26377 Hillcrest Ave, Lomita, CA 90717

Description

We are pleased to present 26377 Hillcrest Avenue, an 8-unit apartment community situated on an oversized 22,224-square-foot lot in Lomita, California. This well-located asset offers investors a rare combination of immediate value-add upside, significant additional development potential, extensive capital improvements already in place, and a strong demand-driver location. The property's oversized 22,224-square-foot lot presents a potentially ADU opportunity, with preliminary indications suggesting a buyer may be able to add a significant number of additional units; potentially up to eight ADUs. The property is currently offered with three vacant units, providing a new owner an immediate opportunity to renovate and reposition these units to command top-of-market rents. The property features seven two-bedroom, one-and-a-half-bath units and one three-bedroom, one-and-three-quarter bath unit. Units are exceptionally spacious at nearly 1,000 square feet each, with two units offering private balconies and every unit including walk-in closets. Ownership has invested significantly in capital improvements throughout the property, including all-new windows, upgraded PEX plumbing throughout, updated electrical service with new subpanels, and tankless water heaters at every unit, substantially reducing near-term capex exposure for a new owner. The property is individually metered for electricity, with gas master-metered to the property. The water system operates on a submetering arrangement, with tenants billed directly based on their pro-rata usage, helping keep utility costs down. Parking is a standout feature of the offering, with six single garages and five double garages providing ample covered parking! The property is ideally positioned near major employment and lifestyle drivers, including close proximity to the Port of Los Angeles, one of the busiest container ports in the United States, as well as a large Kaiser Permanente hospital campus. The property also benefits from excellent freeway access, with both the 110 and 405 freeways just minutes away, connecting residents to Torrance, the greater South Bay, and Los Angeles employment centers.