Located in Harbor City, California, 1661 W. 259th Street is a 48-unit value-add apartment building with over 50% rental upside*. Priced at $140,625 per unit and
$214 per square foot, the property offers a 9.69 GRM at currrent rents.
The building features (16) 2BD /1BA units, (29) 1BD /1BA units, and (3) studio units. Ample parking is available with 75 total secured spaces (45 garages and 30 surface spaces). Additional amenities include a gated swimming pool, spacious laundy facilities, onsite manager’s office, building security system, and in-unit fireplaces.
Building improvements include new windows, new paint and exterior lighting, and new rear building roof. Earthquake retrofitting was completed in 2020.
Harbor City is a growing community strategically situated near major employment centers and within convenient access to commuter thoroughfares. Seven miles away, developers are spending nearly $1 billion to transform the LA Waterfront into 400 acres of world-class facilities for entertainment, recreation, education and innovation.
*Property is Subject to LA City Rent Control.
