CBRE has completed the sale of an 11-unit multifamily community in Torrance, California for US $4.81 million. 

Executive Vice President Dan Blackwell and Senior Associate, Trey Mitchell, represented the local buyer. The seller was based in Los Angeles. 

Located at 1751 Cabrillo Avenue in the desirable Old Town Torrance neighborhood, this multifamily property sits on over 0.18 acres and was built in 1964. The property features an 8,555-square-foot, two-story apartment building offering a mix of one-, two- and three-bedroom units. Community amenities include an on-site laundry facility. Notably, the front two-bedroom unit has a large, gated, grassy yard. Over the past two years, the building exterior and most units have been substantially upgraded, including plumbing and drain lines, electrical, windows, exterior paint and repairs, upgraded lighting and new mailboxes. 

… [I]n this locale, there is no local rent control, only AB 1482, which appeals to investors.

Blackwell says: “This was an exceptional opportunity for the buyer, as apartment sales are relatively rare in the highly coveted Old Town Torrance area. Property owners here tend to maintain ownership for decades. Moreover, in this locale, there is no local rent control, only AB 1482, which appeals to investors. The buyer has the potential to renovate two units and increase rents; one of the units has a rental rate that is 30% below the prevailing market rate.”  

Mitchell adds: “Old Town is one of the most walkable locations in Greater LA, with an abundance of restaurants, markets, breweries and retail in the surrounding blocks.

“Additionally, the location offers easy access to the 110 Freeway and major employers. Honda’s North American headquarters is only blocks away.

“Old Town Torrance is one of the most stable rental markets in Los Angeles. This market has limited supply, a favorable regulatory environment, rental growth potential, and a prime location and accessibility to Southern California. It is a compelling choice for multifamily investors looking to enhance their real estate portfolios with long-term, income-generating assets.”