Investment Overview

Marcus & Millichap is pleased to present a rare value-add apartment building opportunity in Lynwood. The building is located South of the 105 freeway and West of Long Beach Blvd at 3184 El Segundo Blvd. The building was built in 1962 and features 20 units with adjacent carport parking with a parking spot for every unit. The building features 18 – Two Bedroom/One Bath units and 2 – One bedroom/1 bath units. The building is situated on a dense residential street with a mix of both apartment properties and single-family residences. There is a large park directly across the street from the subject property with a large grass area and playground equipment maintained by the city of Lynwood. The building has been owned by the same owners for over 20 years and the current ownership has kept rents low. Currently the 2-bedroom units are rented for an average of $1,724/unit when market rents are in the $2,150 range for a similar unit with parking. The two 1-bedroom units are also rented below market value at an average of $1,444 when comparable units are renting for at least $1,650. The building has a security entrance and parking gate and features a laundry room for tenants’ convenience. In the back of the building there is a large 2 car garage that is currently being used as storage for the current owners and could generate additional income for a new owner.