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    Property Description

    The Palms is a 48 unit apartment complex located just two blocks South of Pacific Coast Highway (PCH) in the Walteria neighborhood of South Torrance at the foothills of the Palos Verdes Peninsula immediately adjacent to Palos Verdes Estates and Rolling Hills Estates. 2 miles due west is one of Southern California’s most popular beaches, Redondo Beach and Redondo Village (Redondo’s downtown of retail shops and eateries), allowing The Palms residents to enjoy all the benefits of living in a beach city.

    An astute investor will realize the benefits of owning an asset that is essentially in a beach city, without paying the premium of a beach city asset. The median household income within a 1, 3 and 5 mile radius of the property ranges from $80,000 to $87,000 per year. Five streets to the south, the average annual income of Palos Verdes Estates residents is $245,000 and a ranking of the 38th wealthiest city in the United States according to Bloomberg News.

    The improvements consist of a U shaped courtyard style design with a total building area of 36,096 per the county assessor’s records, and was built in 1961 utilizing Type “V” wood frame and stucco construction with 2 stories over on grade parking. The land parcel is slightly over 1 acre (approximately 44,793 square feet) and is zoned High-Medium Density Multi-Residential. This zoning permits 31.1 to 44.0 Dwelling Units per acre before any potential density bonuses. 1 parking garage for each of the 48 units.

    Features
    : In ground, Private
    : Radiant
    : 48.00
    0
    : Common Area
    : Assigned
    : Public Sewer
    : 2+ Common Walls
    0
    SLAMPSTE
    : Public
    : Landscaped, Level With Street, Rectangular Lot, Lawn
    : Sidewalks, Street Lights, Curbs, Gutters
    2
    Address Map
    242nd
    3929
    Street
    6440
    0
    W119° 38' 40.2''
    N33° 48' 18.1''
    W
    MLS Addon
    Re/Max Commercial & Investment
    $0
    TOCR-MH
    44,793 Sqft
    Lampe
    01164364
    : Standard
    s1158
    Stephen
    South of PCH just west of Ocean
    125 - Walteria
    Two
    7534006020
    01508014
    $0
    0

    Residential Income Sold

    3929 242nd Street, Torrance, California 90505

    $15,000,000
    Listing ID #SB18011663
    Basic Details
    Property Type : Residential Income
    Listing Type : Sold
    Listing ID : SB18011663
    List Price : $15,000,000
    Year Built : 1961
    Country : US
    State : California
    County : Los Angeles
    City : Torrance
    Zipcode : 90505
    Close Price : $15,000,000
    Status : Closed
    Property Type : Single Family Residence
    Price Per Square Foot : $416
    Days on Market : 19
    Agent info
    Contact Agent
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