502 N Elena Avenue , 1-7

Description

***Price Reduced $155,000***This 7-unit apartment community offers investorsdesirable amenities and an exceptional locationwithin Redondo Beach in the South Bay. The propertyfeatures a diverse unit mix of three, two & onebedroomunits with functional layouts that consistentlyattract long-term tenants. Residents benefit from onsitelaundry and individual garages. The residencesin the rear further distinguish themselves with selecttownhouse units and large private patios, offeringa more spacious, modern living experience. Thiscombination of location, design, and amenitiesensures strong renter demand and positions theproperty for substantial rent and income growth asunits are modernized and brought to market levels. • 6 of 7 units have been renovated todifferent states that include: new plumbing,electrical panels, kitchens, bathrooms, flooring,and hardware.• Demand Tailwinds: The severe monthly costdifferential between renting ($3,550 avg.)and owning ($11,248 avg.) in Redondo Beachunderscores ongoing renter demand, especiallyamong workforce households priced out ofhomeownership. • Proven Rent Growth: Historical rent growthin Redondo Beach has been both strong and resilient, with continued increases forecastthrough the end of the decade. • With affordability challenges driving sustainedrenter demand, and historical trends pointing toward ongoing rent appreciation, ParkPromenade provides investors a compelling opportunity for both near-term value creationand long-term growth. • 100% occupied. well-managed, & maintained• Individual garages & select private patios • Excellent unit mix of 3, 2 & 1 bedroom units• New electrical panels