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.
- Pool:
- Black Bottom, Lap
- Heating System
- Parking:
- 2.50
- New Construction YN:
- 0
- Laundry:
- Upper Level
- Parking:
- Tandem Covered
- Sewer:
- Conventional Septic
- Common Walls:
- 2+ Common Walls
- Senior Community:
- 0
- List Agent Agent ID:
- SLAMPSTE
- Water Source:
- Public
- Lot Features:
- Landscaped, Level With Street, Rectangular Lot, Lawn
- Community Features:
- Sidewalks, Street Lights, Curbs, Gutters
- Stories:
- 2
- Street:
- 242nd
- Street Number:
- 3929
- Street Suffix:
- Street
- Zip4:
- 6440
- Floor Number:
- 0
- Longitude:
- W119° 38' 40.2''
- Latitude:
- N33° 48' 18.1''
- Street Dir Prefix:
- W
- Listing Courtesy of:
- Re/Max Commercial & Investment
- TaxAnnualAmount:
- $0
- Zoning:
- TOCR-MH
- Lot Size Square Feet:
- 44,793 Sqft
- List Agent Last Name:
- Lampe
- List Agent License Number:
- 01164364
- Special Listing Conditions:
- Standard
- List Office ID:
- s1158
- List Agent First Name:
- Stephen
- Directions:
- South of PCH just west of Ocean
- MLSAreaMajor:
- 125 - Walteria
- Levels:
- Two
- Parcel Number:
- 7534006020
- List Agent License Number:
- 01508014
- TaxAnnualAmount:
- $0
- TaxYear:
- 0
Residential Income Sold
3929 242nd Street, Torrance, California 90505
- Property Type :
- Residential Income
- Listing Type :
- Sold
- Listing ID :
- SB18011663
- List Price :
- $15,000,000
- Year Built :
- 1961
- Country:
- US
- State:
- CA
- 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
