2204 Mathews Avenue, Redondo Beach, CA 90278

Property Description

2204 Mathews Ave is a well-positioned 6-unit apartment building in the desirable North Redondo Beach neighborhood, just north of Artesia Blvd. Offering a strong unit mix of (6) 2-bed/1-bath units, the property provides spacious layouts and modern appeal, with two of the units recently remodeled. This value-add opportunity allows investors to capitalize on significant rental growth while benefiting from a well-maintained asset. The property offers ample parking with (3) 2-car garages and (6) driveway spaces, a highly sought-after feature in this vibrant beachside community. Additionally, the garages present a potential ADU conversion opportunity (buyer to verify), allowing for further income generation. With a 4.06% CAP rate, 15.25 GRM, and a price of $400,000 per unit, this asset delivers strong in-place income with 37% rental upside, allowing for substantial returns as rents are brought to market levels. A projected 6.43% market CAP and 11.11 market GRM further highlight the long-term value this property presents. Well-located in North Redondo, this property is just 10 minutes from the Manhattan Beach Pier, Hermosa Beach Pier, Redondo Performing Arts Center, and Mira Costa High School, providing tenants with access to top-rated schools, beaches, entertainment, and shopping. With its coastal proximity, strong appreciation potential, and value-add upside, this is an excellent investment opportunity in one of LA’s most in-demand rental markets.