3351 Marine Ave

Gardena, CA 90249 View Map $15,995,000 Schedule a Tour
Sq.Ft. Lot53,757
Year1960

Anvil Real Estate

(949) 449-2770

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Status: Active
Property Type:Apartment
MLS #:SB24097501
On Site:39 Days
Lot Size:53,757 Sq. Ft.
County:Los Angeles
The Marine Bay Apartments - an 81 Unit South Bay apartment complex is located at 3351 Marine Ave., Gardena (Post Office Box) - LA County. This extremely rare offering - 1st time in over 20 years, is one of the largest investment multifamily apartment complexes in the South Bay for sale.!
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 the owner has also been strategically instituting RUBS on new tenancy for several years.
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 and/or students 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 landscape consisting of massive palm trees throughout the impressive 53,743 sq ft lot (per assessor).
While walking the interior courtyards of this magnificent complex with approximately 75+ parking spaces (covered and open), and center access to the beautiful sparking pool, residents can feel and enjoy the immense tranquility and serenity that this complex has to offer.
All units are Master Metered for Gas and Electric, however, Rubs (utility bill back) has been instituted on new residents for a few years with the last 12 months operating data showing an approximate recapturing of over $40k annually (Buyer to verify all figures), thus minimizing the overall expenses and concerns related to a master metered utility asset.

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Community Information

Address:3351 Marine Ave, Gardena, CA 90249
City:Gardena
Zip Code:90249

Architecture

Year Built:1960
Stories:2
Building Area: 37881.0
Number of Buildings: 1
Total Units: 81
Stories Total: 2
Unit 1: 22 Units • 22 Baths • Unfurnished • $1,277 actual rent • $28,093 total rent • $1,484 pro forma
Unit 2: 24 Units • 24 Baths • Unfurnished • $1,363 actual rent • $32,725 total rent • $1,525 pro forma
Unit 3: 31 Units • 1 Bed • 1 Bath • Unfurnished • $1,582 actual rent • $49,062 total rent • $1,750 pro forma
Unit 4: 4 Units • 2 Beds • 2 Baths • Unfurnished • $1,844 actual rent • $7,379 total rent • $2,049 pro forma

Features / Amenities

Appliances: Electric Oven
Laundry: Common Area
Pool: Community
Entry Level: 1
Entry Location: 1
Common Walls: 2+ Common Walls

Property Features

Lot Size: 1.23 Acres / 53,757 Sq. Ft.
Lot Features: Over40UnitsAcre
Sewer: Public Sewer
Water: Public
Zoning:LCR3YY
Directions:Cross Streets Lemoli and Marine Ave. Major Cross Street is West of Crenshaw Blvd.

Tax and Financial Info

Cap Rate: 5.38
Gross Scheduled Income: $1,483,704
Net Operating Income: $860,235
Electric Expense: $65,879
Fuel Expense: $34,807
Insurance Expense: $47,500
Maintenance Expense: $75,000
New Taxes Expense: $214,435
Pest Control Expense: $2,500
Pool Expense: $2,400
Trash Expense: $12,819

Listing Agent/Office

Agent:David Holstein
Office:The Holstein Group
Broker Phone:310-345-9994

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3351 Marine Ave Gardena,  CA 90249
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3351 Marine Ave Gardena, CA 90249
 
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Based on information from California Regional Multiple Listing Service, Inc. as of June 21, 2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. IDX provided by Sierra Interactive.
The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed.