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$ 899,888
Est. payment /mo
Price Dropped by $50K
1541 W 224th Street Torrance, CA 90501
6 Beds
3 Baths
7,202 Sqft Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID PW26112441
Bedrooms 6
Lot Size 7,202 Sqft
Property Sub-Type Res Income 2-4 Units
Property Description
PACKAGE SALE Both properties must close concurrently. 1541 W 224th St, (MLS# PW26112441) must be purchased together with 1535 W 224th St (MLS# PW26108833). Do not disturb tenants. 5-unit, two-parcel value-add opportunity in Harbor Gateway. Two adjacent lots totaling 14,402 sq ft zoned LARD2, each on its own APN. 1541 W 224th St is a 3-unit triplex (6 BR / 3 BA, 2,558 sq ft); 1535 W 224th St is a 2-unit duplex (4 BR / 2 BA, 1,596 sq ft). Both built 1961, well-maintained. RESIDENTIAL FINANCING: Each parcel is priced independently under $1,000,000 and qualifies for conventional residential financing on its own APN no commercial loan required. Lower down payment, better rates, and access to a significantly larger lender pool. ADU POTENTIAL: Combined 14,402 sq ft LARD2 zoning supports multiple additional dwelling units under CA state law. Harbor Gateway ADU rents currently range $2,300$2,600/mo, with each additional unit delivering meaningful income and asset value growth. RENT UPSIDE: Current blended rent averages $1,740/mo per unit against market rents of approximately $2,300/mo. Rents governed by LA City RSO currently 3% annually for 2026 providing steady, compounding income growth as units turn. At stabilized market rents: pro forma gross income approximately $141,600/yr and pro forma NOI exceeding $99,500/yr, no ADUs required. MULTIPLE EXIT STRATEGIES: Hold as a stabilized combined portfolio. Develop ADUs to maximize NOI and asset value. Sell parcels individually once stabilized each independently financeable. Phased development across two lots. PROPERTY CONDITION: Sev
Location
State CA
County Los Angeles
Zoning Assessor
Direction From 110 Fwy, exit 223rd head head West
Interior
Heating Combination Heating
Fireplace No
Exterior
View Y/N No
Building
Story 1
Level or Stories 1
Others
Senior Community No
Tax ID 7347002031
Acceptable Financing Exchange
Listing Terms Exchange
Listed by Gilbert Gutierrez, DRE#02022002 ClearThink Homes