Prime residential income properties remain a desirable asset in investors’ real estate portfolios. If some of the tax changes proposed by the new administration come to fruition, income properties will likely benefit.
The South Bay of Los Angeles is a hotspot for residential income property buyers. The coastal/beach location ensures there will always be a ready supply of renters to fill vacancies. Rents are high in the coastal region, and only a few of the cities are affected by rent control rules and regulations.
Let’s look at the current supply of residential income properties for sale in a few of the South Bay of Los Angeles cities:
Manhattan Beach: Seven residential income properties are currently for sale. The properties range in price from $2.3MM for a two-unit building to $8.44MM for three units on The Strand.
Hermosa Beach: Nine residential income properties are listed for sale. The properties range in price from $1.775MM for two units to $6.5MM for three units on The Strand.
Redondo Beach: 13 Residential income properties are for sale. The properties range in price from $895k for a live/work property to $4.6MM for six units on the Esplanade.
Torrance: 17 Residential income properties are for sale. The properties range in price from $410k for a fixer work/live property to $5.2MM for 27 units.
San Pedro: 38 Residential income properties are for sale in San Pedro, and rent control applies to properties built before 1979. The properties range in price from $429k for two units on Carolina (good buy IMO) to $2.1MM for seven units.
For more information regarding buying or selling income property in the South Bay of Los Angeles contact Norma Toering at 310.493.8333 or Norma@CharlemagneProperties.com