The Casa Te-Amo Apartment Complex is an 8 unit multifamily building constructed in 1991, and well maintained by the present owner who has held the property for 11 years. The building exterior was painted a little over a year ago, and a new roof was installed with permits in late 2016. The property has a controlled access parking garage and entrance on the first floor (15 parking spaces) with 2 levels of apartment units above the garage. The unit mix consists of all 2 bed 1 bath units with spacious floorplans and a stacked washer/dryer in each apartment. The historical collections of rents has been 100%, including all of 2020 to present. The rent rates have 33% upside upon unit turnover as they are below market. This property is not subject to City of Los Angeles rent control, but rather the more landlord friendly State Rent Control Ordinance which allows for 5%+ CPI increases annually (there is presently a statewide moratorium on rent increases). Casa Te-Amo has great curb appeal and is a stable turn-key investment in a strong sub-market for apartment rentals with ease of management. The apartment complex at the foot of the Harbor Pines residential neighborhood in Harbor City just north of Palos Verdes Drive North, and minutes from the 110 Freeway. Just a 6 minute drive to Albertsons and a 10 minute drive to Ralphs, In-N-Out Burger, and the Trader Joes Grocery Store in the Terraces Shopping Center all located on Western Avenue in Rancho Palos Verdes/San Pedro.
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