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LOS ANGELES COUNTY NEWS
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Redondo Beach Apartment Building Fetches $520k/Unit

1/20/23

A 10-unit, garden-style multifamily property in Redondo Beach sold for $5.2 mil, or $520k/unit. The property is located at 124-128 Palos Verdes Blvd in the Hollywood Riviera section of Redondo Beach.

Built in 1958, the property contains all two-bedroom units and was 90% occupied at time of sale. It offers tenants ocean views and boasts a walk score of 92.

The buyer was South Redondo-based TR Wealth Management Inc, led by Bill Mulkey. Steffan Braunlich of Berkadia represented the seller, a local family trust. The deal closed at a 3.2% cap rate.

“The location justifies best-in-class upgrades to the units with the option to raise rents 10% immediately. It is difficult to overstate the value of ocean views and the proximity to Riviera Village,” said Braunlich.





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