3351 Marine AVE Active Save Request In-Person Tour Request Virtual Tour
Gardena,CA 90249
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 37,881 sqft
Price per Sqft $403
MLS Listing ID SB24097501
Year Built 1960
Lot Size 1.234 Acres
Property Description
The Marine Bay Apartments - an 81 Unit South Bay apartment complex located at 3351 Marine Ave., Gardena (Post Office Box Gardena) - situated and zoned by LA County. This rare offering - 1st time in over 20 years, is one of the largest investment multifamily apartment complexes available for sale in the entire South Bay / LA area.
Situated in the growing and prosperous outskirts of the city of Gardena, yet regulated by the Los Angeles County Strip rental guidelines, this asset benefits from a permissible 4% annual rental increases while also collecting for utilities reimbursements via RUBS (Ratio Utility Billing System).
Consisting of a solid mixture of 38% One Bedroom, 5% Two Bedroom, and 57% Studio & Grand Studio units (to be verified), this asset has consistently been able to attract residents from the local El Camino Community College, as well as facilitate housing for the massive employment base in the immediate surrounding area.
Note: All Studio units have their own kitchenettes, the Grand Studios have kitchenettes and partition walls that provide privacy between the bedrooms and the other living areas (see floor plans in photos). All units benefit from the amazing tropical and tranquil landscape consisting of massive palm trees throughout the impressive and access to the center sparkling pool that adds to the surreal beauty of this 53,743 sq ft lot (per assessor).
With approximately 75+ parking spaces (covered and open), employment, colleges, freeways, local beaches, and LAX Airports in close reach, this asset should provide amazing occupancy and upside due to extreme high demand for housing and the need for affordable housing.
Note; Electrical Panels show brand GE. Balcony repair and inspection requirements related to SB 326 requirements will be completed prior to close of escrow with some upgrades in progress to existing walkways.
Location
State CA
County Los Angeles
Area 111 - Bodger Park/El Camino
Zoning LCR3YY
Rooms
Ensuite Laundry Common Area
Interior
Laundry Location Common Area
Laundry Common Area
Exterior
Pool Community
Community Features Sidewalks,Pool
Building
Lot Description Over 40 Units/Acre
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Acceptable Financing Cash,Cash to New Loan
Listing Terms Cash,Cash to New Loan
Special Listing Condition Standard