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The Palms 3929 W 242nd St 48 Unit Apartment Building $21,498,810 CAD ($447,892 CAD/Unit) 5.13% Cap Rate Torrance, CA 90505
Investment Highlights
- Prime Location: 48-unit multifamily investment asset located in Torrance, California.
- Favorable Unit Mix: Strong base of 38 one-bedroom units, complemented by 10 two-bedroom units.
- Community Design: Garden-style layout with buildings oriented around inviting, shared interior courtyards.
- Substantial Footprint: 36,096 net rentable square feet situated on a spacious 1.03-acre lot (built in 1961).
- Proven Upside: 8 units have already been extensively renovated with luxurious finishes.
- Desirable Amenities: Features a swimming pool, resident clubhouse, and two on-site laundry facilities.
Executive Summary
Marcus & Millichap, as the exclusive listing broker, is pleased to present The Palms, a 48-unit multifamily investment opportunity located at 3929 West 242nd Street in Torrance, California. Built in 1961, the property sits on a 1.03-acre lot and features approximately 36,096 net rentable square feet, with apartment buildings arranged around spacious interior courtyard areas.
The Palms features a garden-style layout, with apartment buildings oriented around interior courtyards that provide residents with shared outdoor space. The site also accommodates common area circulation, resident amenities, and a substantial covered parking component within the property’s 1.03-acre footprint.
The unit mix consists of 38 one-bed/one-bath units, 6 two-bed/one-bath units, and 4 two-bed/two-bath units. This composition provides a strong base of one-bedroom floor plans while also including a selection of larger two-bedroom units. Current ownership has extensively renovated 8 units with luxurious finishes. The property features a swimming pool, clubhouse, gated access, two on-site laundry facilities, and covered parking. Parking is provided through 45 tuck-under spaces, 2 surface spaces, one single-car garage, and one double-car garage, giving The Palms a substantial covered parking component relative to its unit count. Overall, The Palms represents an established Torrance multifamily asset with scale, a predominantly onebedroom unit mix, courtyard-style design, on-site amenities, gated access, and covered parking.
*Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*
The Palms features a garden-style layout, with apartment buildings oriented around interior courtyards that provide residents with shared outdoor space. The site also accommodates common area circulation, resident amenities, and a substantial covered parking component within the property’s 1.03-acre footprint.
The unit mix consists of 38 one-bed/one-bath units, 6 two-bed/one-bath units, and 4 two-bed/two-bath units. This composition provides a strong base of one-bedroom floor plans while also including a selection of larger two-bedroom units. Current ownership has extensively renovated 8 units with luxurious finishes. The property features a swimming pool, clubhouse, gated access, two on-site laundry facilities, and covered parking. Parking is provided through 45 tuck-under spaces, 2 surface spaces, one single-car garage, and one double-car garage, giving The Palms a substantial covered parking component relative to its unit count. Overall, The Palms represents an established Torrance multifamily asset with scale, a predominantly onebedroom unit mix, courtyard-style design, on-site amenities, gated access, and covered parking.
*Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*
Financial Summary (Actual - 2026) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$1,794,083
|
$49.70
|
| Other Income |
$17,510
|
$0.49
|
| Vacancy Loss |
$53,822
|
$1.49
|
| Effective Gross Income |
$1,757,770
|
$48.70
|
| Taxes |
$237,203
|
$6.57
|
| Operating Expenses |
$430,624
|
$11.93
|
| Total Expenses |
$667,827
|
$18.50
|
| Net Operating Income |
$1,089,944
|
$30.20
|
Financial Summary (Actual - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $1,794,083 |
| Annual Per SF | $49.70 |
| Other Income (CAD) | |
|---|---|
| Annual | $17,510 |
| Annual Per SF | $0.49 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $53,822 |
| Annual Per SF | $1.49 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $1,757,770 |
| Annual Per SF | $48.70 |
| Taxes (CAD) | |
|---|---|
| Annual | $237,203 |
| Annual Per SF | $6.57 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $430,624 |
| Annual Per SF | $11.93 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $667,827 |
| Annual Per SF | $18.50 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $1,089,944 |
| Annual Per SF | $30.20 |
Property Facts
| Price | $21,498,810 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $447,892 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 1.03 AC |
| Cap Rate | 5.13% | Building Size | 36,096 SF |
| Gross Rent Multiplier | 11.87 | Average Occupancy | 100% |
| No. Units | 48 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1961 |
| Property Subtype | Apartment | Parking Ratio | 1.33/1,000 SF |
| Zoning | TOCR-MH | ||
| Price | $21,498,810 CAD |
| Price Per Unit | $447,892 CAD |
| Sale Type | Investment |
| Cap Rate | 5.13% |
| Gross Rent Multiplier | 11.87 |
| No. Units | 48 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.03 AC |
| Building Size | 36,096 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1961 |
| Parking Ratio | 1.33/1,000 SF |
| Zoning | TOCR-MH |
Amenities
Unit Amenities
- Heating
- Kitchen
Site Amenities
- Courtyard
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 38 | - | 700 |
| 2+1 | 6 | - | 1,000 |
| 2+2 | 4 | - | 1,100 |
1 1
Moderately walkable
70/100
Moderately drivable
70/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 7534-006-020 | Total Assessment | $24,021,679 CAD (2025) |
| Land Assessment | $9,008,129 CAD (2025) | Annual Taxes | $237,203 CAD ($6.57 CAD/SF) |
| Improvements Assessment | $15,013,550 CAD (2025) | Tax Year | 2026 Payable 2026 |
Property Taxes
Parcel Number
7534-006-020
Land Assessment
$9,008,129 CAD (2025)
Improvements Assessment
$15,013,550 CAD (2025)
Total Assessment
$24,021,679 CAD (2025)
Annual Taxes
$237,203 CAD ($6.57 CAD/SF)
Tax Year
2026 Payable 2026
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The Palms | 3929 W 242nd St
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