Seller's Agent in 2023
Brian Estes
RE/MAX
(310) 802-2525
2 in this area
14 Total Sales
2014 Carnegie Ln Redondo Beach, CA 90278
North Redondo Beach Neighborhood
8
Beds
7
Baths
6,336
Sq Ft
7,510
Sq Ft Lot
Highlights
- No HOA
- Birney Elementary School Rated A+
- Forced Air Heating and Cooling System
About This Home
As of July 20232014 Carnegie Ln is a fully remodeled 7 unit property in prime North Redondo Beach. It was originally built in 1964 but just received a top to bottom renovation including a brand new and fully permitted 3BR/2BA ADU. The ideal unit mix consists of 1-3BR/2.5BA two story townhouse, 1-3BR/2BA and 5-2BR/1.5BA. The kitchens are brand new and include real wood slow close shaker cabinetry, quartz Carrera countertops, designer tiled backsplashes and high end stainless steel appliances, all completed with single family level finishes. The bathrooms have new modern themed vanities, mirrors, low flow toilets and bathtubs or walk in showers with designer tiled enclosures. Flooring was updated with luxury wood vinyl designed to look sharp and last for years. The property has newer vinyl windows and all new window blinds. There are new ceiling fans in all bedrooms, new recessed lighting, new smooth finished ceilings, new tankless water heaters in every unit and new extra cabinets for storage in most units. The property has new electric sub panels and electric GFI upgrades (no permits), new wall heaters in every unit and 4 units have new AC which is a rare amenity for beach rentals. 6 of the 7 units also have new high end Samsung or LG washers and dryers. The exterior was updated with a new modern paint scheme, new outdoor lighting and new fencing to privatize an upstairs patio and front yard which was also updated with new AstroTurf. The units are individually metered for utilities and the plumbing is all copper. There is onsite parking in the form of 4 open spaces. The property is 100% leased and stabilized with great tenants at great rental rates. The current gross monthly income is $24,050 and an annual SGI of $288,600. There is $1,600 per month upside in just one of the 2BR/1.5BA units already proven by identical units at the subject property. The property is offered at an actual CAP of 4.81%. Due to the phenomenal revenue generation provided by the subject property there are financing options with much higher leverage versus what is usually afforded to similar properties. Perfectly located only a few blocks to the crux of Hermosa Beach, Manhattan Beach and Redondo Beach. Just less than 2 miles away are the sand and the Hermosa Beach Pier. It has an excellent walk score of 85 (very walkable) and bike score of 69. It’s the perfect opportunity for almost any buyer, from those that are in a 1031 exchange to anyone looking for a better than market cashflow.
Last Agent to Sell the Property
Re/Max Commercial & Investment License #01394559 Listed on: 05/03/2023
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1964
Lot Details
- 7,510 Sq Ft Lot
- Two or More Common Walls
Home Design
- Property Attached
- Entry on the 1st floor
Interior Spaces
- 6,336 Sq Ft Home
- 2-Story Property
- Laundry in unit
Bedrooms and Bathrooms
- 8 Bedrooms
- 7 Bathrooms
Parking
- Parking Available
- On-Site Parking
Additional Features
- Suburban Location
- Forced Air Heating and Cooling System
Listing and Financial Details
- Tenant pays for all utilities
- Legal Lot and Block 5 / 28
- Tax Tract Number 1
- Assessor Parcel Number 4156010005
- $1 per year additional tax assessments
Community Details
Overview
- No Home Owners Association
- 7 Units
Building Details
- Rent Control
- 8 Separate Electric Meters
- 8 Separate Gas Meters
- 1 Separate Water Meter
- Operating Expense $76,719
- Gross Income $288,540
- Net Operating Income $203,165
Ownership History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
Date
Name
Owned For
Owner Type
Purchase Details
Listed on
May 3, 2023
Closed on
Jun 20, 2023
Sold by
Bought by
Seller's Agent
Brian Estes
Re/Max Commercial & Investment
Buyer's Agent
Keith Kelley
Strand Hill Properties
List Price
$4,200,000
Sold Price
$4,300,000
Premium/Discount to List
$100,000
2.38%
Views
29
Purchase Details
Closed on
Jan 22, 2021
Sold by
Bought by
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$2,031,000
Interest Rate
0.0273%
Mortgage Type
Construction
Purchase Details
Closed on
Apr 5, 2011
Sold by
Bought by
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$1,550,000
Interest Rate
0.0454%
Mortgage Type
Stand Alone Second
Purchase Details
Closed on
Oct 17, 2000
Sold by
Bought by
Purchase Details
Closed on
Mar 11, 1999
Sold by
Bought by
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Home Values in the Area
Average Home Value in this Area
Purchase History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Date | Buyer | Sale Price | Title Company |
|---|---|---|---|
| $4,300,000 | First American Title | ||
| $2,500,000 | Progressive Title | ||
| $535,005 | Usa National Title Co | ||
| -- | -- | ||
| $560,000 | Fidelity Title |
Source: Public Records
Mortgage History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Date | Status | Borrower | Loan Amount |
|---|---|---|---|
| Previous Owner | $2,031,000 | ||
| Previous Owner | $1,200,000 | ||
| Previous Owner | $1,550,000 | ||
| Previous Owner | $645,000 | ||
| Previous Owner | $50,000 |
Source: Public Records
Property History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Date | Event | Price | List to Sale | Price per Sq Ft | Prior Sale |
|---|---|---|---|---|---|
| 07/06/2023 07/06/23 | Sold | $4,300,000 | +2.4% | $679 / Sq Ft | |
| 05/08/2023 05/08/23 | Pending | -- | -- | -- | |
| 05/03/2023 05/03/23 | For Sale | $4,200,000 | +68.0% | $663 / Sq Ft | |
| 03/25/2021 03/25/21 | Sold | $2,500,000 | -2.0% | $483 / Sq Ft | View Prior Sale |
| 01/18/2021 01/18/21 | Pending | -- | -- | -- | |
| 01/05/2021 01/05/21 | For Sale | $2,550,000 | -- | $492 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Tax History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2025 | $51,672 | $4,386,000 | $3,289,500 | $1,096,500 |
| 2024 | $49,494 | $4,300,000 | $3,225,000 | $1,075,000 |
| 2023 | $30,858 | $2,601,000 | $1,352,520 | $1,248,480 |
| 2022 | $30,449 | $2,550,000 | $1,326,000 | $1,224,000 |
| 2021 | $11,194 | $811,050 | $233,172 | $577,878 |
| 2020 | $11,204 | $803,095 | $230,782 | $572,313 |
| 2019 | $10,998 | $787,356 | $226,257 | $561,099 |
| 2018 | $10,666 | $771,926 | $221,821 | $550,105 |
| 2017 | $10,471 | $756,438 | $217,472 | $538,966 |
| 2016 | $10,261 | $741,607 | $213,208 | $528,399 |
| 2015 | $10,085 | $730,468 | $210,006 | $520,462 |
| 2014 | $9,991 | $716,160 | $205,893 | $510,267 |
Source: Public Records
Agents Affiliated with this Home
-
Brian Estes
-
Keith Kelley
Buyer's Agent in 2023
Keith Kelley
Strand Hill Properties
(310) 707-2170
3 in this area
50 Total Sales
-
Terry Ballentine
Seller's Agent in 2021
Terry Ballentine
Estate Properties
(310) 351-9743
30 Total Sales
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: SB23075588
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
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