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The Suburban 15505 S Budlong Pl 18 Unit Apartment Building $7,119,192 CAD ($395,511 CAD/Unit) 5.61% Cap Rate Gardena, CA 90247
INVESTMENT HIGHLIGHTS
- Highly Desirable Gardena Location – South of Redondo Beach Boulevard | 13,832-SF Building on a Large 19,336-Square Foot Corner Lot
- 5.61% Cap Rate & 11.15 GRM | 6.61% Pro-Forma Cap Rate & 9.95 Pro-Forma GRM | Gated Building with Intercom Access | Pool & On-Site Laundry Facilities
- Large Lot & Ample Parking Areas Present Desirable Opportunity to Add ADUs | No L.A. City Rent Control - Defaults to AB 1482*
- 13 Units Remodeled w/ Kitchen Appliances, Granite Counters, Crown/Base Moldings, New Doors, Double-Pane Windows, Light Fixtures & New Closets
- Unit Mix of (10) 2-Bedroom/1-Bathroom Units & (8) 1-Bedroom/1-Bathroom Units | Total of 18 Garages - Each Unit Contains a 1-Car Garage
- Close Proximity to Pacific Square Shopping Center, Gardena Market Place, SoFi Stadium & Intuit Dome
EXECUTIVE SUMMARY
ASSET
18-unit apartment located in Gardena. No local rent control – defaults to AB 1482.
The property is comprised of (10) 2-bedroom/1-bathroom units and (8) 1-bedroom/1-bathroom units. 13 of the 18 units have been remodeled and include stainless steel kitchen appliances, granite counters, crown and base moldings, new doors, double-pane windows, light fixtures, and double pole and shell closets. Each unit has an individual 1-car garage.
Situated, on a large 19,336-SF lot, the property is gated features intercom access, a pool and 2 on-site laundry facilities.
The large lot and ample garage areas present a desirable opportunity to add ADUs.
LOCATION
15505 S. Budlong Place is located in a desirable pocket of Gardena, south of Redondo Beach Boulevard. The asset is just a few blocks from the Pacific Square Shopping Center and in close proximity to Gardena Market Place the many retail shops, restaurants, entertainment, and shopping centers of the area.
FINANCIALS
This 13,832-SF apartment presents stable in-place rents as well as legitimate rental upside. The asset contains a current cap rate of 5.61% and current GRM of 11.15 and a pro-forma cap rate of 6.61% and pro-forma GRM of 9.95.
Disclosure:
Gardena is not subject to local rent control; however, Gardena has Rent Mediation.
18-unit apartment located in Gardena. No local rent control – defaults to AB 1482.
The property is comprised of (10) 2-bedroom/1-bathroom units and (8) 1-bedroom/1-bathroom units. 13 of the 18 units have been remodeled and include stainless steel kitchen appliances, granite counters, crown and base moldings, new doors, double-pane windows, light fixtures, and double pole and shell closets. Each unit has an individual 1-car garage.
Situated, on a large 19,336-SF lot, the property is gated features intercom access, a pool and 2 on-site laundry facilities.
The large lot and ample garage areas present a desirable opportunity to add ADUs.
LOCATION
15505 S. Budlong Place is located in a desirable pocket of Gardena, south of Redondo Beach Boulevard. The asset is just a few blocks from the Pacific Square Shopping Center and in close proximity to Gardena Market Place the many retail shops, restaurants, entertainment, and shopping centers of the area.
FINANCIALS
This 13,832-SF apartment presents stable in-place rents as well as legitimate rental upside. The asset contains a current cap rate of 5.61% and current GRM of 11.15 and a pro-forma cap rate of 6.61% and pro-forma GRM of 9.95.
Disclosure:
Gardena is not subject to local rent control; however, Gardena has Rent Mediation.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$638,432
|
$46.16
|
| Other Income |
$1,967
|
$0.14
|
| Vacancy Loss |
$19,211
|
$1.39
|
| Effective Gross Income |
$621,189
|
$44.91
|
| Taxes |
$88,990
|
$6.43
|
| Operating Expenses |
$133,136
|
$9.63
|
| Total Expenses |
$222,126
|
$16.06
|
| Net Operating Income |
$399,063
|
$28.85
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $638,432 |
| Annual Per SF | $46.16 |
| Other Income (CAD) | |
|---|---|
| Annual | $1,967 |
| Annual Per SF | $0.14 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $19,211 |
| Annual Per SF | $1.39 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $621,189 |
| Annual Per SF | $44.91 |
| Taxes (CAD) | |
|---|---|
| Annual | $88,990 |
| Annual Per SF | $6.43 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $133,136 |
| Annual Per SF | $9.63 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $222,126 |
| Annual Per SF | $16.06 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $399,063 |
| Annual Per SF | $28.85 |
PROPERTY FACTS
| Price | $7,119,192 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $395,511 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 0.44 AC |
| Cap Rate | 5.61% | Building Size | 13,832 SF |
| Gross Rent Multiplier | 11.15 | Average Occupancy | 100% |
| No. Units | 18 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1959 |
| Property Subtype | Apartment | Parking Ratio | 1.3/1,000 SF |
| Zoning | GAR4 | ||
| Price | $7,119,192 CAD |
| Price Per Unit | $395,511 CAD |
| Sale Type | Investment |
| Cap Rate | 5.61% |
| Gross Rent Multiplier | 11.15 |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.44 AC |
| Building Size | 13,832 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1959 |
| Parking Ratio | 1.3/1,000 SF |
| Zoning | GAR4 |
AMENITIES
UNIT AMENITIES
- Granite Countertops
- Double Pane Windows
- Intercom
SITE AMENITIES
- Laundry Facilities
- Pool
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 10 | $3,187 CAD | - |
| 1+1 | 8 | $2,666 CAD | - |
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Walk Score®
Very Walkable (82)
PROPERTY TAXES
| Parcel Number | 6113-033-050 | Total Assessment | $1,033,332 CAD (2025) |
| Land Assessment | $317,931 CAD (2025) | Annual Taxes | $88,990 CAD ($6.43 CAD/SF) |
| Improvements Assessment | $715,401 CAD (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
6113-033-050
Land Assessment
$317,931 CAD (2025)
Improvements Assessment
$715,401 CAD (2025)
Total Assessment
$1,033,332 CAD (2025)
Annual Taxes
$88,990 CAD ($6.43 CAD/SF)
Tax Year
2024
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The Suburban | 15505 S Budlong Pl
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