25840 Oak St

As the exclusive listing agent, Marcus & Millichap is pleased to present the excellent opportunity to acquire The Oak Street Apartments, a well maintained 16 Unit apartments centrally located in the heart of South Bay. It is walking distance to Target, Grocery outlets, shops, restaurants and entertainment venues on Pacific Coast Hwy, major thoroughfare in south bay. This excellent location not only provides tenants with convenient access to variety of shopping centers & restaurants, but also easy access to employment bases in south bay through Interstate 110 & 405. With an average occupancy rate is in the high ninety percent range, wide affordability gap, major employment centers within close proximity, the Oak Street Apartment is well positioned to benefit from future rent growth.
The Property
This subject property consists of 2 two-story buildings with a swimming pool nicely layout over 20K sqft lot. The buildings were built in 1964 of wood frame and stucco construction. There are two all electric buildings with dividual hot water heaters and radiant heating. Amenity onsite including a swimming pool and onsite laundry room. The property has highly desirable unit mix of 9 spacious 2 Bedroom 1 Bath units and 7 spacious 1 bedroom 1 bath units. There are 24 ample onsite parking spaces with 10 parking garages, 6 tuck under parking spaces, and 8 carport
spaces. Major improvements include new electrical panels, vinyl windows, plumbing updates, and exterior painting. There is tremendous upside in the rent up to 20%. A savvy investor who has knowledge of the local rental market could realize the upside in rent and the potential to add ADUs to reposition this property.