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MULTIFAMILY NEWS
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Apartment Property in Old Town Torrance Goes for $437k/Unit

11/09/23

A private, 1031 exchange investor purchased an 11-unit multifamily community in Torrance for $4.81 mil, or $437k/unit.

Located at 1751 Cabrillo Ave in the desirable Old Town Torrance neighborhood, the property sits on over 0.18 acres. Built in 1964, the 8.6k sf, two-story apartment building offers a mix of one-, two- and three-bedroom units.

Community amenities include an on-site laundry facility. Notably, the front two-bedroom unit has a large, gated, grassy yard. Over the past two years, the building exterior and most units have been substantially upgraded, including plumbing and drain lines, electrical, windows, exterior paint and repairs, upgraded lighting and new mailboxes.

CBRE’s Dan Blackwell and Trey Mitchell represented the buyer in the deal. The seller was based in Los Angeles.

“This was an exceptional opportunity for the buyer, as apartment sales are relatively rare in the highly coveted Old Town Torrance area,” noted Blackwell. “Property owners here tend to maintain ownership for decades. Moreover, in this locale, there is no local rent control, only AB 1482, which appeals to investors. The buyer has the potential to renovate two units and increase rents; one of the units has a rental rate that is 30% below the prevailing market rate.”

“Old Town is one of the most walkable locations in Greater LA, with an abundance of restaurants, markets, breweries and retail in the surrounding blocks,” said Mitchell. “Additionally, the location offers easy access to the 110 Fwy and major employers. Honda’s North American headquarters is only blocks away.”






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