Sold

Closed

3528 3530 Emerald Street

Torrance CA, 90503

$6,650,000


$323.41 per sqft

Sold

Closed

20,562 sqft

Condo

Built in 1969

Listed by Martin Ensbury with Lyon Stahl Investment Real Estate, Inc. 310-425-9838

This is the first time on the market for 3528 & 3530 Emerald St., Torrance since 1974! This 22-unit value-add apartment building is located in prime Torrance on one of the most desirable streets in all of Torrance. The property is located within walking distance of the Del Amo Fashion Center, a 2.1M+ sq. ft. shopping center owned by Simon Property Group and the 6th largest mall in the United States. The subject property is also close to three of the largest medical centers in California: Little Company of Mary, Torrance Memorial, and Kaiser Permanente Medical Center. There is a substantial amount of development in the area including the Torrance Commerce Center, which encompasses 4 state-of-the art corporate headquarter industrial buildings totaling 615,000 sq. ft., with buildings sized between 105,000 and 278,000 sq. ft. The development is taking place on a 33-acre site, which previously featured the 700,000 sq. ft. North American headquarters for Toyota.

The subject property consists of 2 separate apartment buildings built in 1969, with a driveway between the buildings and tuck-under parking below each building. In addition to the on-site parking (31 spots), the church next door rents parking spaces in their large parking lot to tenants at the building. The property has an amazing unit mix consisting of (6) 3b/2ba units, (8) 2b/2ba units, (2) 2bd/1ba units and (6) 1bd/1ba units. The buildings total 20,562 sq. ft. and sit on a 19,113 sq. ft. lot. These are very large units, with an average unit size of 869 sq. ft. The property is separately metered for electricity and master metered for gas and water. The City of Torrance is installing a new gas meter, which will be installed prior to the close of escrow. The building has 2 laundry rooms for additional rental income and several storage lockers for each parking spot. There are currently 4 vacancies at the property. 2 of the units are rent ready. Although the units could easily be rented, the seller has been leaving units vacant so that a buyer can make the improvements they desire to those vacancies to achieve maximum rents. In addition, the on-site manager, who knows the building very well, is willing to move out prior to closing. However, it may be advantageous to a buyer to retain the on-site manager due to his vast knowledge of the building. The property is subject to AB 1482, but is not subject to any local rent control. There is approximately 34% rent upside. OM included as a supplement.

SB23165640

MLS ID

September 5, 2023

Listed

July 14, 2024

Updated

Map

3528 3530 Emerald Street
Torrance CA, 90503

Interior Features

Total Stories

2


Laundry Description

Common Area


Fireplace

No


Cooling

No


Heating

No

Exterior/Building Features

Lot Size

0.44 Acres


Lot Features

21-25 Units/Acre


Sewer

Public Sewer

Other Property Details

Area Name

699 - Not Defined


Days on Market

7


Garage

Yes


Garage Spaces

31


Parking

Covered, Driveway Down Slope From Street, Storage


Parking Total

31


View

No


County

Los Angeles


Water Source

Public


Pool

No


Pool Features

None


Zoning

TORR-MH

Listing History

Date

Event

Price

9/27/2023

Price Change

$6,650,000

-9%

9/27/2023

Sold

$6,650,000

9/12/2023

Under Contract

Listing Contact: 310-425-9838 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 7/14/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 7/14/2024 at 7:19 AM UTC

 

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