It has been another one of those busy weeks that happen from time to time in this real estate business.
Rather than miss a blog post like I have in the past, I am going to make this post a little self-serving to highlight our clients’ new listings and share what we are working on right now.
Next week, we’ll get back to a market-based blog post…and, oh by the way, I have a new podcast dropping next week as well. I hope our avid listeners like it!
Not only was I fortunate enough to open escrow on a Manhattan Beach Tree Section home on behalf of our buyer clients this week, but we also brought out FOUR fantastic listings yesterday.
I think it is worth a post to cover these opportunities so you can see the value and intriguing pricing for each listing.
One is an adorable, major bang-for-your-buck home in Lunada Bay, while the other three are pure play investments in the city of Inglewood.
New Lunada Bay Listing
Yesterday, I was lucky enough to debut this adorable single-family home in Lunada Bay that is the perfect one-level starter home paired with some incredible value.
- 2840 Palos Verdes Drive West, Palos Verdes Estates
- 4 beds, 2 baths, 1,870 sq. ft., 8,498 sq. ft. lot
- Asking Price: $1,899,000
It is hard enough to find a move-in ready starter home in Lunada Bay – but even harder to find one with a 4th bedroom, and perhaps almost impossible to find it under $2 million.
Cue the lovely 4 bedroom, one-level, move-in ready home at 2840 P.V. Drive West asking just under $1.9 million! As you can see from the pictures, this home has all the charm of a classic lower Lunada ranch home and is lovely as-is with immense potential for improvement down the road.
Live in it today and enjoy with the opportunity for major upside down the road.
Not only is it priced attractively, but the home offers a bonus 500+ additional square feet not included in the listing. A finished attic offers not one, but two additional rooms that can be used in a multitude of ways – office, playroom, media center, gym, studio…the options go on and on.
In addition, the flat backyard is massive – perfect for entertaining, gardening, and harvesting your fruits, vegetables, and avocados (because avocados deserve a special highlight).
Need four beds? Check.
Move-in ready with upside? Check.
Flat, usable backyard? Check.
Bonus livable square feet? Check.
This home is the lowest priced single-family home option in Lunada Bay with comps selling above $2 million. With the extra attic space thrown in for free and the huge backyard, this wonderful home offers so much to any buyer.
Don’t miss it!
Three Property Portfolio in Inglewood
Next up is a three-property portfolio in Inglewood!
Yes, Inglewood is considered the South Bay…even though some debate it. Sure, we normally only cover home sales from Manhattan Beach to Palos Verdes. But, this is worth exploring…
It has been a while since I have posted an income property blog post and every once and awhile, I do go outside Palos Verdes and the Beach Cities to demonstrate some of the juicier cash flow deals away from the coast. This is a good spot to cover three solid opportunities, while also being self-serving to our new listings.
- 230 E. Ivy Avenue, Inglewood
- 6 beds, 5 baths, 3,594 sq. ft., Quadruplex
- Rental Income: Approximately $6,200/mo.
- Asking Price: $1,349,000
This North Inglewood gem is locating in a special pocket. It is not only in a great neighborhood, but also provides excellent cash flow while in great condition. If one were to self-manage, they could achieve a cap rate of over 4%.
Furthermore, a full rehab of units could allow for an increase of rents by almost 50%, pushing this one to a cap of over 5%, if not 6% for the savvy rehabber and earn the buyer instant equity.
- 3746 W. 113th Street, Inglewood
- 8 beds, 5 baths, 4,355 sq. ft., Quadruplex
- Rental Income: Approximately $6,750/mo.
- Asking Price: $1,349,000
The same goes for this South Inglewood property. While not the same fabulous location of the property above, the build is larger, the units have more bedrooms, and the upside is even more substantial.
Current rents put this one closer to a 4.5% cap if one were to self-manage and the rents can go to over $10,000/mo. with the right rehab plan. Proforma cap is well over 5% and can likely go above 6% as well. This property offers substantial cash flow from day one with loads of upside whenever the owner is ready to execute on its improvement.
- 627 W. Arbor Vitae Street, Inglewood
- 6 beds, 3 baths, 1,920 sq. ft., Triplex
- Rent Income: Approximately $4,500/mo.
- Asking Price: $899,000
Finally, this is an easy-to-manage triplex with three detached bungalows! There is nothing better than detached structures creating happy, long-term tenants with one tenant having stayed for over 17 years!
The recent comps are at $900,000 and $950,000, and it offers cash flow and significant upside just like its counterparts above. Location, location, location is all I can say, with close proximity to the 405 freeway, SoFi Stadium, and a multitude of other dining and retail options.
Conclusion
Rather than skip a blog due to a busy week, I might as well share with you the newest properties we are working on.
If you have come to know me over the past few years on the blog or in the local marketplace, I hope you have come to realize that our listings are well-priced and almost always result in an efficient sale.
Without question, the affordable Lunada Bay charmer should be on your radar. There is too much value, bonus square footage, and a multitude of options with this listing – not to mention it is the lowest priced home in the neighborhood!
The three investment properties in Inglewood offer juicy cash flow relative to the market, are priced competitively, and have massive upside to earn a savvy investor instant equity or even more cash flow down the road.
Further, if you want to chat about any of the following topics below, then I am happy to catch up with you.
- The four excellent new listings covered in today’s post.
- My fabulous >44 The Strand listing in Hermosa Beach asking $7.3 million.
- Or, what our buyers are up to in the Manhattan Beach Trees/Manhattan Beach Strand (both in escrow).
Have a great weekend and I’ll see you next week for a new blog post and a fresh podcast episode!
Richard Haynes
DRE: 01779425
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The Richard Haynes Real Estate ShowA leader in South Bay real estate for the better part of a decade, Richard thrives as an advisor to his clients with over $248 million in sales as a broker or investment principal at his boutique agency, Haynes. Richard is known for his keen local market insights which have been featured in the L.A. Times, The Street, and Forbes, along with his weekly South Bay real estate blog. [read more]