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    16925 Prairie Avenue

    Torrance, CA 90504
    • $6,399,000
    • STATUS: Active
    • ON SITE: 94 days
    • ID#: 20577818
    UPDATED: 26 min ago
    $6,399,000
    • 0
      BEDS
    • 0.35
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1964
    County:

    School Ratings & Info

    Description

    The subject property is unique in that ALL units have been renovated with new "everything". Upgrades include new dual-pane windows, laminate flooring, copper plumbing, granite counter tops, electrical panels, ceiling fans, front doors and more. New railings and sewer line, as well.A "Buyer-friendly" 5.5% cap opportunity in one of The South Bay's tried-and-true rental submarkets. Torrance is known for its diverse economic base and ideal location straddling the 405 Fwy. Torrance has a more landlord-friendly rent control of "5% plus CPI", annually and you get an extra 1%, annually, also, due to master-metering of this building. The property has 27 parking spaces and three laundry rooms -one on each floor.The attractive mid-5% cap pricing lends itself to excellent potential loan-to-value -some lending institutions will lend as much as 75% LTV on this deal!That being said, 65-70% LTV will afford a Buyer the best interest rates -in the mid 3% range.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2020-08-14T07:26:04.19. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Apple Financial Network, Inc.. Licensed in the State of California, USA.

    www.applefinancialnetwork.com/homes/105740786
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    16925 Prairie Avenue Torrance, CA 90504

    • Price: $6,399,000
    • Status: Active
    • Updated: 26 min ago
    • ID#: 20577818
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.35
    Acres
    1964
    Built
    Neighborhood:
    132 - N Torrance - West
    County:
    Los Angeles
    Area:
    132 - N Torrance - West
    Property Description
    The subject property is unique in that ALL units have been renovated with new "everything". Upgrades include new dual-pane windows, laminate flooring, copper plumbing, granite counter tops, electrical panels, ceiling fans, front doors and more. New railings and sewer line, as well.A "Buyer-friendly" 5.5% cap opportunity in one of The South Bay's tried-and-true rental submarkets. Torrance is known for its diverse economic base and ideal location straddling the 405 Fwy. Torrance has a more landlord-friendly rent control of "5% plus CPI", annually and you get an extra 1%, annually, also, due to master-metering of this building. The property has 27 parking spaces and three laundry rooms -one on each floor.The attractive mid-5% cap pricing lends itself to excellent potential loan-to-value -some lending institutions will lend as much as 75% LTV on this deal!That being said, 65-70% LTV will afford a Buyer the best interest rates -in the mid 3% range.
    Exterior Features

    Lot Size Source Assessor Lot Size Units Square Feet Parking Features Parking Space Parking YN Yes

    Interior Features

    Cooling None Cooling YN No Heating Wall Furnace Heating YN Yes

    Property Features

    Gross Income 529017.00 Gross Multiplier 11.78 Gross Operating Income 543317.00 Insurance Expense 4500.00 Laundry Income 2000.00 Maintenance Expense 21732.00 Net Operating Income 352462.00 New Taxes Expense 71668.00 Operating Expense 8100.00 Professional Management Expense 21080.00 Senior Community YN No Special Listing Conditions Standard Total Expenses 176555.00 Trash Expense 1770.00 Water Sewer Expense 11145.00 Zoning Tocc-Gen

    Listing provided courtesy of Brice Head of Marcus & Millichap


    Based on information from California Regional Multiple Listing Service, Inc. as of 2020-08-14T07:26:04.19. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Apple Financial Network, Inc.. Licensed in the State of California, USA.

     
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