5644 Ravenspur DR new Save Request In-Person Tour Request Virtual Tour
Rancho Palos Verdes,CA 90275
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 55,522 sqft
Price per Sqft $450
MLS Listing ID 25592319
Bedrooms 95
Year Built 1969
Lot Size 1.865 Acres
Property Description
We are excited to present the Peninsula Villas, a unique apartment opportunity in the highly desirable coastal community of Rancho Palos Verdes. This rare property offers significant value-add potential in one of Southern California's most sought-after locations. The Peninsula Villas is located at 5644 Ravenspur Dr and spans two acres with a total of 48 apartment units plus 1 non-conforming apartment unit. The current unit mix includes 1 studio/1 bathroom unit, 1 one-bedroom/1 bathroom unit, 28 two-bedroom/1.5 bathroom townhome units, 13 two-bedroom/2 bathroom units and 6 two-bedroom/2 bathroom townhome units. Residents enjoy ample on-site parking, laundry facilities, and a beautiful swimming pool. In addition, the property is encumbered with an assumable loan of $10,000,000, interest-only at a fixed rate of 5.55% for a little under 5 years, providing immediate access to below-market financing and enhancing the overall investment profile (Call Broker for Financing Details). The property has undergone extensive capital improvements including re-tiling all roofs and new electrical subpanels throughout all units. With four current vacancies and rental rates below market value for many of the occupied units, there is a substantial opportunity to increase income through strategic renovations. The property is offered at an attractive $450 per square foot. It is currently operating at a 3.50% cap rate, with potential to achieve a proforma cap rate of 6.00%. Given the limited supply of multifamily properties in Rancho Palos Verdes, this is a rare generational opportunity to acquire a value-add asset with significant future upside.
Location
State CA
County Los Angeles
Area 174 - Crest
Zoning RPRM2000*
Interior
Heating Radiant
Cooling None
Flooring Carpet,Vinyl
Laundry Common Area
Exterior
Parking Features Attached Carport
Pool Community
Community Features Pool
Roof Type Tile
Building
Story 3
New Construction No
Others
Special Listing Condition Standard