2204 Mathews Ave

6 Unit Apartment Building $3,452,400 CAD ($575,400 CAD/Unit) 4.06% Cap Rate Redondo Beach, CA 90278

INVESTMENT HIGHLIGHTS

  • Value-Add 6-Unit in North Redondo Just North of Artesia Blvd
  • (3) 2-Car Garages + (6) Driveway Spaces | Potential to Convert Garages Into ADUs (Buyer to Verify)
  • 37% Rental Upside | 6.43% Market Cap | 11.11 Market GRM
  • Great Unit Mix: (6) 2-Bed/1-Bath Units | (2) of the Units are Recently Remodeled
  • 4.06% CAP | 15.25 GRM | $400,000/Unit
  • Well-Located in North Redondo, Appx 10 Minutes to the Manhattan Beach Pier, Redondo Performing Arts Center, Hermosa Beach Pier, and Mira Costa

EXECUTIVE SUMMARY

2204 Mathews Ave is a well-positioned 6-unit apartment building in the desirable North Redondo Beach neighborhood, just north of Artesia Blvd. Offering a strong unit mix of (6) 2-bed/1-bath units, the property provides spacious layouts and modern appeal, with two of the units recently remodeled. This value-add opportunity allows investors to capitalize on significant rental growth while benefiting from a well-maintained asset.
The property offers ample parking with (3) 2-car garages and (6) driveway spaces, a highly sought-after feature in this vibrant beachside community. Additionally, the garages present a potential ADU conversion opportunity (buyer to verify), allowing for further income generation. With a 4.06% CAP rate, 15.25 GRM, and a price of $400,000 per unit, this asset delivers strong in-place income with 37% rental upside, allowing for substantial returns as rents are brought to market levels. A projected 6.43% market CAP and 11.11 market GRM further highlight the long-term value this property presents.
Well-located in North Redondo, this property is just 10 minutes from the Manhattan Beach Pier, Hermosa Beach Pier, Redondo Performing Arts Center, and Mira Costa High School, providing tenants with access to top-rated schools, beaches, entertainment, and shopping. With its coastal proximity, strong appreciation potential, and value-add upside, this is an excellent investment opportunity in one of LA’s most in-demand rental markets.

FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access

ANNUAL (CAD) ANNUAL PER SF (CAD)
Gross Rental Income $99,999 $9.99
Other Income $99,999 $9.99
Vacancy Loss $99,999 $9.99
Effective Gross Income $99,999 $9.99
Taxes - -
Operating Expenses - -
Total Expenses $99,999 $9.99
Net Operating Income $99,999 $9.99

PROPERTY FACTS

Price $3,452,400 CAD
Price Per Unit $575,400 CAD
Sale Type Investment
Cap Rate 4.06%
No. Units 6
Property Type Multifamily
Property Subtype Apartment
Building Size 4,125 SF
No. Stories 1
Year Built 1958

UNIT MIX INFORMATION

DESCRIPTION NO. UNITS AVG. RENT/MO SF
2+1 1 $3,380 CAD -
2+1 1 $2,769 CAD -
2+1 1 $3,380 CAD -
2+1 1 $3,380 CAD -
2+1 1 $3,438 CAD -
2+1 1 $2,517 CAD -
Walk Score®
Walker's Paradise (91)
Bike Score®
Very Bikeable (77)
  • Listing ID: 35138491

  • Date on Market: 2025-03-14

  • Last Updated:

  • Address: 2204 Mathews Ave, Redondo Beach, CA 90278