1611 W. 218th Street
Torrance, CA 90501
Located in Torrance, California, this development opportunity has been entitled for an 18 unit apartment complex with all 2 Bed / 2 Bath units. Located in a Qualified Opportunity Zone, this investment is ideal for an investor looking to build and hold the asset for over 10 years to minimize capital gains liability (Buyer to confirm). With 16 market rate and 2 very low income units, the Seller has taken on-menu incentives to add value to the build. Upon closing of escrow, the Buyer will have the obligation of finalizing plan check and completing the permitting process for "ready-to-issue" status.
Currently, there is a triplex on site with a monthly annual income of $3,818.75. With the current income, the builder / developer will have additional income to off-set final permitting costs. All tenant information will be provided to a potential Buyer upon a written letter of intent or offer.
With proximity to the 110 Freeway, this asset is centrally located to Downtown Los Angeles and the Beach Areas. Furthermore, the property is within proximity retailers, restaurants, and parks.
Listing Price: $1,280,000
Price per Buildable Unit: $71,111
Price per SF (Land): $118.49
Property is located in a Qualified Opportunity Zone
All 2 bed / 2 bath units averaging 990 SF
One level subterranean parking
Type-V construction allows for lower construction costs
Entitlement calls for 36 parking spaces
Market rents on new construction product average a rent per SF north of $2.60
(16)-market rate and (2)-very low income units
Torrance has seen a huge influx of new developments for office, retail, and multi-family properties
Within proximity to Lowe's Home Improvement, Walgreens, and 110 Freeway
Easy access to Santa Monica, LAX, Long Beach Pier, and many other Los Angeles attractions