've dreamed about.

Would you like more information about income units in Redondo Beach? Find out the current market value of apartments you own? Toering & Team has helped many investors with both buying and selling investment properties around the entire South Bay of Los Angeles. Let us know how we can help!

- Josh Toering (310) 525-9440 or email ToeringandTeam@gmail.com

 Redondo Beach Units for Sale:

Long Beach Income Property - Update Nov 2014

Long Beach had a very active month in apartment sales.  Over 50 units completed escrow and transferred to new owners.

• Available Units: 168 Apartments are listed for sale in Long Beach priced from $249,000 to $65M
• Units in Escrow: 80 Units are in escrow ranging from $239,000 to $3.75M

October sales included 53 units from $295,000 to $4.17M. Unit breakdown:

• Duplex sales – 21
• Triplex sales - 6
• Fourplex sales -  8
• 5 to 8 unit building sales - 9
• 9+ unit building sales - 9

On pricing, this month’s units sold an average of 3% under the asking prices. The average time on market was 74 days.

Would you like more information about income units in Long Beach? Find out the current market value of apartments you own? Toering & Team has helped many investors with both buying and selling investment properties around the entire South Bay of Los Angeles. Let us know how we can help!

- Josh Toering (310) 525-9440 or email ToeringandTeam@gmail.com

One of our South Bay clients just listed their mansion in Pasadena at 875 S Madison Avenue, Pasadena CA.

Long Beach Units for Sale:

Lomita Income Property - Update Nov 2014

Lomita income units have slowed their sales pace going into the USA holiday season.  The current numbers show 4 months of supply in apartments placing this market in a "neutral" section between buyers or sellers.  The units for sale as of today are all duplexes or fourplexes, with one mixed use building also listed.

• Available Units: 8 Apartments are listed for sale in Lomita priced from $499,000 to $1.5M
• Units in Escrow:2 Units are in escrow ranging from $619,900 to $742,500

October sales included 3 units from $620,000 to $890,000. Unit breakdown:

• Duplex sales – 2
• Triplex sales - 1

On pricing, this month’s units sold an average of 1% under the asking prices. The average time on market was 41 days.

Would you like more information about income units in Lomita? Find out the current market value of apartments you own? Toering & Team has helped many investors with both buying and selling investment properties around the entire South Bay of Los Angeles. Let us know how we can help!

- Josh Toering (310) 525-9440 or email ToeringandTeam@gmail.com


Lomita Units for Sale:

South Bay Los Angeles Income Property - Nov 2014

The South Bay has residential investment units in most cities. Units occasionally come on the market in Palos Verdes and units in the Beach Cities tend to get snapped up fairly quickly. Torrance is still very popular with investors. The LA City rent control rules in San Pedro/Wilmington/Harbor City are a factor in keeping those areas competitive but the lower prices attract many first time investors.

Income property of all types remains in high demand along the coast of the South Bay. Investors are going after the 4+ unit buildings, while owner-occupants and tear-down builders are focused on duplex and triplex listings.

South Bay LA Income Units for Sale (Priced under $800,000):

South Bay LA Income Units for Sale (Priced over $800,000):

South Bay Income Properties that have sold recently:

Redondo Beach Income Property - Update Nov 2014

 
Redondo Beach income units priced around the million dollar to two million dollar point are selling very quickly.  One of the Esplanade frontage units that had been on the market awhile also was snapped up and is in escrow.

• Available Units: 5 Apartments are listed for sale in Redondo Beach priced from $945,000 to $5.5M
• Units in Escrow: 7 Units are in escrow ranging from $999K to $3.5M

October sales included 2 units from $1,135,000 to $1,651,500. Unit breakdown:

• Triplex sales – 2
• Fourplex sales - 1

On pricing, this month’s units sold an average of 2% over the asking prices. The average time on market was just over two weeks.
Would you like more information about income units in Redondo Beach? Find out the current market value of apartments you own? Toering & Team has helped many investors with both buying and selling investment properties around the entire South Bay of Los Angeles. Let us know how we can help!
- Josh Toering (310) 525-9440 or email ToeringandTeam@gmail.com
Redondo Beach Units for Sale:

Manhattan Beach Income Property - Update Nov 2014

 Manhattan Beach income units remain in high demand this month.  On average they are selling within the first few weeks if priced competitively.

• Available Units: 2 Apartments are listed for sale in Manhattan Beach priced from $2M to $7M
• Units in Escrow: 4 Units are in escrow ranging from $1.45M to $3.2M

October sales included 3 units from $1,090,000 to $2,500,000. Unit breakdown:

• Triplex sales – 2
• Fourplex sales - 1

On pricing, this month’s units sold an average of 2% within the asking prices. The average time on market was just over two weeks.

Would you like more information about income units in Manhattan Beach? Find out the current market value of apartments you own? Toering & Team has helped many investors with both buying and selling investment properties around the entire South Bay of Los Angeles. Let us know how we can help!

 - Josh Toering (310) 525-9440 or email ToeringandTeam@gmail.com

  Manhattan Beach Units for Sale:

Hermosa Beach Income Property - Update Nov 2014

Hermosa Beach income units are still in high demand with all available and sold units going over one million dollars.

• Available Units: 4 Apartments are listed for sale in Hermosa priced from $1.349M to $4.399M
• Units in Escrow: 6 Units are in escrow ranging from $1.4M to $3.599M

October sales includes 1 units at $1,550,000. Unit breakdown:

• Duplex sales – 1

On pricing, this month’s units sold an average of 1% within the asking prices. The average time on market was 1.5 months.

Would you like more information about income units in Hermosa? Find out the current market value of apartments you own? Toering & Team has helped many investors with both buying and selling investment properties around the entire South Bay of Los Angeles. Let us know how we can help!

 - Josh Toering (310) 525-9440 or email ToeringandTeam@gmail.com

 Hermosa Beach Units for Sale:

Torrance Income Unit Sales - Update Nov 2014

 

Torrance has many duplex units on the market this month with over 80% of the "for sale" apartments being 2-unit or 3-unit buildings. All eleven of the available units this month are standard sales.

• Available Units: 11 Apartments are listed for sale in Torrance priced from $759K to $3.295M
• Units in Escrow: 7 Units are in escrow ranging from $695K to $1.25M

October sales includes 2 units from $995,000 to $3,650,000. Unit breakdown:

• Duplex sales – 0
• Triplex sales – 0
• Fourplex sales – 1
• Sixteen unit building – 1

On pricing, this month’s units sold an average of 3% above the asking prices. The average time on market was 3 months.

 Would you like more information about income units in Torrance? Find out the current market value of apartments you own? Toering & Team has helped many investors with both buying and selling investment properties around the entire South Bay of Los Angeles. Let us know how we can help!

 - Josh Toering (310) 525-9440 or email ToeringandTeam@gmail.com

  Torrance Units for Sale:

Wilmington Income Unit Sales - Update Nov 2014

 

Foreclosures and short sales have dramatically dropped off for income property in Wilmington. All sixteen of the available units this month are standard sales or probate listings. A couple of the properties in escrow were distressed, but it is a big change to see so few of the bank-owned properties on the market.

• Available Units: 16 Apartments are listed for sale in Wilmington priced from $299K to $1.2M
• Units in Escrow: 7 Units are in escrow ranging from $285K to $1.6M

October sales includes 5 units from $447,500 to $1,350,000. Unit breakdown:

• Duplex sales – 2
• Triplex sales – 0
• Fourplex sales – 2
• Ten unit building – 1

On pricing, this month’s units sold within 3% of the asking prices and were split pretty evenly between properties that went slightly under asking price and a few that were bid up. The average time on market was 17 days.

Would you like more information about income units in Wilmington? Find out the current market value of apartments you own? Toering & Team has helped many investors with both buying and selling investment properties around Wilmington and the entire South Bay of Los Angeles. Let us know how we can help!

- Josh Toering (310) 525-9440 or email ToeringandTeam@gmail.com

Wilmington Units for Sale:

San Pedro Income Property - Nov 2014

The coastal town of San Pedro had a great month for income unit sales. The overall indicator shows it has picked up in popularity with investors.

• Available Units: 44 Apartments are listed for sale in San Pedro priced from $350K to $5.995M
• Units in Escrow: 21 Units are in escrow ranging from $289K to $2.09M

October sales includes 10 units from $370,000 to $825,000. Unit breakdown:

• Duplex sales - 4
• Triplex sales - 2
• Fourplex sales - 3
• Six unit building sold - 1

On pricing, this month's units sold within an average 1% of the asking prices and were split pretty evenly between properties that went slightly under asking price and a few that were bid up. The average time on market was 78 days.

Would you like more information about income units in San Pedro?  Find out the current market value of apartments you own?   Toering & Team has helped many investors with both buying and selling investment properties in San Pedro and the entire South Bay of Los Angeles.

Let us know how we can help!

- Josh Toering (310) 525-9440 or email ToeringandTeam@gmail.com

 San Pedro Units for Sale:

Income Property Future Looking Bright

Renters outnumber owners in Los Angeles.  According to a housing forecast I glanced at last week, Los Angeles area rents are projected to increase next year by an average of 8%, or if under rent control, whatever the law will allow.  Millennials are postponing home ownership and boomers are ditching the big single family home in favor of smaller urban digs.  The future of income property in greater Los Angeles looks bright.



The income property market in the South Bay of Los Angeles remains one of the hottest segments of the local real estate market.  The heat turned up in 2012 and the sizzle continues with only slight cooling today. Charlemagne Int'l Properties represented clients on properties with over 20 offers, and five or six was the norm.  There is still keen competition for prime investment properties, but the market no longer resembles a shark feeding frenzy thanks to the uptick in prices over the past two year.  However, there are still good investment properties available throughout the Los Angeles area.


Does income property make sense for your investment portfolio?  It's not for everyone, but for those who are suited to either managing property or hiring a management company it can be a smart investment, especially if the strategy is to buy and hold.  Income property in the coastal areas of Southern California has a steady supply of renters who want to enjoy the beach lifestyle but cannot afford to purchase in the pricey coastal towns.


Whether you're interested in purchasing a duplex or a large apartment complex it is important you familiarize yourself with what being a landlord entails prior to taking the plunge.  Los Angeles City falls under rent control with additional layers of rules and regulations for landlords.


For more information of income property in the South Bay of Los Angeles contact Charlemagne Int'l Properties at 310.493.8333 or email us at ToeringandTeam@ gmail.com.

- Norma Toering, Broker-Owner of Charlemagne Int'l Properties
(310) 493-8333

South Bay Income Property for Sale: (Under $800,000)

South Bay Income Property for Sale: (Over $800,000)

Income Property--South Bay of LA

Years ago one of my clients said, "I'm sure the day will come when I don't want to work 60 hours a week."

I nodded and wondered where he was going with the conversation.

He continued, "I'm thinking about purchasing income property.  Is that something you can help me with?"

"Yes"  was my short answer.  I went on to say we have helped several residential clients purchase income properties in the South Bay of Los Angeles, and have listed income properties as well.

When purchasing income properties in Los Angeles, or units as they are often referred to, it is important to know several communities fall under Los Angeles Rent Control.  Rent control adds another layer, actually several layers, of additional rules and regulations landlords must adhere to with properties subject to rent control.  Properties built prior to 1979 fall under rent control.

The competition is keen for income properties in the South Bay, especially in the beach cities of Manhattan, Hermosa and Redondo.  The demand for rental units is always high in those coastal areas and of course the location is prime as well.  Those two factors combine to keep the demand high and the supply low.  This translates to higher prices and more competition often in the form of multiple offers for a desirable property.

If you would like a little guidance in locating and purchasing income property in the South Bay of Los Angeles Charlemagne Int'l Properties is here to offer our expertise and guidance.

- Norma (310) 493-8333

South Bay Income Property for Sale: (Under $800,000)

South Bay Income Property for Sale: (Over $800,000)

Where Should I Invest $1,000,000?

That's the question I'm going to work on this weekend. I hope to be able to provide several viable options for several clients who are ready to invest in real estate.

The answer is easy if the prospective buyer is a first time home buyer, as owning your own home provides several benefits in addition to providing shelter. Once the primary residence is in place, and perhaps even the move-up residence, it becomes a matter of personal choice as to what real estate vehicle best fits your real estate portfolio model. Vacation home or income property are always options.

Although throughout history a great many people made their fortune in real estate, it is not without its risks. Ask anyone who was trapped "underwater" during the Great Recession and you will hear one horror housing story after another. With mortgages larger than the value of their property, many walked away, did a short sale or were foreclosed upon. Many learned the hard and costly lesson that real estate prices do not always go up. It was a difficult time in the world of real estate as well as the overall economy.

Real estate is a market, and like the stock market, today's prices do not reflect tomorrow's value. The secret sauce is location, and there is nothing new about that. However, it is wise to investigate why one location is superior to another even though they may be within the same general geographic neighborhood. The sub-categories of location are view ( buy one if you have the option), proximity to amenities such as shopping and dining, schools, freeways, public transportation (close enough to keep commutes easy, but far enough away to avoid noise and pollution), and perhaps the most difficult to project--future growth and value potential.

Every savvy investor would like to get in on the ground floor of the next trendy neighborhood, the deal of the decade and so on. The key to identifying real estate opportunities is to first know what's happening in the communities of interest and watch local trends. One of the driving forces of today's rental market is more young people are delaying the purchase of their first home. This translates to a higher demand for rental units in urban and beach locations as this is where young professionals want to live.

On the other hand, suburban areas with top-rated schools will attract renters who do not purchase due to affordability or other personal factors, but still want their children to enjoy the benefits of the best education they can provide. I've leased many Palos Verdes homes for this exact reason.

Income producing property in a highly sought-after neighborhood may not be offered at a bargain price, especially if in a coastal location, but chances are there will be a growing demand for such properties. This translates to increase in value (equity building) and a low vacancy rate--both positive factors from an investor's point of view.

If you're in the market to purchase income property, or a second home, we would happy to discuss your investment goals and help you meet them.

- Norma Toering - Broker/Owner of Charlemagne Intl Properties
(310) 493-8333

Builders and Investors Move In - Redondo Beach Heats Up

"Is Redondo Beach next?" This question has been popping up from our income unit investors and builder clients for the last couple years. The answer, based on the competition we are running into when making offers on property, is a resounding "Yes."

Historical and forward looking Beach Cities average property values
(2009-2014 actual, 2015 projections - Zillow)

 

The Manhattan Beach Money Spills Over

In the last 15 years, Manhattan Beach went from a sleepy beach cottage town to a booming, hip city of multi-million dollar ocean view properties. Fueled originally by the run up in values through 2007, it continued the price climb as new families moved in and brought the public schools from average to stellar quality. Next, the "Silicon Beach" tech money rolled in sending ocean frontage Strand homes into the $10,000,000+ range followed promptly by a wave of high income buyers who wanted that relaxed, laid-back lifestyle they had heard so much about.

As the Manhattan Beach prices spiraled upward the builders, flippers and investors all fought over every tear-down home, fixer, vacant lot and even income units. Buyers looking to hold income properties for revenue stream just couldn't compete with the offers from builders who saw millions to be made by putting in new townhomes or luxury ocean view estates on the Strand. It sent many buyers into the next town south, Hermosa Beach. The same wave hit Hermosa and sent those property values racing up. It was only a matter of time before that money started moving south again. The next stop was Redondo Beach.

  

Redondo - Snuggled between the Manhattan Beach and Palos Verdes

Redondo is the largest of the Beach Cities, with South Redondo along the coast and North Redondo tucked just behind Manhattan/Hermosa. It is bordered by the popular Hollywood Riviera section of Torrance and the posh peninsula of Palos Verdes beyond. The ocean frontage section of South Redondo is where we are seeing the most activity, but the North Redondo neighborhoods are also seeing bulldozers moving in to replace older 1950's homes/duplexes with new townhome build outs.

Still Time to Buy in Redondo Beach?

The price escalations have certainly started, but there is still room for profit compared to Manhattan Beach or even Hermosa Beach. The signs of the coming changes are all there:

• Multiple offers - In 2013 we ran into twenty offers on a fourplex in Redondo, but 5-10 offers with half of those being "all cash" was very common.
• Duplexes going to builders instead of income property investors. A strong sign of the market shift to new construction.
• The construction fences. We often drive by homes that sold in the last couple months to see the construction fencing wrapping the property and a demolition crew moving in. The architects, builders, landscapers and crews all cover the fence with their business signs knowing more money is moving in.

Would you like more information on the opportunities available in Redondo, just give us a call.

- Norma Toering Broker/Owner of Charlemagne Int'l Properties (310) 493-8333
- Josh Toering  REALTOR (310) 525-9440

More Redondo Beach income property for sale:

Tenant Estoppels and Profit & Loss Statements - Income Property

One of our investment clients recently asked us about some of the technical forms involved in selling their seven unit complex. While this client does have a manager on-site, he was still concerned about the procedures, paperwork and expectations for these forms.

Tenant Estoppel Certificate: This form just verifies that the tenant/landlord/manager/new buyer all agree on the stated monthly rent, security deposit, lease dates (if any) and ownership of any appliances. Normally the tenant is provided a copy once the property is going in to escrow and then it is signed by all other parties. In addition to the estoppels, landlords usually provide copies of any leases or rental agreements on the properties.

Profit & Loss Statements: These come in many forms as every landlord/manager will have their own way of accounting. Most are a simple one page sheet showing the rental income and expenses. The common sales contract will ask the seller to provide such a statement for the last 12 months, though we often get a calendar year statement or two years, since it is kept that way for tax purposes anyways. Sometimes the buyer may ask to see additional information such as utility bills or details on recent repairs, but this is requested after the basic report is provided.

Do you have questions about preparing to sell your income property? From the paperwork, to negotiations, to wrapping up the deal so you can move on, Toering and Team assists our clients everyday. If you would like to discuss how we can help, please give us a call.

- Josh Toering, REALTOR
Charlemagne Int'l Properties
(310) 525-9440

Beach Cities of the South Bay Income Property Update-June 2014

The Pier in Redondo Beach CA.

May 2014 was a busy month for income property in the Beach Cities of Manhattan, Hermosa and Redondo. 10 Multifamily income properties sold during the month and 19 are in escrow with accepted offers. There are currently only 18 multifamily properties for sale in the Beach Cites.

Income Property breakdown by City for May 2014:

Manhattan Beach:

•  Active: 2 
•  Pending: 2 
•  Sold: 4   

Hermosa Beach:

•  Active: 11 (two are condos) 
•  Pending: 7 
•  Sold: 1   

Redondo Beach:

•  Active: 5
•  Pending: 7
•  Sold: 5  (Charlemagne Int'l Properties represented the buyer on one of the income properties sold in Redondo Beach.)

For more information regarding buying or selling income property in the Beach Cities of Manhattan, Hermosa and Redondo, contact Josh at 310.525.9440 or Norma at 310.493.8333.

Manhattan Beach income units for sale:

Hermosa Beach CA income units for sale:

Redondo Beach Units for Sale:

Redondo Beach Income Property

Redondo Beach, California income property is a desirable commodity and the supply is always limited. When a highly desirable property hits the market the one thing an investor can count on is there will be competition vying for ownership, and offers to purchase will be plentiful, and often over asking price. Last year saw an enormous surge in both properties available for sale and number of offers submitted. One agent's response to my question as to whether he had other offers was, "More than twenty." Our experience this year shows we can expect more of the same. This month we had one of ten offers on a Redondo Beach income property in a prime ocean close location.

Currently there are seven Redondo Beach income properties for sale ranging in size from two to 15 units. The price range is from $999,000 for a 2 unit property, up to $5,395,000 for a 15 unit complex close to the ocean. There are currently 12 Redondo Beach multifamily properties in escrow with accepted offers. Seven Redondo Beach income properties have sold year-to-date.

Redondo Beach is one of the three Beach Cities in the South Bay area of greater Los Angeles. Its prime coastal location makes it a popular rental area and consequently, a sought-after location for income property buyers. With its sandy beaches and coastal breezes Redondo Beach is a prime Southern California location, and savvy investors are always anxious to add a piece of Redondo Beach real estate to their investment portfolios.

Taking a quick look back at the history of Redondo Beach income property sales, per the Multiple Listing Service, since 1995 1207 income properties sales with a minimum of two units were recorded. The highest price paid was $8,100,000 in 2007 for a 32 unit complex located on the Esplanade with unobstructed ocean view.

For more information on Redondo Beach income property contact Norma or Josh at Charlemagne International Properties and we will add your name to our list of income property sellers and buyers in the South Bay, and provide you with a list of hand-selected properties matching your investment criteria.

- Norma Toering, Broker/Owner Charlemagne Int'l Properties
(301) 493-8333 - Email Norma

Redondo Beach Units for Sale:

Income Property - Terms

The analysis of income property has a vocabulary of its own. When you are looking over potential units for purchase, these terms will often be mentioned or included in the reports.

Cap Rate (Capitalization Rate) - Cap rate or "cap" is very similar to an interest rate, such as on a bank CD or savings account. Cap rate is the standard starting point when reviewing an income building. The property cap rate provides an expected annual income return percentage rate by comparing the income after expenses to the purchase price. Note that loan payments are not included because those would vary by each purchaser's terms.

• Cap Rate = (Annual Rental Income - Annual Expenses excluding loan payments) / Purchase Price.
• The simple version: Assuming a cash purchase, after expenses what kind of return could I expect on this building.

Gross Rent Multiplier (GRM) - Gross rent multiplier gives a snapshot of the ratio of purchase price to the rents. The gross rent multiplier is a simple tool to quickly compare buildings to each other. With an average GRM for a neighborhood or city, you can also compare a building to the surrounding competition. GRM ignores all expenses which is why it uses the gross operating income.

• Gross Rent Multiplier = Purchase Price / Annual Gross Income
• The simple version: How many years would it take for me to make back the purchase price at the current rental rates and not paying any expenses.

Operating Income - This comes in two formats, gross and net, which are usually presented in yearly totals. The gross operating income is the sum of all rental and other income the property generates. The net operating income is what remains of the gross income after expenses have been deducted.

Expenses - Some unit listings will include the yearly expense numbers or percentage, though it is rarely very detailed. Once an offer is accepted you should review the last 12 months of accounting reports from the owner or their property manager. Utility bills, upkeep and general ownership costs should be listed along with details on rental and any other income generated by the property.  

 - Josh Toering (310) 525-9440 or Email

Duplex for Sale in San Pedro

1027 S. Centre St

Spanish charmer aptly describes the front house with its courtyard entrance, tile roof, cove ceilings, fireplace, hardwood floors, tiled bathroom and the list goes on. The spacious kitchen with glass front cabinets and tile counters has a breakfast nook. A formal dining area, living room and two bedrooms plus a full bathroom with tub and shower completes the one-level living area with artisan craftsmanship apparent throughout. Many original doors and fixtures throughout. The back house built in 1940 enjoys front courtyard, large porch, hardwood floors, tiled bathroom and two bedrooms. Both houses have ample basement storage. Current owner re-built one car garage, replaced some windows, security doors and other upgrades. Both units are leased. The property is zoned Store and Residential but currently functions as two-on-a-lot with a 1-car garage.

• 1027 Centre St, San Pedro CA - Full listing information
• Annual Gross Income: $28,200
• Annual Net Income: $21,020
• Cap Rate: 5.19%
• Gross Rate Multiplier: 14.4
• Currently listed at $405,000

Rents:

• 2/1 Front Unit - $1450/month
• 2/1 Back Unit - $900/month

For more information give us a call or an email.

Norma Toering, Broker-Owner (310) 493-8333
Josh Toering, REALTOR (310) 525-9440

More information on South Bay income property - San Pedro units for sale

El Segundo Income Property - Jan 2014

El Segundo had a busy year in income property. While the total number of units selling was less than one per month, the buyer interest level increased as the Beach Cities prices drove investors to look north for deals.

El Segundo unit sales statistics for 2013:

• Available buildings: 4 Properties are for sale from $999,000 to $1,599,000.
• Pending sales: 1 Building is in escrow priced at $3,800,000.
• El Segundo sales: 9 Buildings sold in 2013 from $725,000 to $3,325,000. The average price was $1,312,000. The average year built was 1960. None of the 2013 transfers were a distressed sale.

El Segundo income property building types (2013 Sales):

• Duplex – 44%
• Triplex – 22%
• Fourplex – 11%
• 5-8 Units –11%
• 9+ Units – 11%

Total unit value sold in El Segundo in 2013: $11,807,000
Average gross rent multiplier for El Segundo 2013: 15.3
El Segundo unit cap rate for 2013 at 75% net income: 4.90%

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

 - Josh Toering (310) 525-9440

 El Segundo income property for sale:

Manhattan Beach Income Property - Jan 2014 (2013 Statistics)

Manhattan Beach had a phenomenal year in 2013 for income property sales.

Beach cities summary: The surging housing market of the Beach Cities combined with the limited availability of buildings for sale, made for a competitive buying environment. Multiple offers were the standard and "all cash" deals the trump card.

Manhattan unit sales statistics for 2013:

• Available buildings: 1 Property is for sale at $3,150,000.
• Pending sales: 1 Building is in escrow priced at $999,000.
• Manhattan Beach sales: 23 Buildings sold in 2013 from $960,000 to $3,800,000. The average price was $1,915,000. The average year built was 1953. None of the MB unit transfers in 2013 was a distressed sale.

Manhattan Beach income property building types (2013 Sales):

• Duplex – 57%
• Triplex – 13%
• Fourplex – 9%
• 5-8 Units – 17%
• 8+ Units – 4%

Total unit value sold in Manhattan Beach in 2013: $44,047,000
 Average gross rent multiplier for Hermosa Beach 2013: 22.4
 Hermosa Beach unit cap rate for 2013 at 75% net income: 3.34%

For more information on available Manhattan Beach units for sale, please give me a call or drop us an email. - Josh Toering (310) 525-9440

 Manhattan Beach income property for sale:

 

Hermosa Beach Income Property - Jan 2014

Hermosa Beach had a very hot year for income property.  The surging housing market of the Beach Cities combined with the limited availability of buildings for sale made for a competitive pricing environment.   Multiple offers were the standard and "all cash" deal the trump card.

Hermosa unit sales statistics for 2013:

• Available buildings: 5 Properties are for sale from $859,000 to $2,200,000.
• Pending sales: 3 Buildings are in escrow priced from $799,000 to $2,699,000.
• Hermosa sales: 20 Buildings sold in 2013 from $660,000 to $3,022,500.  The average price was $1,396,000.  The average year built was 1951.  Only one of the 20 transfers in 2013 was a distressed sale.

Hermosa Beach income property building types (2013 Sales):

• Duplex – 95%
• Triplex – 5%
• Fourplex – None
• 5-8 Units – None
• 8+ Units – None

Total unit value sold in Hermosa Beach in 2013: $26,900,000
Average gross rent multiplier for Hermosa Beach 2013: 24.1
Hermosa Beach unit cap rate for 2013 at 75% net income: 3.1%

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

- Josh Toering (310) 525-9440

Hermosa Beach income property for sale: