Considering an investment in residential income properties within 2-3 miles of the beach?
I've just completed an exhaustive analysis of currently available apartment buildings from Santa Monica to Redondo Beach in the $2-6 million range. Found cap rates as high as 5.4% and gross rent multipliers as low as 11.1. Of course, those are based on asking price.
Also found lots ranging to 1/2 acre; cost per unit as low as $164,750, cost per bedroom as low as $106,094, assumable financing as high as $2.5 million.
If you could be interested in an income property investment, please feel free to contact me! - David
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