16511 S. Denver Avenue, Gardena, CA 90248 For Sale

16-unit apartment located in Gardena P.O. One of the buildings, consisting of 12-units of all 1-bedroom/1-bathroom units, was built in 1988 and is not subject to LA City Rent Control (AB 1482 only). The other 4-unit structure was built in 1965 and is subject to LA City Rent Control and includes one 2-bedroom/1-bathroom and three 1-bedroom/1-bathroom units. The asset contains a unit mix of (1) 2-bedroom/1-bathroom unit and (15) 1-bedroom/1-bathroom units.

Situated on a large 12,831-SF corner lot, the property features newer windows, newer doors, on-site laundry facility, 24 parking spaces and 6 of the units have been recently upgraded. The roof of the 12-unit building was replaced in 2018. Both buildings contain copper plumber and there is a new main water line and newer sewer line (2021/2022). The property has passed the SB721 balcony inspection. Furthermore, the large lot and ample parking areas present a desirable opportunity to ADUs.

16511 S. Denver Avenue is located in Gardena P.O., south of Gardena Boulevard and approximately a half mile from Artesia Boulevard. The asset is in close proximity Pacific Square Shopping Center, Gardena Market Place and to the many retail shops, restaurants, entertainment, and shopping centers of the area.

This 9,528-SF apartment presents stable in-place rents as well as legitimate rental upside. The asset contains a current cap rate of 5.77% and current GRM of 10.91 and a pro-forma cap rate of 7.13% and pro-forma GRM of 9.41.