LP.com

1923 Vanderbilt Lane (Vanderbilt Estates) is a newly updated 9-unit trophy property located in the best pocket of North Redondo Beach. Vanderbilt Estates is 2 short blocks from Manhattan Beach and only 2 miles to the sand and the Hermosa Beach Pier. It has a phenomenal 88 Walk Score and is within a block of many restaurants and retail, offering tenants stress-free shopping and dining options. Vanderbilt Estates consists of 9 units including 3 brand new Accessory Dwelling Units (ADUs). The ADUs are fully permitted and completed with top notch workmanship and high-end finishes. Additionally, the entire property is in excellent condition and almost every unit has been fully renovated. All renovated units have new kitchens and bathrooms with features that include quartz kitchen counter tops, stainless steel appliances, LTV flooring and designer tile bathrooms. The ideal and diverse unit mix consists of 3- 1BR/BA, 4-2BR/1BA, 1-2BR/2BA & 1-3BR/2BA. All units are spacious and well appointed. There are washers and dryers in all renovated units and the 3 ADUs…. only 2 units don’t have in unit laundry. Those units are able to use the onsite laundry facility. Tenants enjoy free high-speed Wi-Fi via a brand-new system which only costs ownership $100/month while saving all tenants an additional living expense. The grounds feature a beautiful gated courtyard with a new community mailbox surrounded by mature landscaping. Select units have new A/C and some also have a private patio/balcony. The entire exterior has also been fully updated including a modern paint scheme and new wood façade. A new and up to current code fire sprinkler system was just installed throughout the entire property and the roofs (already in good condition) were just re-sealed and waterproofed which should lead to zero maintenance for years to come. Sans the brand new ADUs the subject propertywas built in 1971 and has all copper plumbing. Improvements total 7,156 square feet on a large 7,590 square foot lot. The Vanderbilt Estates is priced extremely well at an above market CAP 4.51% CAP (actual) and only a 14.95 GRM (on in place rents). With its excellent income, the property can get better leverage than most other properties on the market. With two legacy tenants at below market rents, there is ample upside for a new investor. Vanderbilt Estates is an excellent opportunity for almost any buyer including the perfect upleg to complete an exchange.