Address
502 N Elena Avenue 1-7, Redondo Beach, CA
Price
$ 4,195,000
Property Attributes
- MLS#OC26003145
- TypeSingle Family
- Listing Status Active
- CountyLos Angeles
- CityRedondo Beach
- Area S Redondo Bch W of PCH
- Zip90277
- Style
- Year Built1964
- Price$ 4,195,000
- Bedrooms0
- Full Bathrooms1
- Half Bathrooms0
- Sqr Footage4840
- Lot Size0.1381 Acres
Data Source:
California Regional MLS (CRMLS)
Property Description
***Price Reduced $155,000***This 7-unit apartment community offers investors desirable amenities and an exceptional location within Redondo Beach in the South Bay. The property features a diverse unit mix of three, two & onebedroom units with functional layouts that consistently attract long-term tenants. Residents benefit from onsite laundry and individual garages. The residences in the rear further distinguish themselves with select townhouse units and large private patios, offering a more spacious, modern living experience. This combination of location, design, and amenities ensures strong renter demand and positions the property for substantial rent and income growth as units are modernized and brought to market levels. • 6 of 7 units have been renovated to different states that include: new plumbing, electrical panels, kitchens, bathrooms, flooring, and hardware. • Demand Tailwinds: The severe monthly cost differential between renting ($3,550 avg.) and owning ($11,248 avg.) in Redondo Beach underscores ongoing renter demand, especially among workforce households priced out of homeownership. • Proven Rent Growth: Historical rent growth in Redondo Beach has been both strong and resilient, with continued increases forecast through the end of the decade. • With affordability challenges driving sustained renter demand, and historical trends pointing toward ongoing rent appreciation, Park Promenade provides investors a compelling opportunity for both near-term value creation and long-term growth. • 100% occupied. well-managed, & maintained • Individual garages & select private patios • Excellent unit mix of 3, 2 & 1 bedroom units • New electrical panels
| Price History | |
|---|---|
| 1/28/2026 | Listed $4,350,000 |
| 2/18/2026 | 4$4,195,000 |
General Features
| Sewer | PublicSewer |
|---|---|
| Heating | Radiant |
| Garage Spaces | 10 |
| Pool Features | None |
| Year Built | 1964 |
| Tenant Pays | CableTv,Electricity,Gas |
| Stories Count | 2 |
| Levels | Two |
| Unit Number | 1-7 |
| Property Subtype | Apartment |
| Gross Income | 988 |
| Community Features | Biking,Curbs,Park |
| County | Los Angeles |
| Net Operating Income | 139302 |
| Operating Expense | 80699 |
| Insurance Expense | 10427 |
| New Construction | false |
| Property Type | ResidentialIncome |
| HOA | false |
| MaintenanceExpense | 3612 |
| Garage Y/N | true |
| Special Listing Conditions | Standard |
| Status | Active |
| Directions | West of PCH & North of Beryl |
| City | Redondo Beach |
| Entry Location | Street |
| Senior Community Y/N | false |
| Open Parking Spaces | 2 |
| Number Of Units Total | 7 |
| MLS Area | 157 - S Redondo Bch W of PCH |
| Lot Size Units | SquareFeet |
| Lot Size Square Feet | 6017 |
| Number of Units Leased | 10 |
| Listing Terms | Cash,CashToNewLoan |
| Spa Features | None |
| Property Attached Y/N | true |
| Land Lease Y/N | false |
| Electric Expense | 636 |
| Trash Expense | 2645 |
| Water Sewer Expense | 2701 |
| Additional Parcels Y/N | false |
| Rent Control Y/N | true |
| Building Area Units | SquareFeet |
| Standard Status | Active |
| Year Built Source | PublicRecords |
| Tax Lot | 34 |
| Total Actual Rent | 18741 |
| Property Sub Type Additional | Apartment |
| Taxes | 45989 |
| Cap Rate | 3.32 |
| PostalCity | REDONDO BEACH |
Interior Features
| Total Stories | 2 |
|---|---|
| Common Walls | TwoCommonWallsOrMore |
| Heating Y/N | true |
| Laundry Features | CommonArea |
| Entry Level | 1 |
Exterior Features
| Parking Features | Assigned |
|---|---|
| Lot Features | SixToTenUnitsAcre |
| Water Source | Public |
| Total Parking | 12 |
| Lot Size Area | 6017 |
| Number of Buildings | 2 |
| Spa | false |
| Building Area Total | 4840 |
| Lot Size Acres | 0.1381 |
| Private Pool | false |
| Lot Size Source | Assessor |
| Number of Separate Water Meters | 7 |
| Number of Separate Gas Meters | 7 |
| Number of Separate Electric Meters | 7 |
Amenities
- Foreclosure
- Views
- Short Sale
- New Construction
- Adult 55+
- Lease To Own
- No HOA Fees
- Furnished
- Primary On Main
- Air Conditioning
- Seller Finance
- Green
- Fixer Upper
- Horse
- Golf
- Fireplace
- Deck
- Garage
- Basement
- Pool
Property vs Single Family Average in 90277
Price
Year Built
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