17220 Grevillea Avenue
Multifamily | 16 Units | $246,875/unit
Marketing description
ASSET
16-unit apartment located in Lawndale. No local rent control – defaults to AB 1482. Situated on a large 14,411-SF lot, the asset features new main electrical and new interior electrical subpanels (2026), newer roof (2023), upgraded units, an on-site laundry facility and a total of 16 parking spaces.
The property has undergone recent exterior and landscaping improvements, enhancing its curb appeal. The property is master-metered for gas and electricity, offering investors value-add potential to implement a RUBs program to recapture a portion of utility expenses, improve operational efficiency and reduce expenses. Furthermore, the large lot and ample parking areas provide a desirable opportunity to add up to 8 ADUs. There are currently plans in-place to convert the space above the carports into 2 ADUs without eliminating any of the existing parking spaces. (Buyer to Verify).
LOCATION
17220 Grevillea Avenue is located west of Hawthorne Boulevard, just two blocks from the South Bay Galleria. It is less than 3 miles from the Pacific Ocean and Hermosa Beach Pier and in close proximity to El Camino College, Alondra Park and Northrup Grumman.
FINANCIALS
This 8,165-SF investment opportunity presents stable-in place rents as well as legitimate rental upside. The asset contains a current cap rate of 5.90% and current GRM of 10.67 with a pro-forma cap rate of 6.64% and pro-forma GRM of 9.80.
Investment highlights
- Prime South Bay Location: 16-unit apartment situated on a large 14,411-SF lot in a highly desirable Lawndale location, west of Hawthorne Boulevard, 2 blocks from South Bay Galleria and just 3 blocks from Redondo Beach.
- Exceptional ADU Potential: Large lot and ample parking areas present the opportunity to add up to 8 ADUs, including the potential to convert space above carport spaces into 2 new ADUs without eliminating any parking (Buyer to Verify).
- Strong Cash Flow & Rental Upside: 5.90% current cap rate and 10.67 GRM, with upside to a 6.64% pro-forma cap and 9.80 GRM, or a 6.52% current cap and 7.26% pro-forma cap with the implementation of RUBS.
- Recent Capital Improvements: Property features new main electrical, new electrical subpanels in each unit (2026), newer roof (2023), upgraded units, and recent exterior and landscaping improvements.
- Value-Add Utility Reimbursement Opportunity: Master-metered for gas and electricity, providing investors with the opportunity to implement RUBs to recapture utility expenses and improve operating efficiency.
- Favorable Property Attributes: On-site laundry facility, 16 parking spaces, and no local rent control (AB 1482 only).
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