25827 Oak St UNIT 17, Lomita, CA 90717

Classic renovation opportunity. 6.45% Cap Rate on market rents. The property was built in 1963 and has been under the same ownership for the last 36 years. The location is among the strongest rental markets in the South Bay. The building contains 2 one bedroom/one bath units and 15 two-bedroom, one-bath units. Each unit has its own washer and dryer hook-ups. Unit #16 was originally permitted and constructed as a 3 bedroom/two-bath unit. Over forty years ago, this unit was converted without permit to a 2 bedroom/1 bath unit and 1 bedroom/1 bath unit. The owner pays utilities for these two units. Owner also pays utilities for unit #8 due to sharing the same meter for the common area laundry room. The property offers an approximate 7.2% upside in rents and possibly more potential through renovation. There is no rent control in Lomita.