12
See all 12 photos
$3,400,000
Est. payment /mo
23 Beds
23 Baths
13,716 SqFt
New
1568 W Carson ST Torrance, CA 90501
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Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 13,716 sqft
Price per Sqft $247
MLS Listing ID 26998177
Bedrooms 23
HOA Y/N No
Year Built 1986
Lot Size 0.254 Acres
Property Description
Lyon Stahl Investment Real Estate is pleased to present 1568 W Carson Street, a 19-unit multifamily property offering immediate income, substantial rental upside, and the opportunity to participate in a larger three-property assemblage. The property is conveniently located near Harbor-UCLA Medical Center, one of the South Bay's major medical and employment centers, providing access to a significant base of healthcare professionals, staff, patients, and visitors. The property is not subject to the Los Angeles Rent Stabilization Ordinance (LA RSO). It is being offered individually or together with the adjacent apartment buildings at 1554 and 1562 W Carson Street, creating the opportunity to acquire a contiguous 41-unit portfolio. Constructed in 1986, 1568 W Carson Street is the largest and newest of the three properties. It contains 13,716 square feet of building area on an 11,021-square-foot lot. The unit mix consists of 15 one-bedroom/one bathroom units and four two-bedroom/two-bathroom units. The property provides 29parking spaces and generates additional income from an on-site laundry facility. Offered at $3,400,000, the property is priced at $178,947 per unit and $248 per square foot. After correcting Unit 4 to $1,850 per month, current scheduled apartment rent totals $26,421 per month. The property produces an estimated 5.3% current cap rate and 10.6 GRM, including laundry income. Current apartment rents average $1,391 per unit, compared with modeled market rents averaging $2,034 per unit. The rent roll includes a two-bedroom manager unit at a substantially discounted rent, creating another source of long-term income potential. An alternative underwriting scenario assumes allowable increases of up to 8.7% for eligible tenants, subject to the modeled market-rent ceilings. Under this scenario, potential scheduled apartment rent increases to $28,462 per month and the estimated cap rate improves to 6.0%. These increases have not been served and should not be treated as current income. Approximately 36% additional rental upside remains after the modeled increases. With a strong unit mix, ample parking, laundry income, a 1986 construction date, and meaningful rent-growth potential, 1568 W Carson Street offers compelling standalone economics. Its location beside 1554 and 1562 W Carson Street also gives a buyer the ability to control the entire contiguous 41-unit offering. DEVELOPMENT OPPORTUNITY - The subject properties comprise 33,240 SF (180' x 185.07') zoned C2-1, with a General Plan land use designation of Neighborhood Office Commercial. The property qualifies for several state and local density-bonus programs that materially increase its development potential above base zoning. A feasibility study has indicated the potential to develop 135 mixed income units. Contact LA1 for Offering Memorandum.
Location
State CA
County Los Angeles
Area 122 - Harbor Gateway
Zoning LAC2
Interior
Heating Forced Air
Cooling None
Fireplace No
Exterior
Parking Features Assigned, Controlled Entrance, Covered, Garage, Garage Door Opener, Gated
Total Parking Spaces 29
Building
Entry Level Multi/Split
Level or Stories Multi/Split
New Construction No
Others
Senior Community No
Tax ID 7346002050
Special Listing Condition Standard
Listed by Daniel Shieh Lyon Stahl Investment Real Estate, Inc. #01978847
NEARBY SCHOOL & BUSINESS
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